Management and Organizational Studies 1021A/B Chapter Notes - Chapter 2: Minority Group, Swot Analysis, Generation Z

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: Sarah Ross

Document Summary

Marketers scan the marketing environment and review six key areas of focus: (1) demographic forces, (2) socio-cultural forces, (3) economic forces, (4) technological forces, (5) competitive forces, and (6) regulatory forces. A marketing environmental scan is the process of continually acquiring information on events occurring outside an organization to identify trends and pinpoint opportunities and threats to a business. Marketers use this knowledge to ensure that their goods, services, and ideas are relevant and meaningful, often using marketing environmental scan as a steppingstone to conducting a more extensive swot analysis: swot analysis (strengths, weakness, opportunities, and threats) It involves assessing how well a company is faring in servicing its businesses and target consumers by assessing an organization"s internal strengths and weaknesses, as well as its external opportunities and threats. It looks at this in relation to the industry, its competitors, and trends identified in an environmental scan.