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Ent 1 Obj 2.03
Environmental Scan
| Term | Definition |
|---|---|
| Brand competition | Competition between two products |
| Business cycles | Periods of expansion and contraction in economic activities |
| Carbon footprint | A measure of the impact of human activity on the environment |
| Competition | The rivalry between two or more businesses to attract scarce customer dollars |
| Culture | The customs habits and traditions of a particular group of people |
| Demographics | The physical and social characteristics of the populations |
| Dynamic | Changing changeable(able to be changed) |
| Economy | The system in which people make and spend their incomes |
| Environment | Surrounding |
| Environmental scanning | collecting information about the environment surrounding you business |
| Exchange rate | The price or values at which one currency can be converted to another |
| External envitornment | A business's external uncontrollable surroundings consists of elements such as demographics society and culture the economy competition government and technology |
| Financial planner | A professional who specializes in helping people with personal financial matters |
| Fiscal Policy | The government policy that sets levels or government spending and taxation |
| General Competition | Competition among all businesses for scarce customer dollar |
| Inflation | A rise in prices that ma occur when demand exceeds supply or when productivity declines and costs of labor go up |
| Information overload | Communication that is too much and or comes too fast to process at one time |
| Internal Environment | A business's internal controllable surroundings consists of elements such as finances personal research and development |
| Interrelated | HAVING AN EFFECT ON OR DEPENDING UPON ONE ANTOHER |
| Investor confidence | The attitudes of investors toward risk |
| Market research | The systematic gathering recording and analyzing of data about a specific issue situation or concern that affect a market |
| Marketing campaign | A business's organized efforts to promote a certain product or line of products |
| Monetary policy | The gov policy that determines thew amount of money that will be in circulation and the level of interest rates |
| Opportunity | A favorable situation in the environment surrounding your business |
| Political climate | Government environment |
| Political stability | The degree to which a government is free from turmoil |
| Prosperity | A state of economic growth |
| Precession | A state of economic decline |
| Recovery | A period of time in which an economy grows from recession to prosperity |
| social and cultural attitudes | the belief and feeling of people in a society in a society that cause them to act in certain ways |
| society | a group of individuals who share an environment |
| strategic planning | long range planning three to five years for the company as a whole |
| strength | any resource or capability your business has that can help you gain a competitive advantage in your industry |
| subsidy | government financial help given ta a business |
| substitute products | goods and or services that can be used in place of others items that satisfy the same needs wants |
| Tactics | specific action that will be used to carry out strategies business |
| threat | any unfavorable situation in the environment surrounding your business |
| unemployment rate | the percentage of the labor pool that is curranty seeking but unable to find work |
| zoning regulations | laws governing the use of land |
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