Module 2 Flashcards
(86 cards)
What is an environmental scan, and why is it essential for organizations?
An environmental scan is a systematic process involving the gathering, analysis, and utilization of information about external and internal factors affecting an organization. It goes beyond just competitors and includes market trends, customer preferences, technological advances, and regulatory changes. It is conducted using both formal (periodic) and informal (ongoing) approaches to stay alert and continuously learn about the environment. SWOT analysis is a common tool used during this process.
What does SWOT stand for, and how does it contribute to decision-making?
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It is a tool used to gain valuable insights for making informed decisions, understanding the market, and developing strategies. By identifying internal strengths and weaknesses and external opportunities and threats, organizations can better position themselves in the competitive landscape.
Why is understanding the process of environmental scanning important, and what are its key steps?
Understanding the process of environmental scanning is vital to staying proactive instead of reactive, anticipating market changes, and understanding evolving customer needs. Key steps include data collection, impact assessment to understand how factors affect the business, and idea generation to identify opportunities. It goes beyond risk management and focuses on seizing opportunities for innovation and growth.
How does the real-world context of radio illustrate the importance of environmental scanning?
In the context of radio, understanding demographics (e.g., Generation Alpha), monitoring technology effects, and continually analyzing trends are crucial. Staying agile and informed helps radio industry professionals adapt content and delivery methods to match changing consumer habits. The real-world example emphasizes the importance of merging traditional media with modern technology to stay relevant and competitive.
What is the fundamental principle in marketing highlighted in the example of the typewriter’s decline?
The fundamental principle is that customers are primarily interested in the value or benefits a product provides to their lives rather than the product itself. For example, the decline of typewriters in the 80s resulted from a failure to adapt to the evolving needs of customers, who were more interested in the benefits offered by personal computers.
What lesson can be learned from the typewriter example regarding environmental scanning?
The lesson from the typewriter example underscores the importance of environmental scanning. It highlights the need for organizations to continually assess and understand market trends, customer preferences, and technological advancements to adapt and provide products or services that align with the evolving needs and benefits customers seek.
How does the typewriter example relate to the concept that “no one wants to buy your product; what they want are the benefits your product provides”?
The typewriter example illustrates this concept by showing that the product (typewriter) failed to adapt and meet the changing needs of customers. The decline was attributed to not providing the benefits customers sought, ultimately leading to a shift to personal computers that offered more relevant and valuable benefits.
What real-world context is used to further emphasize the importance of environmental scanning?
The real-world context used to emphasize the importance of environmental scanning is the example of the radio industry. It suggests that understanding demographics, monitoring technology effects, and analyzing trends are crucial for staying relevant and competitive, aligning with the principle that customers are interested in the benefits a product provides.
What is an environmental scan, and how is it defined in the context of business?
An environmental scan is the process of continually acquiring information on events occurring outside an organization to identify external trends that may present opportunities or threats to a business.
Why is conducting an environmental scan important for a business?
Conducting an environmental scan is crucial for a business because it helps identify external trends that can be either opportunities or threats. By staying informed about events outside the organization, businesses can adapt, strategize, and make informed decisions to navigate a dynamic and ever-changing business environment.
The Marketing Environment: 6 Forces
Demographics
Socio-cultural forces
Economic forces
Technological forces
Competitive forces
Regulatory forces
What is the importance of addressing changes and new opportunities in the marketplace for successful marketing programs?
Successful marketing programs must reach out and address changes and new opportunities in the marketplace to remain relevant, adaptable, and responsive to the dynamic business environment.
Define demographics and mention some characteristics included in demographic data.
Demographics refer to statistical data about a population based on characteristics such as gender, age, ethnicity, income, education, and occupation.
What do socio-cultural forces in the marketing environment examine?
Socio-cultural forces in the marketing environment examine cultural values, ideas, attitudes, as well as society’s morals and beliefs.
How do economic forces impact the marketing environment, and what factors do they consider?
Economic forces impact the marketing environment by reflecting the state of the overall economy and consumers’ ability to spend. These forces consider both macro and micro environmental factors.
What do technological forces in the marketing environment relate to, and how can they influence business and consumer behavior?
Technological forces in the marketing environment relate to scientific inventions and innovations. They can impact the operation of a business and influence consumer behavior and interactions.
Define competitive forces in the marketing environment and what aspects do they encompass?
Competitive forces in the marketing environment encompass both direct and indirect competitors, as well as the overall competitive nature of the market in which businesses operate.
What do regulatory forces involve in the marketing environment?
Regulatory forces in the marketing environment involve the restrictions placed on businesses, products, or services by the government or industry associations.
What is Generation Alpha, and which demographic cohort does it succeed?
Generation Alpha is the demographic cohort succeeding Generation Z.
What are the starting and ending birth years commonly used for Generation Alpha, and why is it named as such?
Researchers and popular media commonly use the early 2010s as starting birth years and the mid-2020s as ending birth years for Generation Alpha. It is named after the first letter in the Greek alphabet and is the first generation to be born entirely in the 21st century.
What distinguishes Generation Alpha, and how technologically savvy are they?
Generation Alpha is the most technologically savvy generation ever. They will enjoy a longer life span than any previous generation and are characterized by being immersed in technology from their earliest years.
How does Generation Alpha differ in terms of education and career compared to previous generations?
Generation Alpha is expected to stay in education longer, start their earning years later, and therefore, stay at home with their parents until their late 20s.
What unintentional global experiment is Generation Alpha part of, and how does it impact their upbringing?
Generation Alpha is part of an unintentional global experiment where screens are placed in front of them from the youngest age, serving as pacifiers, entertainers, and educational aids. This exposure to screens has been a defining aspect of their upbringing.
When did Generation Alpha begin being born, and what notable events mark the beginning of their generation?
Generation Alpha began being born in 2010. Notable events marking the beginning of their generation include the launch of the iPad, the creation of Instagram, and “App” being chosen as the word of the year. From their earliest years, they have been referred to as “screenagers.”
