The internal environment refers to the company and its existing products, marketing strategies. It also includes the strengths of the company with regard to manufacturing abilities, distribution capacities, and marketing abilities. Internal resources should also be considered while formulating a marketing strategy.Internal sources is finance which comes mainly frown own funds, profits and depreciation.
External environment includes the competition, other rivals, the market conditions, customer’s tastes and preferences. The list goes bigger than that. Anything can be included under competition. The existing rivals, the possible rivals, the product group rivals, and alternative products to satisfy that particular need also come under external environment. The government policies including trade policies, restrictions, and foreign trade policies also come under this. Availability of raw materials and even the customer mindset at that particular period of time can also be considered a part of the external environment.
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