Unformatted text 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. • Competitive Environment – when two companies with similar products are vying for business. • Economic Environment – factors that affect buying behaviors such as inflation, productivity, wealth, and interest rates • Political Legal Environment – the effects a countries ideology will have on how a company markets their product • Technological Environment how advances in technology will affect a company’s product and how it will decide to market that product. • Sociocultural Environment – affect the changes of a cultures value system has on business’s efforts in marketing • Demographic Variables – factors that companies have to consider when marketing their product in specific areas. Demographic Variables – factors that companies have to consider when marketing their product in specific areas....
View Full Document
- Fall '10
- Business, Upper Saddle River, New Jersey, Upper Saddle River, product. Sociocultural Environment, business. Economic Environment