Target Market The External Environment
The external environment can greatly affect your marketing efforts. Typically the external factors considered are the Threats and Opportunities. In your Learning Activity this week, you addressed the SWOT Analysis. This type of analysis considers both the internal and external factors affecting the marketing effort.
Another type of analysis examines the external environment more specifically, the PEST analysis.
Fill in the PEST table ( Political, Economic, Social, and Technology) after doing some research for your chosen company to include some aspects of the external environment which will affect your marketing plan.
Then discuss with classmates (you do not have to share your actual completed table) the external environment factors (threats and opportunities) that will impact your company product or service the most and why.
Checklist:
1. Do research on each of the PEST components.
2. Fill in the table Threats and Opportunities columns.
3. Discuss which threats and opportunities will affect your business the most and why.
4. Address each of the 4 major PEST components in the left hand column in your response.