The Seven Factors Of Marketing

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The Seven Factors of Marketing The competitive Environment: is one that a business will compete with another business to market products, either the same products or product line. Those that enter the market with the same type of products as another will try to market their business or compete to sell to or to win the customers that they need. The Economic Environment ;is mainly based on the economy and the health of the economy. It will depend on what shape the economy is at the region or part of the country where the business is trying to market to. The Political Legal Environment. The Political Environment is the type of government that is in place. The politics and laws of a nation both influence the practice of marketing. It includes any national or international political factors that can direct its operations or its decision making. It plays a role in the economy, international relations and business government relations in general. It is the laws that govern a business that a business must abide by. Technology Environment: Technology has a huge impact on the world around us and if the technology makes changes it can affect a business and the way the business operates because the business would then have to adapt to the ever changing technology. If a business sells outdated technology products then it would be outdone by those selling the higher technology products. This Environment is one that is ever changing and is one that can potentially alter a business and the way that business operates. Sociocultural Environment a business will have to know certain facts to know how to market the products or services. Based on ethnicity they will know the type of advertising would best be suited for a certain area of the country. If it is trying to reach an older generation or younger generation the company will need to market with specifics for
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