For our discussion, we will highlight seven fundamental external forces:
- Demographics
- Economic Conditions
- Governmental Environment
- Influential Stakeholders
- Cultural and Societal Change
- Innovation
- Competitors
Each external force is described in detail though these are not presented in order of importance. In fact, the importance of each force may vary depending on the marketing organization and the industry in which they compete. For instance, a company manufacturing technology products may feel innovative forces are more important than demographic changes. While a financial services firm may more aggressively monitor and react to economic conditions.
