Environmental Scan



Principles of MarketingMarketing Plan Project: Situation AnalysisA situation analysis is the study of the internal and external factors that will affect your company’s marketing strategies. The information that you collect from your SWOT analysis and from the environmental scan will become the basis for this portion of your marketing plan.Environmental Scan What political issues will your company have to deal with? Are there new laws going in effect that will affect your new company?What is the current state of the economyWhat is the total size of your market?What percent share of the market will you have? (This is important only if you think you will be a major factor in the market.)Current demand in the target marketTrends in the target market – growth trends, trends in consumer preferences, and trends in product developmentGrowth potential and opportunity for a business of your sizeWhat barriers to entry do you face in entering this market with your new company?Some typical barriers are:High capital costsHigh production costsHigh marketing costsConsumer acceptance and brand recognitionTraining and skillsUnique technology and patentsUnionsShipping costsTariff barriers and quotasHow will you overcome these barriers?How could the following affect your company?Change in technologyChange in government regulationsChange in economyChange in your industrySWOT AnalysisStrengths and weaknesses are both internal factors that affect the operation of your business. External factors that affect the operation of your business are either opportunities for you or they are threats to your business.Internal Strengths & Weaknesses:Below you will find information to help you determine your internal strengths and weaknesses. These, however, are by no means the only questions you should ask pany analysis: What does your company do well and in what areas could you improve?How experienced are the company executives?Does the company have enough staff to reach its goals?Are there enough financial resources to achieve company goals?Have you completed sufficient research and development for your product?What technology is needed to be competitive?NOTE: For now, you will not worry about the Marketing Mix. You will complete it in a later section of the project.Customer analysis: Studying your customers will help you determine selling and pricing strategies and insight into what products to offer.Who are the customers?NOTE: Because you have not yet entered the market, you will not be able to determine if customers’ satisfaction, if they value your product or if your customer base is increasing. This will be information your company would want to get after placing your product on the market.External Opportunities & Threats:Below you will find information to help you determine your external opportunities and threats. These, however, are by no means the only questions you should ask petition: What are you competitors doing? Changes in financial situations and problems in the marketplace can create opportunities for you. Introducing a similar product at the same time as your competition can sometimes threaten you, especially since your company is a start-up and your competition is most likely established.Preparation:You will complete a two page paper describing the environment for you product.You will create a SWOT analysis chart for your company. ................
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