Mkt/575

Economic Factors
Economics is a different environmental factor that influences consumers buying attitude, thus forces the magnitude, and foundation of the market overtime.   “Economic value is an important frame of reference in communicating with customers and designing a positioning strategy” (Cravens & Piercy 2009).   During the economy’s recession period, consumers are less likely to purchase product, decrease travel activities, and avoid using services unless necessary.   Most businesses will limit special offers, advertisement, and other avoidable expenses driving the consumer away throughout these occasions.   The competition among hardware store in Chula Vista area is generally very challenging however gets even worse during terrible economic period.   Home Depot in Chula Vista recognizes these uncontrollable negative environmental factors, will constantly reflect to these issues and formulate changes in marketing strategy accordingly.   The company will determine a method to differentiate the company and obtain consumers back in the door.   The company will maintain the ethical and social responsibility to existing and future customers with honesty and genuineness.   The objective of the company is to achieve a long-term success by instilling trust with the consumers.   The process must make the company maintain attractiveness despite of economic position to sustain growth.   Obviously, the industries will still going to suffer however by changing the marketing strategy and determine every means to prolong business success.   The condition of the economy can have a major impact on East Lake Pkwy Home Depot marketing strategy because of uncontrollable environmental factors.   This includes the shifting of resident age-group composition.   California Demographics summary stated that there are 243,916 people in Chula Vista 58.2% are Hispanic, 20.4% are White, and 13.8% are Asian.   The median household income is $63,779 recorded in 2010.   These figures can assist the...