Next, research the economic conditions in the city where you will sell and the city/country where you will buy supplies or services from.
Identify the point in the business cycle where these economies appear to be.
(1) For city where your business will be
(2) For city/country where you will source supplies
Do economic conditions you have identified for Q2a above constitute an opportunity or a threat?
(1) For your business
(2) For your suppliers
Determine how much buying power customers are likely to have once they have access to your product—and how willing they will be to make purchases. How many times a week, a month, a year, etc.
(1) What constitutes a buying power
(2) How willing will they be to make a purchase in a week, month, year – desire
(3) How able will they be actually be to make a purchase in a week, month, year –
ability
What changes in the local, national, or international economic situation could affect your marketing performance, and in what ways? Write one or two paragraphs about the current economic situation, not just in your specific business location(s) but also in the broader economic context.
(1) Local economy situation
(2) National economy situation
(3) Global economy situation
(4) What do these economic situation mean for your business in short term (< 1yr)
(5) What do these economic situations mean for your business in long term (> 1yr)
