Final answer:
The marketing environment is the dynamic external context that impacts a firm's marketing activities, including competition, market structure, supply and demand, and factors like technology and globalization.
Step-by-step explanation:
The definition of the marketing environment can be understood as the dynamic context within which firms operate, including a range of external factors that affect a company's marketing activities. This environment encapsulates everything from suppliers, consumers, competitors, and the overall market dynamics.
The marketing environment is influenced by elements such as technological advancements, globalization, market structure, market power, and changes in supply and demand. It determines how a firm must adapt its marketing strategies to meet the changing conditions and competitive pressures present in the industry. Two important factors that have recently redefined the marketing environment include technological innovation, particularly the internet and communication technologies, and the increase in globalization which has expanded competition.