Several factors affect consumption expenditure. Disposable income comes first. Without it, there is no income to buy the product. Other factors include consumer confidence, wealth, income expectations, inflation, and interest rates. Why is it
Marketing
Consumer Spending Patterns: Influencing Factors
What's it: Consumer spending patterns are changes over time in the total money individuals spend on goods and services for personal use. It also refers to the relative proportion of what an individual consumes. Comparisons may be based on time
How is the Marketing Department Structure Organized?
Marketing department structure may vary between companies. For example, a company's units might include sales, market research, promotion, and distribution. In other companies, the units may be based on geographic location, and product handled. In
The Four Major Marketing Roles: What Are They?
Marketing plays an essential role in a business. Without this department, businesses cannot sell products. In fact, the company's products do not sell because they are not by consumer needs. The marketing department also plays a strategic role in
What Are The Types of Demand?
This article will discuss the types of demand. What is a demand? Economists define it as the willingness and ability of consumers to buy goods at any given price. Willingness means we want things. Ability means we have the money (resources) to
How to deliver customer value? The types
There are several ways to deliver customer value. For example, it can be by quality, design, or other product attributes. Or, it could be through branding, superior after-sales service, and pricing. Each customer will have different
Added Value: Definition, Why It Matters, Formula
What's it: Added value is an improvement or addition to something to make it more valuable. Businesses do this by processing inputs into outputs and increasing their value. It creates value when consumers are willing to pay output
Value-Added Product: Definition and Brief Explanation
What's it: A value-added product is any product we can sell at a price higher than it cost to produce it. It can have a broad meaning, like what a manufacturer does. They process raw materials into finished goods for final consumption by methods
Why is adding value important for a business?
Adding value is important for businesses because, with it, they can make a profit. Then, when it is better than their competitors and maintains it over time, they can make more profit. Businesses satisfy the needs and wants of consumers