Environmental Scanning - 1926 Words

ENVIRONMENTAL SCANNING Environmental scanning is a process of gathering, analyzing, and dispensinginformation for tactical or strategic purposes. The environmental scanning processentails obtaining both factual and subjective information on the businessenvironments in which a company is operating or considering entering.Environmental scanning is the process in which a firm continually collects andevaluates information about its external environment. There are six main categoriesof environmental data to consider when evaluating marketing decisions. These aresocial forces, demographic forces, economic forces, technological forces, politicaland legal forces, and competitive forces. There are several marketing procedures to consider†¦show more content†¦While some of the demand drivers are off-shoots of favourable growth in the Indian economy, others have come by due to the comprehensive development of the Automobile segment. The key demand drivers for the automobile segment are shown below: Increase in income levels and thus purchasing power: Increase in disposable incomes have made cars affordable to a larger section of the population. While the ratio of car prices to average monthly salaries was around 36 - 48 months in the past, it has dropped significantly to less than 24 months currently. This is also a result of decreasing automobile prices with increasing efficiency in production and stiff competition in the market. †¢ Gradual shift to higher segment passenger vehicles: B and C segments have emerged as high growth segments over the last few years. In 2001-02, the A segment accounted for around 28% of sales while in 2004-05 it accounted for only 14%. At the same time, the demand for premium vehicles has also grown significantly, though the volumes are still low compared with other segments. The trend in segmental sales is poised to undergo a sea change with the launch of high volume selling Tata Nano and other players eyeing to get into the ultra low-cost segment. †¢ Availability of a wider range of products: The number of players as well as the number of products in the auto OEM space hasShow MoreRelatedEnvironmental Scanning1136 Words   |  5 PagesEnvironmental Scanning To assure the success of a business over a long period of time the business must be able to conduct regular analysis of their success. They must be able to determine where they are today and have a goal of where they would like to see themselves 5-10 years down the road. In order to conduct a true analysis of the company, one must complete an environmental scan of their organization. Thus scanning for events, trends, issues and expectations that they may be faced with in theRead MoreEnvironmental Scanning1483 Words   |  6 PagesIncreasing demand for Temple s upscale homemade confections recently poised CC on the brink of major expansion. In the next decade, CC can expect to encounter changing trends within the baking industry, each impacting the company s long-term environmental objectives in remote, industry, and operational contexts. Remote environment Labeling Ââ€" Anticipated changes in food labeling legislation will determine the manner CC labels its cakes nutritional content. Expanded labeling information requirementsRead MoreEnvironmental Scanning and Aspects’2062 Words   |  9 PagesWhat is environmental scanning? Environmental scanning is the communication of external information about facts that could influence an organization on its’ strategic decision-making process. 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These factors (could also be termed as influences) are events, trends, issues and expectationsRead MoreEnvironmental Scanning Paper1500 Words   |  6 Pages Environmental Scanning Kendra McQueen MGT/498 March 14, 2016 Amy Novoa Environmental Scanning Environmental scanning is an overarching term encompassing the monitoring, evaluation, and dissemination of information relevant to the organizational development of a strategy (Wheelen, Hunger, amp; Hoffman, Bamford, 2015,). The use of an environmental scan can analyze the competitive advantage of a company, evaluate the strategies a company uses to gain an advantage over their competitors and createRead MoreEnvironmental Scanning Paper1834 Words   |  8 PagesAbstract Environmental scanning is the first portion to an organization’s strategic management and is very important to the corporation. Environmental scanning is gathering information for the external and the internal of the company. A SWOTT is the best way to gather the information. 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PESTLE analysis stands for Political, Economic, Social, and Technological, Legal and environmental analysis and describe a framework of macro environmental factors utilized as a part of the environmental scanning component of strategic management. Generally, all the PESTLE factors might not important for all types of industry its depends up industry nature or size. This PESTLE analysis is based onRead MoreEnvironmental Analysis : An Organization And Evaluating The Level Of Threat Or Opportunity They Present Essay2769 Words   |  12 PagesEnvironmental Analysis Environmental analysis is a process for identifying all external and internal elements that can affect the performance of the organization and evaluating the level of threat or opportunity they present. Opportunity and threat assessments are then incorporated into decision making process in order to better align strategies with the organizations environment (Investor Words, 2015). Every destination needs to know about their strengths, weaknesses, opportunities and threats