Economic Environment - factors in the economy, such as inflation, unemployment, interest rates, etc., that influence the buying decisions of consumers and organizations.
Part of the macroenvironment encompassing wealth, income, productivity, inflation, credit, employment, etc. which affect the agency/library's markets and opportunities.
The economic environment is a direct influence on all businesses. Obviously if you are studying marketing there is a huge element of economics within the topic itself, and you should be no stranger to the principles of economics.
The current includes elements such as consumer confidence, degree of unemployment, new technologies that threaten to displace your own, competitors that suddenly appear on the horizon, ...
Situation Analysis: The beginning section of a marketing plan that focuses on understanding the economic environment, the market, and the product category, as well as competitive threats.
See also: Prospect, Management, Good, Service, Strategy