Explain the following marketing environmental factors. (a) Political; (b) Cultural; (c) Technological; (d) Economic; (e)...

Explanation

(a) Political Factors: These are laws, procedures, practices and policies formulated by government to regulate and facilitate business activities. It also involves the stability or instability of the government.

(b) Cultural Factors: These are ways of life of people such as language, aesthetics and their perception. A marketer should learn to adjust to the culture of the people for hin to operate successfully.

(c) Technological Factors: These are changes, or advancement ín process, equipment and devices that are used to accomplish the tasks of the marketer or an organization.

(d) Economic Factors: These consist of inflation, national income and the economic system of a country. It also includes changes in the business cycle. A marketer should be able to adjust to such changes in order to operate successfully.

(e) Social Factors: These are values and norms of the society, interest groups. reference groups and social class. These factors influence buying decisions of Consumers.