According to the Padgett and Loos textbook, all are the following are true of the SPENT $($pp$.46-54)$ acronym for the MacroEnvironment to marketing EXCEPT:

The Political$/$Regulatory$/$Legal environment generally includes the following major categories: competition, product safety, pricing, advertising and promotion, and privacy.

The Natural$/$Environmental component to the macro$-$environment includes issues related to natural resources and sustainability.

The Technological environment has both a good and bad side since it offers consumer benefits while simultaneously introducing more complex difficulties.

The Economic$/$Financial environment is trending toward markets becoming increasingly intertwined and businesses as increasingly global.

The Social$/$Cultural environment continues to trend toward less diversity.