Answer to Question #295824 in Marketing for Zeki

Question

How would you characterized the current state of economic environment in developed countries?how does it impact the activities and approach of marketers?compare with developing countries?

Answer 1

A developed economy is normally normal for a developed nation with a moderately elevated level of economic growth and security. The current state of the economic environment in developed countries can be characterized as of not favorable conditions for SMEs as now a lot of them are temporarily closed due to the quarantine. Marketers had to quickly modify all the activities to fit current circumstances. Examples are: restaurants now deliver their food to customers.

Some of the biggest economic factors that affect marketing are demand and supply that is when demand is low, the price lowers too. When there is a limited supply of materials, either due to manufacturing or environmental issues, the demand increases due to the availability.