environmental analysis
Definition:
The compilation and examination of data related to the environment in order to identify key trends and developments as a basis for anticipating their likely effect upon the organization. External environmental factors which must be taken into account when formulating a marketing strategy may be classified into five major categories: demographic, social and cultural, political, economic and technological.
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© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Michael J. Baker], [1998].