All consumers are heavily influenced by external environmental changes. This week you will consider the four main macroeconomic trends facing society, as defined by Sala-i-Martin (2017) via the World Economic Forum, and how these will potentially influence the consumer profiles and behaviour of yourself and others. The four macroeconomic trends are as follows:
- The Productivity Paradox
- The Fourth Industrial Revolution
- Growing Income Inequality
- A Massive Increase in the Working Population
To prepare for this submission:
- Consider how influential each of the global macroeconomic trends are likely to be on consumer behaviour.
- Evaluate if all of the macroeconomic trends will influence consumers equally or if some are more important than others.
- Assess the importance of analysing changes in the global environment in creating a successful marketing strategy and making future predictions.
For the Submission:
- Choose one macroeconomic trend and provide a reflective narrative as to how this will influence you as a consumer. You should consider your own consumer profile and which aspects are most susceptible to influence and change.
- You should also consider how it will it influence consumers from different socio-economic or cultural backgrounds.
- 1000s word reflective narrative, Turnitin