Economic indicators that affect business success that brands can be educated on to make informed decisions on brand building.
(a) Consumer influence/ consumer confidence
– Confident brand consumers measures the overall consumer optimism and response about the state of the economy. Confident consumers are willing to spend money regardless of economic pressure because of the need/ demand that the brand has created for its’ consumer. Brands must look at the competitive advantage and highly consider consumer influence a brand has for the brand to run long term profit instead of short term success.
(b) Economic developmen and growth
– Economic development is a crucial indicator that affects a business/brand’s success. Businesses need to cater for the demands of the economic environment with a potent sociery. A long term plan with monetary pojection to invest into channels of long term system/brand updates and the finances of the society that the brand is serving/ selling it’s goods and services to at large is decreed by the economic growth of the country.
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