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External Factors
Elements outside of the businesss control that affect the marketplace
Internal Factors
Elements within the business that can be monitored and adjusted by the organization and that affect the marketplace.
Economic conditions
o Layoffs, unemployment rates, interest rates, and cost of living affect customer spending. New technology may make a product obsolete or may help in improving product quality or productivity.
Technological advances
o
Natural forces
o Natural occurrences as simple as a thunderstorm can impact sales for all different types of businesses.
Financial situation
o Cash flow patterns should be analyzed regularly to maintain an organizations financial stability.
Marketing Concept
A business should strive to satisfy customers needs and wants while generating a profit.
Customer focused Repeat customers = profit
Marketing Concept
ill can make a
PROFIT