6th December 2019

businessdictionary
15

What is external environmental factors?

Outside influences that can impact a business. Various external factors can impact the ability of a business or investment to achieve its strategic goals and objectives. These external factors might include competition; social, legal and technological changes, and the economic and political environment.

In this regard, what are the six external environmental factors?

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.

What is an external environmental assessment?

Environmental analysis is a strategic tool. It is a process to identify all the external and internal elements, which can affect the organization's performance. The analysis entails assessing the level of threat or opportunity the factors might present. The analysis helps align strategies with the firm's environment.

What is the external environment in marketing?

The external marketing environment consists of social, demographic, economic, technological, political and legal, and competitive variables. Within the external environment, social factors are perhaps the most difficult for marketers to anticipate.
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