Explanation:

It would be great if the success of your marketing plan depended solely on your own creativity and effort, but the harsh truth is, other factors get in the way. Inflation, demand and supply, interest rates, taxes and recession all influence how much money people have to spend as well as the price of your products. These factors have a direct impact on the market as well as your customers.
Inflation is one of the primary economic marketing aspects that affect customers' purchasing power. It represents the rate at which the price level of products and services are rising. The higher the inflation rate, the more your purchasing power decreases. The tax rate on your real capital gains goes up as well. So, your marketing will have to work much harder to persuade customers to buy your products even though they may not have as much income to spare.