Understanding the economic environment is also a top factor because it affects how you should price your products. If the economy is at a downfall, more consumers are more likely to be on a budget, therefore, will not spend as much on products they feel they cannot afford it.
Conforming to the legal environment is good way to keep your business from getting into trouble, like lawsuits. Following safety regulations for example, will prevent fatal injuries from occurring.
One of the fastest changing environments we have is the technology environment. We all need to remain updated with the growing tech upgrades to be effective with our marketing and distribution strategies. Facebook for instance, became one of the top social networks to market about almost anything.
Knowing your consumers is top notch for a successful business. The sociocultural environment is of great importance because monitoring today’s trends will positively affect how you market your product. If a business is expanding globally for example, they may want to understand what the people of