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External factors are influences outside of a company that can impact a business. Most dominantly, this includes the economic and political environment of a country, competitors, technological changes, and customers. There can be slight variations of this as indicated in the Environmental Factors diagram. Factors outside of a company that affect its ability to operate are considered part of the external environment. Some external elements can be manipulated by marketing while others require the company to make adjustments. Many times, these external factors are difficult to control or even predict, and can be downright confusing. Managers should oversee the basic components of their company’s external environment, continually keeping close watch for any significant changes.
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