Economic Influences
There are four main type of economic factors: The price, The use of credit on the consumer, Disposable income, and Willingness to spend money on the product.
The Price
The price of the product is one of the biggest factors in buying a product. If there is a cheaper price for the same or similar product that has a high price, the consumer will moist likely choose the cheaper product due to the overall price.
The price of the product is one of the biggest factors in buying a product. If there is a cheaper price for the same or similar product that has a high price, the consumer will moist likely choose the cheaper product due to the overall price.
Credit use of the Consumer
What is the availability of the product? What are the interest rates if one needs to borrow money from the bank? The consumer is thinking about this diligently when buying a product.
What is the availability of the product? What are the interest rates if one needs to borrow money from the bank? The consumer is thinking about this diligently when buying a product.
Disposable Income
The overall economy plays big roles in buying products. Is the economy tanked or is it stable and employment is high? The consumer may take in if his/her wages are good or not.
The overall economy plays big roles in buying products. Is the economy tanked or is it stable and employment is high? The consumer may take in if his/her wages are good or not.
Willingness to spend money
One may buy the product if one is confident in the product. One may or may not buy it due to future expectation and what one wants to have in the future. The biggest part is if one has the product or has something similar.
One may buy the product if one is confident in the product. One may or may not buy it due to future expectation and what one wants to have in the future. The biggest part is if one has the product or has something similar.