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Understanding the Environmental Scanning Process in Marketing Strategies

Environmental scanning is the essential first step in developing an effective marketing plan. It involves collecting critical information about various forces in the marketing environment, which include the company's resources and objectives, as well as the competitive, economic, technological, political, legal, and cultural dimensions. By assessing these factors, marketers can better understand the external marketplace and align their strategies accordingly. This process helps companies identify opportunities and threats, contributing to their long-term success by informing their mission, production, and marketing objectives.

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Understanding the Environmental Scanning Process in Marketing Strategies

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  1. MKT 304: Chap 3Key Terms • Environmental Scanning • Company Resources • Company Objectives • Competitive environment • Economic environment • Technological environment • Political environment • Legal environment • Cultural and social environment

  2. Environmental Scanning • The process of collecting information concerning forces in the marketing environment • First step toward developing a marketing plan • A critical step for all marketers!

  3. Resourcesand Objectivesof the Firm CompetitiveEnvironment Cultural andSocial Environment EconomicEnvironment Political andLegal Environment TechnologicalEnvironment The Marketing Environment Direct Market Environment External Market Environment

  4. Financial Strengths Production Strengths Production Strengths Marketing Strengths Resources

  5. Objectives • Economically useful functions • Socially useful functions • Development of the organization • Profit

  6. Company Objectives Production Objectives Production Objectives Marketing Objectives HR Objectives R&D Objectives Finance Objectives Product Objectives Place Objectives Promotion Objectives Price Objectives Mission Statement and Objectives Mission Statement

  7. The Competitive Environment • Competitive Structure of Market • Competitors • Number, Size, Market Share, Location • Products, Marketing Strategy • Direct, Indirect • Competitive Analysis • Barriers

  8. The Economic Environment • Global economic situation • Rate of change • Business life cycles • Prosperity • Inflation, recession, depression • Recovery • Interest rates • Consumer disposable income • Consumer demand & spending patterns

  9. The Technological Environment • New discoveries and innovations • Information technology • Biotechnology • Speed of technology transfer • Rates of obsolescence • Social concerns • Pollution • Unemployment • Ethical use of information

  10. The Political Environment • Nationalism • Terrorism • Formal political power • Political parties • Informal political power • Lobbying groups • Consumer groups • National sentiment • Unions

  11. The Legal Environment • Government agencies • Federal • State • Local • Laws and regulations • Interpretations of the law

  12. The Cultural and Social Environment • Changing demographics • Changing family structures • Changing cultural standards

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