• Regulatory: This refers to laws and legality (governmental policies) that may affect the way marketing can be characterized. For example, government restriction on the importation of a particular product might hinder the marketers playing in that particular field.
• Economic. Various trends in the economic business cycle, including inflation, recessions, deficit, or income level. Each of these factors can have a direct impact on marketing which may have to be re-evaluated and overhauled as a result.
• Social: The social forces refer to the structure and dynamics of individuals and groups and their behaviors, beliefs, thought patterns and lifestyles, friendships, etc. When consumers change their needs and wants, this directly affects marketing strategies.
• Political: The socio-economic conditions are closely related to the state of the governmental institutions. Depending on the governmental impact on bureaucracy, corruption, freedom of speech and other limitations (or opportunities), the marketing strategies will adapt to the political conditions.
• Competitive: Competition refers to the numbers of similar competitive product brands. A new competitor entering the market will directly affect the marketing strategies of the incumbent companies. Firms offering similar services or products often achieve differentiation through marketing, positioning and branding. • Technology. The marketing strategies often adapt to the pace of development of the consumer demand and exponential technological progression.
In the consumer-driven approach, consumer wants are the drivers of all strategic marketing decisions. No strategy is pursued until it passes the test of consumer research. Every aspect of a market offering, including the nature of the product itself, is driven by the needs of potential consumers.