Markets

Question 1

PESTEL

Answer 1

Political
Economical
Sociological
Technological 
Environmental 
Legal

Question 2

Political

Answer 2

The stability of the political environment and the attitudes of political parties and movements.
Examples -
Government influence of tax policies
Government influence in trading agreements.
Different to Legal due to being attitudes, not regulations.

Question 3

Economic

Answer 3

Represents the wider economy.
Examples -
Economic growth rates 
Levels of un/employment
Cost of raw materials - oil, petrol, steel
Interest rates 
Exchange rates
Inflation rates
Monetary policies

Also varies from one country to another.

Question 4

Socio-Cultural

Answer 4

Represents the culture of the society that an organisation operates within.
Examples -
Demographics - age, population, class, education
Geographics - country, region, city
Psychographics - lifestyle, characteristics
Behavioural - consumer knowledge, attitudes, opinions

Question 5

Technological

Answer 5

Refers to the rate of new inventions and development, including not only digital, but manufacturing, distribution and logistics developments.
Examples -
Internet
E-commerce
Government spending on research

Question 6

External Environment

Answer 6

The stakeholders and forces outside marketing that affect marketing management ability to bugs and maintain successful relations with target customers.