G: Economics

How do consumer spending patterns impact marketing strategies

• during times of economic uncertainty, consumers prioritize essential purchases over discretionary spending. Marketers need to stay attuned → adjust product offerings, messaging, & distribution channels accordingly.

• consumers may seek greater value for $$, so businesses may need to reassess their pricing strategies, offer competitive pricing, & emphasize the value statement of their products/services

• during economic downturns/recessions, consumer spending usually decreases as people become more cautious with finances; businesses may need to focus on value propositions, discounts, & promotions to attract cost-conscious consumers

• marketers may identify new target segments based on consumer changes

How might shifts in consumer preferences impact marketing strategies?

• during economic downturns/recessions, consumer spending usually decreases as people become more cautious with finances; businesses may need to focus on value propositions, discounts, & promotions to attract cost-conscious consumers

• consumers may seek greater value for $$, so businesses may need to reassess their pricing strategies, offer competitive pricing, & emphasize the value statement of their products/services

• during times of economic uncertainty, consumers prioritize essential purchases over discretionary spending. Marketers need to stay attuned → adjust product offerings, messaging, & distribution channels accordingly.

• may need to distribute resources more efficiently & prioritize marketing efforts delivering the highest return on investment. Marketers may focus on cost-effective digital marketing channels

What are consumer goods?

• clothing, food, electronics, furniture, and personal care products

• machinery, equipment tools, vehicles, infrastructure, and tech

What are capital services?

• healthcare, education, entertainment, dining, & transportation

• logistics, telecommunications, utilities, financial services, & business consultancy

intended for personal consumption enjoyment, or use & directly satisfy individual needs & wants

• consumer

• capital

used by businesses, governments, & organizations to produce other goods/services or facilitate economic activities, contributing to productivity, growth, & development at the macroeconomic (branch of economics) level

• consumer

• capital

What is the concept of private/free enterprise (capitalism)?

• a political system characterized by public display of property & the operation of markets with minimal government intervention

• an economic system characterized by private ownership of property & the means of production, as well as the operation of markets with minimal government intervention

• a social system through private lease of property and sales

Individuals/businesses can engage in economic activities, pursue profits, & make decisions based on market forces like supply & demand in....

• a private/free enterprise system

• a public/expense enterprise system

• a private/profit social system

• a public enterprise system

profit is the financial gain or surplus that a business or entrepreneur earns after deducting all expenses, costs, and taxes from total revenue

• concept of profit in private enterprise

• concept of profit in free enterprise

• concept of profit in private/free enterprise

• concept of profit in enterprise

activities, pursue profits, & make decisions based on market forces like supply & demand is...

• rebates

• economy

• revenue

• profit