2.02

Environmental scanning
collecting info about surroundings of business. 3 steps used: gather info, analyze, and determine future impact
information management
accessing, processing, maintaing, evaluating, disseminating data for business decision making
Marketing
an organizational function and processes to create, communicate, and deliver value to customers and manage customer relations to benefit organization and stock holders
Primary Research
collection of original primary data. From questionnaires,phone interviews, experiments, and direct observations
Procedures
step by step process followed to perfom a specific task
Secondary Research
Summary of existing research. Research subjects from experiments.
Demographics
physical and social characteristics of aa population
culture
beliefs, behaviors, objects, and common characteristics to members of a specific group or society. through culture, people and groups define themselves
society
community of people living in a particuar region with shared customs, laws and organizations
economy
activities related to the production and distribution of goods and services in a particular geographic region.
correct and effective use of available resources
competition
between similar products – brand _
for substitute products
for scarce customer dollars among business
government
the body of a nation, state, or community systematically ruled
technology
applying scientific knowledge for practical purposes especially in industry machinery and eqipment
brand competition
between 2 similar products
ex/ coke and pepsi
competition for substitute products
between 2 different products that satisfy the same need
ex/ movie theaters and bowling alleys
general competition
among all businesses for scarce customer dollars
SWOT
Stregths, Weaknesses, Opportunities, Threats
specific analysis of your business and its competition
STEEP
Social, Technological, Economic, Ecological, and Political
general awareness of service area
PEST
Political, Economic, Social, and Technological
situational analysis
PESTELI
anaylsis of Ecological or Environmental, Legislative or Legal, and Industry