Question

Which of the following consists of factors that influence consumer buying power and marketing strategies?

a) competitive environment
b) cultural environment
c) economic environment
d) regulatory environment

Answer 1

Consumer buying power and marketing strategies are influenced by the economic environment, which includes income levels, inflation rates, and economic stability.

Step-by-step explanation:

The factors that influence consumer buying power and marketing strategies fall into the category of the economic environment. This includes variables such as income levels, inflation, unemployment rates, and the overall economic stability of a society. Such factors can dictate how much disposable income consumers have and subsequently, how they behave in the marketplace. Understanding the economic environment is crucial for businesses as it helps them to adapt their marketing strategies accordingly to meet the current demands and expectations of consumers.