Consumer Confidence Consumer confidence is an economic indicator which measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Key Terms product liability: the idea that manufacturers of products are responsible for the safety of that product, which may be compromised due to defect or every day use.
To succeed, marketers must be culturally aware. Often, the marketing factors a business can't control force it to think outside the box to create greater offerings and build customer loyalty.
Second, competition continues to intensify between old and new organizations as many substitute technologies compete with established products.
Key Terms immigration: The act of immigrating; the passing or coming into a country for the purpose of permanent residence.
Still, marketing managers must understand consumers intimately. Recession Recession is characterized by a decrease in the rate of growth of the economy. Because of the risk of expropriation, multinational firms are at the mercy of foreign governments, which are sometimes unstable and can change the laws they enforce at any point to meet their needs.
The CCI is an important measure used by businesses, economic analysts, and the government in order to determine the overall health of the economy see.
Generally, internal factors include researching the target demographic, pricing comparisons to competitors and monitoring the results to make adjustments.