External enviornment Forces external to the organization that affect organization and marketing decision making.
External analysis The identification of trends, opportunities, and threats that will influence marketing strategy and tactics.
Marketing research supplier An external agency that specializes in the conduct of marketing research demography—the study of important population statistics such as age, income, sex, and location of people.
Business cycle The pattern that is generally followed by a fluctuating economy.
Prosperity A period of time during which the economy is growing.
Recession A period of time that is characterized by a decrease in the rate of growth of the economy.
Depression A long-lasting recession during which unemployment is very high, buying power is very low, and consumers are unwilling to spend.
Recovery A period of time in which unemployment begins to decline, buying power increases, and consumers become more willing to purchase products.
Technology The knowledge of how to accomplish tasks and goals.
Buying power The ability of a consumer to make purchases.
Regulators The set of laws, agencies, and policies established to ensure that marketers compete legally in their efforts to provide want- and need-satisfying products and services.