External And Internal Environment Analysis

835 Words4 Pages
Much research and development goes into the marketing plan for any company. This often requires extensive external and internal environment analysis. When conducting external environmental analysis, a company must consider six factors. These factors include competition, economic growth, political trends, legal issues, advances in technology, and sociocultural trends (Ferrell & Hartline, 2014). I have a strong interest in technology and gadgets. With that being the case, I chose the iPhone as the product and will analyze the six external environmental factors using that. The first external factor to consider is the competition. This involves identifying the main competing companies as well as their strengths and weaknesses. If you are a true fan of Apple and its iPhone, then there is not any real competition. But despite what iPhone fans might believe, Apple does have competition in the smart phone realm. Its biggest competitor is Samsung. Numbers wise, Apple only sells roughly twenty percent of smartphones world-wide with various other competitors selling the remaining eighty percent. But out of the twenty percent that Apple sells, it manages to capture over ninety percent of the market profits. Samsung manages to grab fifteen percent of the market profit (Weiss, 2015). Samsung has experienced several years of disappointing sales which made the competition less stiff than in previous years. The next factor in external environmental analysis is
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