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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 characteristics of the population |
| Dynamic | changing; changeable (able to be changed) |
| Economy | the system in which people make and spend their incomes |
| Enviroment | 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 business 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 toward 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 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 |
| Recession | 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 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 source 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 unfavorable situation in the environment surrounding your business |
| Unemployment rate | the percentage of the labor pool that is currently seeking but unable to find work |
| Zoning relations regulations | laws governing the use of land |
Created by:
user-2014853
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