External Environmental Factors Free Essay, Term Paper and Book Report
All businesses operate within a larger framework of the external environment and this environment helps to shape opportunities along with posing threats to the organization. In marketing, the external environment is a set of complex, rapidly changing, and significant interacting organizations that affect a companies ability to serve their customers. It is necessary for businesses to understand the environmental conditions because they interact with marketing strategy decisions. The external environment has a major impact on the determination of marketing decisions. Successful organizations scan their external environment so that they can respond profitably to consumer needs and trends in the targeted markets. For this assignment, I will cover the following three external environmental factors economical, technological, and political.
Economical
The economic environment consists of factors that affect consumer purchasing power and spending patterns. In addition, changes in business cycles, inflation, unemployment, and income affect a companys marketing strategy. Changes in the fo......
Word Count: 1068
Page Count: 4.2 (250 words a page / double spaced)
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