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Ent 1 Obj 2.03
Enviromental scan
| Term | Definition |
|---|---|
| Brand competition | Competition between similar products |
| Business cycles | Periods of expansion and contraction in economic activities |
| Carbon footprint | A measure of the impact of human activity on the enviroment |
| 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 |
| Demograghics | The physical and social characteristics of the population |
| Dynamic | Changing; changeable (able to be changed) |
| Economy | The system in which people make and spend their income |
| Environment | Surroundings |
| 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 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 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, production, and marketing |
| Interrelated | Having an effect on or depending upon one another |
| Investor confidence | The attitudes of investors towards risk |
| Market research | The systematic gathering, recording, and analyzing of data about a specific issue, situation, 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 willl be in circulation and the level of interest rates |
| Brand competition | Competition between similar products |
| Business cycles | Periods of expansion and contraction in economic activities |
| Carbon footprint | A measure of the impact of human activity on the enviroment |
| 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 |
| Demograghics | The physical and social characteristics of the population |
| Dynamic | Changing; changeable (able to be changed) |
| Economy | The system in which people make and spend their income |
| Environment | Surroundings |
| 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 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 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, production, and marketing |
| Interrelated | Having an effect on or depending upon one another |
| Investor confidence | The attitudes of investors towards risk |
| Market research | The systematic gathering, recording, and analyzing of data about a specific issue, situation, 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 |
| Oppurtunity | 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 enonomic growth |
| Recession | A state of enonomic decline |
| Recovery | A period of time in which an economy grows from recession to prosperity |
| Social and cultural attitudes | The belief and feelings of people 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 resources or capability your business has that can help you gain a competitive advantage in your industry |
| Subsidy | Government financial help given to 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 actions that will be used to carry out strategies |
| Threat | Any unflavorable situation in the environment surrounding your business |
| Uneployment rate | The percentage of the labor pool that is currently seeking but unable to find work |
| Zoning regulations | Laws governing the use of land |
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