The struck of Covid 19 pandemic in 2020 came with unprecedented changes that have causes wreaked havoc across the globe. The first quarter experienced major changes that shifted consumer spending through the uncertainties that made most people stock essentials. In addition, most countries imposed lockdowns, and most companies forced their employees to work from home. Such imposition has led people to shift to online shopping, entertainment, working areas, and many other areas. All these changes have contributed to change in marketing trends, thus making businesses respond to the changes.
Business needs to take well for the factors that affect marketing trends and respond to the factors. They include the following factors.
1. External factors include economy, competition, demographics, and social-cultural factors.
a. Economic-It shapes the marketing trends since it has a direct consumption effect through its four stages: expansion, peak, contraction, and trough. They all affect marketing through prices, marketing campaigns, and products.
b. Competition-All competitors in the same area offering the same products have a great effect on marketing trends. Such effects create a challenge to the business but require strategizing the new means to have an advantage over your competitors.
c. Demographics like age, race, gender, marital status, income, and ethnicity greatly impact consumers spending behavior. Thus for marketing trends need to get strategized based on such demographics.
d. Social-cultural factors: They determine the marketing campaign get implemented to connect with customers and their consumptions.
2. Internal factors involve the following departments of finance and production within the business. If the business has a limited budget leads to limited marketing; thus audience gets little.
Eduardo Sonoda, in his career, established marketing agencies in the United Kingdom, where he uses his expertise in promoting most companies. Eduardo Sonoda was born and raised in London and studied at London Marketing Academy, which shaped her career.
Eduardo Sonoda, in her area, analyses the proper strategies and research the marketing trends that he imposes on his clients to improve their marketing.