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Seven External Factors That Affect Marketing

The marketplace is influenced by a number of different factors. In your own words, describe the seven external factors that affect marketing. Discuss the advantages and disadvantages of one external factor when it comes to marketing your product or service. Please provide references.

Competitive Environment
Economic Environment
Political Legal Environment
Technological Environment
Socio-cultural Environment
Demographic Variables
Natural Environment

Solution Preview

The marketplace is influenced by a number of different factors. In your own words, describe the seven external factors that affect marketing. Discuss the advantages and disadvantages of one external factor when it comes to marketing your product or service. Please provide References

Competitive Environment:
The competitive environment is the number and strength of competitive firms competing in the same market for a product. Each firm has a market share, which is their percentage of the market for that product.

Economic Environment:
The economic environment refers to factors in the economy, such as unemployment, interest rates and inflation that influence the purchasing decisions of consumers and organizations.

Political Legal Environment:
The ...

Solution Summary

This solution discusses the seven factors in approximately 400 words.

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