Description
Please view the video and write a 7-10 page synopsis of Environmental Scanning and why it is so important to the success of business/company operations.
Cite some examples of business success as a result of Environmental Scanning.
Good Luck!
Explanation & Answer
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Running head: ENVIRONMENETAL SCANNING
Environmental Scanning
Student’s Name
University Affiliations
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ENVIRONMENTAL SCANNING
Environmental Scanning
The environmental scanning presentation by Kim Christian comprises of; definition of
environmental scanning, purpose of environmental scanning, ways of monitoring data and
information for analysis, environmental scanning data analysis, examples of companies that
attribute their success to environmental scanning and lastly summery of the purpose of
environmental scanning. The presentation on environmental scanning and how it relates to
environmental marketing begins with a definition of environmental scanning. She refers
environmental scanning as a process that surveys and interprets relevant data systematically to
identify external opportunities and threats. She proceeds by stating that organizations collects
information about its external, market, competitors and itself. The presentation therefore as well
helps in the understanding of what environmental scanning is. She then goes to the purpose of
environmental scanning. According to her, there are three main purposes of environmental
scanning; that is, one is to help the company learn about the market trend. Two, is to learn about
customer behavior and preference. Third, is to use information to craft, execute, and monitor a
strategic plan. To begin with, the purpose of helping in learning about market trends, it is
achieved through research and data of both secondary and primary sources that one gets from
demographics, technological advances, political or the legal information, social and economic
climate of a given industry or a new product in the market. The main purpose of a business is
sale of its products or services. With this in mind, many businesses strive to have enough
information concerning the market they are operating in as this will determine sales and profits
made on products and services. In analyzing the second one, the company uses the market
approach to learn about the customer’s behavior and preferences. In this approach, marketers
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ENVIRONMENTAL SCANNING
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sometimes get out and ask what the customers want to buy. Specific methods that are used
include focus groups, surveys, and personal interviews. This is another important aspect in
business. The main focus of businesses is their customer base. It is therefore important to
understand the nature of customers you have as a business...
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