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Ent 1 Obj 2.03
Environmental scan
| Term | Definition |
|---|---|
| Brand competition | Competition between two similar 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 charcteristics of the population |
| Dynamic | Changing; changeable (able to be changed |
| Economy | The system in which people make and spend their incomes |
| Environmental scanning | Collecting information about the environment surrounding your business |
| Exchange rate | The price or value at which one currency can be converted to another |
| External environment | A business's external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the culture, the economy, competition |
| Financial planner | A professional who specializes in helping people with personal financial matters |
| Fiscal policy | The government policy that sets levels of government spending and taxation |
| General competition | Competition among all businesses for scarce customer dollars |
| Inflation | A rise in prices that may occur when demand exceeds supply or when productivity declines and costs of labor go up |
| Information | Knowledge, facts, or data |
| 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 , personnel, research and development |
| Interrelated | Having an effect on or depending upon one another |
| Investor confidence | The attitudes of investors toward risk |
| Market research | The systematic gathering, recording, and analyzing of data about a specific issue, or concern that affects a market |
| Marketing campaign | A business's organized efforts to promote a certain product or line of products |
| Monetary policy | The government policy that determines the 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 |
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