Global quality standards, such as ISO 9000, affect technological products marketed in other countries. The economic environment is the set of economic factors that influence customer buying and organizational marketing efforts. B. The Business Cycle, Employment, and Income 1. The business cycle is the pattern of economic activity created by successive stages of prosperity, recession, and recovery. During a recession, production slows, businesses cut back, and customers slow buying.
Customer seek out private label products during recessions.
Marketers must also consider what people can afford. Disposable income is the amount that remains after paying taxes. What's left over after necessities is discretionary income , money that can be saved or spent. C. Resource Availability and Inflation 1. Also important is the amount of resources available to both consumers and organizations.