SOCIAL ENVIRONMENT: WOULD BE THE ENVIRONMENT THAT’S CONTROL BY HUMANS AS CONTRASTED WITH THE NATURAL ENVIRONMENT. SOCIAL FACTORS PLAY A ROLE IN THE IMAGE THAT A PERSON MAY HAVE ALSO THE PRODUCTS IN WHICH ONE WOULD BUY.
Demographic Environment: Would be the demographic factors of the market in how a company operates to target population for effective marketing. An example would be Wal-Mart and how they use lower prices to target people to shop at their store. Demographic Factors are the statics like race, ethnicity, and location.
Economic Environment: An external environment of a company that determine the income and wealth-generating ability of the economy. The greatest concern to most marketers is consumer’s income, inflation, and recession. These three factors play a major role in the economic environment.
Technological Environment: Parts of the firm’s external environment in which changes in technology affect the firm’s marketing effort. Basic and applied research is used to develop new and improved products.
Political Environment: The basic understanding of the political legal environment when the government implement’s laws or regulations which affects the way a business. There has to be government regulations to protect innovators of new technology also to protect consumers.
Competitive Environment: Also known as the market structure which is the system in which a business competes with another business?
