Which of the following is part of the external market environment?

The correct answer is legal regulations, as this aspect is a crucial part of the external market environment. The external market environment encompasses factors outside a company that can influence its operations, decisions, and strategies. Legal regulations include laws and policies that govern how businesses can operate, affecting many aspects such as advertising, pricing, product safety, and employment practices. Companies must remain compliant with these regulations, making them a significant factor in strategic planning and operations.

On the other hand, market share, distribution channels, and brand loyalty are generally considered internal factors or elements that a company can influence directly. Market share reflects a company's competitive position within its industry, distribution channels refer to the means through which products are delivered to consumers, and brand loyalty indicates how often consumers prefer a brand over others. These elements are more about company strategy and performance rather than external influences.