Ch. 2 | The Marketing Environment

Question 1

what is an environmental scan?

Answer 1

environmental scan
is the process of continually acquiring information on events occurring outside an organization to identify external trends, that are opportunities or threats to a business

Question 2

what are the 6 key areas when doing an environmental scan?

Answer 2

1) demographic forces
2) socio-cultural forces
3) economic forces
4) technological forces
5) competitive forces
6) regulatory forces

Question 3

what is a situation (SWOT) analysis?

Answer 3

situation analysis
taking stock of a firm’s or product’s past performance, where it is now, and where it is headed.
- an effective summary of a situation analysis is a SWOT analysis

Question 4

what does SWOT stand for?

Answer 4

S: strengths
W: weaknesses
O: opportunities
T: threats

Question 5

Regarding SWOT, what areas are internal and external with examples

Answer 5

SW: internal
- management
- financial
- marketing (4 P’s)

OT: external
- CRESTD

Question 6

• what are the 4 main generation groups of consumers?
• when are they born?

Answer 6

1) baby boomers (1946 - 1965)
2) generation x (1966 - 1980)
3) generation y or millennials (1981 - 2000)
4) generation z (2001 -)