Question
In: Economics
Why is environmental scanning an important element of the marketing plan and what are its five...
Why is environmental scanning an important element of the marketing plan and what are its five forces?
Solutions
Expert Solution
Solution:-Environmental scanning is one type of
date gathering process.The environmental scanning process consists
of the data-gathering phase, the environmental
interpretation/analysis phase, and the strategy formulation phase.
The three processes are interlinked, but, over time, more attention
is focused on each one more than the others so that at the end of
the process, greater effort is expended on using knowledge gleaned
from the external and competitive environments to formulate
strategy based on changes occurring and identi?ed in the company's
environment.The most common technique used to analyse the
performance environment is Porter's Five Forces
Model of Competitive Analysis. Porter concludes that the more
intense the rivalry between industry players, the lower will be
their overall performance. On the other hand, the lower the
rivalry, the greater will be the performance of the industry
players. Porter's Five Forces comprise (1) supplier bargaining
power, (2) buyer bargaining power, (3) threat of new entrants, (4)
rivalry of competitors, and (5) threat of substitutes.
Rahul Sunny answered 2 years agoRelated Solutions
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