Question: Identify the five components of the marketing environment. The fi ve components of the marketing environment are
(1) the competitive environment-the interactive process that occurs in the marketplace as competing organizations seek to satisfy markets;
(2) the political-legal environment-the laws and interpretations of laws that require fi rms to operate under competitive conditions and to protect consumer rights;
(3) the economic environment-environmental factors resulting from business fl uctuations and variations in infl ation rates and employment levels;
(4) the technological environment- application to marketing of knowledge based on discoveries in science, inventions, and innovations; and
(5) the social-cultural environment-the component of the marketing environment consisting of the relationship between the marketer and society and its culture.