Question

Impact of economic environment on business with example

Answer 1

One of the most important factors in the economic environment is the income of customers. This indicates their ability to spend on the products sold by the marketer. The marketer not only needs to estimate the income of customers, but he also has to decipher the products on which the customer would be willing to spend his money.

The rise in the number of dual income families in several parts of the world, including urban India has led to a rise in the incomes for such families. This has resulted in a higher demand for lifestyle and luxury products