There are seven external factors that could influence business and marketing efforts. I will define the seven and discuss two of the external factors disadvantages and advantages. 1. Competitive environment is the competition between one or more business. 2. Economic environment is totality of economic factures such as employment, income, inflation, interest rate, productivity, and wealth that influence the buying behavior of consumers and firms. 3. Political legal environment is when the government implements’s laws and regulations which affect the way and business operate. 4. Technological environment is those forces that affect the technology and which can create new products, new markets, and new market opportunities. 5. Sociocultural environment means relating to the social and cultural practices, beliefs, and tradition within a particular society. 6. Demographic variables is the characteristics of the aggregate population that marketers use to segment the market, including age, ethnicity, income, gender, and race. 7. Natural Environment involves all the natural resources, such as raw materials, or
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