Opportunity identification Flashcards
, the creator of pet stones became a millionaire.
Gary Dahl
> understand the needs and wants of people
ENVIRONMENTAL SCANNING
irritant, gap, dissatisfaction,
problem
ENVIRONMENTAL SCANNING
PESTLE Analysis of Business environment
Political
Economic
Social
Technological
Legal
Environmental
• These are all about how and to what degree a government intervenes in the economy.
POLITICAL FACTORS
• government policy
• political stability or instability in overseas markets
• foreign trade policy
• tax policy
• labor law
• environmental law
• trade restrictions
POLITICAL FACTORS
• Have a significant impact on how an organization does business and also how profitable they are.
ECONOMIC FACTORS
• economic growth
• interest rates
• exchange rates
• inflation
• disposable income of consumers and businesses
ECONOMIC FACTORS
> The areas that involve the shared belief and attitudes of the population.
SOCIAL FACTORS
• population growth
• age distribution
• health consciousness
• career attitudes
SOCIAL FACTORS
affect marketing and the management thereof in three distinct ways
TECHNOLOGICAL FACTORS
o New ways of producing goods
and services
o New ways of distributing goods
and services
o New ways of communicating with
target markets
TECHNOLOGICAL FACTORS
• health and safety
• equal opportunities
• advertising standards
• consumer rights and laws
• product labeling and product safety
LEGAL FACTORS
• They have become important due to the increasing scarcity of raw materials, pollution targets, doing business as an ethical and sustainable company, carbon footprint targets set by governments
ENVIRONMENTAL FACTORS
SELECTION AND SCREENING
PERSONAL-LEVEL SCREENING
FIRM LEVEL SCREENING
