Marketing Environments
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The marketplace is influenced by a number of different factors. In your own words, describe the seven external factors that could influence business and marketing efforts. Discuss the advantages and disadvantages of two external factors when it comes to marketing product.
Competitive Environment
Economic Environment
Political Legal Environment
Technological Environment
Sociocultural Environment
Demographic Variables
Natural Environment
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Solution Summary
This solution provided examples of what each environment is within marketing, and how they contribute to society.
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I believe that the competitive, economic, political legal, technological, sociocultural, demographic, and natural environment are vital when it comes to marketing externally. For example, the competitive environment allows businesses to make similar products to each other in order to meet the needs of consumers everywhere. They may choose to raise prices, or offer discounts at their store location. The economic environment is dealing with investing in stocks and bonds to help the company grow as well as gain more business in the process. This enables other businesses to do the same thing, but to strive to do it better. Every organization has a political-legal environment. These ...
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