1.   Environmental Scanning   Company Resources   Company Objectives   Competitive environment   Economic environment   Technological environment   Political environment MKT 304: Chap 3 Key Terms   Legal environment   Cultural and social environment

2. The process of collecting information concerning forces in the marketing environment First step toward developing a marketing plan A critical step for all marketers! Environmental Scanning

3. Resources and Objectives of the Firm Competitive Environment The Marketing Environment Cultural and Social Environment Economic Environment Technological Environment Political and Legal Environment Direct Market Environment External Market Environment

4. Financial Strengths Production Strengths Resources Production Strengths Marketing Strengths

5. Economically useful functions Socially useful functions Development of the organization Profit Objectives

6. Company Objectives Production Objectives Production Objectives Marketing Objectives Marketing Objectives Mission Statement and Objectives Mission Statement Product Objectives Product Objectives Place Objectives Place Objectives Price Objective s Price Objective s Production Objectives Production Objectives Finance Objectives Finance Objectives HR Objective s HR Objective s R&D Objectives R&D Objectives Promotion Objectives Promotion Objectives

7. Competitive Structure of Market Competitors –Number, Size, Market Share, Location –Products, Marketing Strategy –Direct, Indirect Competitive Analysis –Barriers The Competitive Environment

8. The Economic Environment Global economic situation Rate of change Business life cycles –Prosperity –Inflation, recession, depression –Recovery Interest rates Consumer disposable income Consumer demand & spending patterns

9. The Technological Environment New discoveries and innovations –Information technology –Biotechnology Speed of technology transfer Rates of obsolescence Social concerns –Pollution –Unemployment –Ethical use of information

10. The Political Environment Nationalism Terrorism Formal political power –Political parties Informal political power –Lobbying groups –Consumer groups –National sentiment –Unions

11. The Legal Environment Government agencies –Federal –State –Local Laws and regulations Interpretations of the law

12. The Cultural and Social Environment Changing demographics Changing family structures Changing cultural standards