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Understanding the external business environment needs marketers to be aware of differences in the law that impact how business is conducted.
Customers, competition, economy, technology, political and social conditions, and resources are common external factors that influence the organization. Even if the external environment occurs outside an organization, it can have a significant influence on its current operations, growth and long-term sustainability.
The environment offers a variety of opportunities, therefore it's important to recognize them if you want to boost a company's success. Early identification gives an opportunity to a company be the first to identify opportunity instead of losing them to competition. Hence, Understanding the external business environment needs marketers to be aware of differences in the law that impact how business is conducted.
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