While managers can control the marketing mix, they cannot control the elements in the external environment that continually mold and reshape the target market. For example, Peter, the marketing manager of Shabby Fashion Boutique, has responded to economic trends by placing an emphasis on improving the quality of merchandise it offers, improving customer service, and reducing its cost of goods sold because consumers are not shopping as much as they used to due to lower purchasing power. Identify and explain the economic condition that Peter is apparently dealing with.