Scanning the Marketing Environment

And were back! 

I hope everyone is enjoying my blog and gaining some general knowledge on marketing! This blog is going to be focused on Environmental Scanning 

Environmental Scanning is the process of continually acquiring information on events occurring outside the organization to identify and interpret trends. 

There are environmental trends that come from 5 sources: 
1. Social: Demographic shifts, cultural changes
2. Economic: Macroeconomic conditions, consumer income
3. Technological: Changing technology, Technology's impact on customer value, electronic business technologies 
4.Competitive: Alternative forms of competition, small businesses
5. Regulatory Forces: Laws protecting competition, laws of affecting marketing mix actions, and self-regulation. 

Demographics is another topic in this section of scanning the marketing environment. 
Demographics  describes a population according to selected characteristics such as age, gender, ethnicity, income, and occupation. 

Under this category there is generation cohorts which are Baby Boomers, Generation X, and Generation Y. 
The Baby Boomers is (generation between 1946-1964) are retiring at a rate of 10,000 every 24 hours and they will all be 65 or older by 2030.

·       Their participation in the workforce made them wealthiest generation accounting for 50% of all consumers spending. 

     Generation X is included the 15% of the population born between 1965 and 1976. Also known as BABY BUST because of the number of children born in each year are declining.   

      Generation Y includes 72 million born between 1977 and 1994. This Is the period of increasing births, and is often referred to as the ECHO BOOM or BABU BOOMLET.

    There is also the blended family which consists of the majority of divorced people that remarry. 

The economy also comes into play here. This pertains to the income, expenditures and resources that affect the cost of running a business in a household. 

As you can see this is extremely important with environmental scanning, and how it relates back to marketing! 

II hope everyone learned something new today and enjoyed my blog! Looking forward to writing the next one! 

Until next time, 

Natalia!