What Are Some External Factors That Affect A Marketing Mix?

What are some examples of external factors?

External factorspolitical – For example, new legislation.economic – For example, inflation and unemployment.social – Changes in taste and fashion or the increase in spending power of one group, for example, older people.technological – For example, being able to sell goods online or using automation in factories.More items….

What are the six external factors that impact markets?

We can organize the external forces that affect business into the following six categories:Economic environment.Legal environment.Competitive environment.Technological environment.Social environment.Global environment.

What are 2 examples of external influences?

What are external influences?political.economic.social.technological.environmental.competitive.

What are the 5 external environmental factors that affect marketing?

To get a better idea of how they affect a firm’s marketing activities, let’s look at each of the five areas of the external environment.The Political and Regulatory Environment. … The Economic Environment. … The Competitive Environment. … The Technological Environment. … The Social and Cultural Environment. … Consumer Behavior.More items…

What are the external influences on consumer behavior?

External factors such as market economy, culture, social values, vogue, and corporate policies for consumers broadly influence the consumer perceptions, attitude, and consumer behavior.

What external influences affect the marketing mix?

There are six main external factors that influence the marketing strategy of a business or organization. Some organizations may perform a SLEPT (social, legal, economical, political, and technological) analysis to obtain information on major external influences on their business.