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SEE ATTACHED ENVIRONMENTAL SCAN TEMPLATE Social/Cultural Considerations • Who has purchasing power in the household? Male or female? Are roles

October 21, 2024

SEE ATTACHED

ENVIRONMENTAL SCAN TEMPLATE

Social/Cultural Considerations

• Who has purchasing power in the household? Male or female? Are roles changing

in the culture?

• What level of education do people attain?

• What media does your target market use the most?

• Who are the influencers/advocates of brands like yours?

• What is the fastest growing segment of the population (e.g., Hispanic? Asian?)

Political//Regulatory Considerations

• How stable is the political environment?

• What is the role of government in your industry?

• Are there specific regulations/laws affecting your industry? Marketing in general?

• What are the regulations re: data collection and privacy that affect your com-

pany/industry?

Economic Considerations

• What is the projected total population of your intended target market?

• What is the growth rate of your target market?

• What is the GDP/GNP?

• What is the income range of your target market?

• What other economic factors do you need to consider (e.g., unemployment rate,

consumer spending trends, supply chain concerns?)

Technological Considerations

• What are some trends in technology today (e.g., AI/virtual reality used by con-

sumers (Alexa)?

• What % of your target market own smartphones, smartwatches, etc.?

• How can you leverage new technology to create personal relationships with your

target market?

• How can you use traditional technology and media to your advantage (TV, print,

etc.)

Competitive Considerations

• Who are the two major competitors for your type of product in your industry?

What is your point of differentiation?

• What is your competitive advantage?

• Is there an opportunity for collaboration/partnership with other similar compa-

nies?

• How innovative are you in comparison?

• How big is the market?

Prepared by: P. G. Aaltonen April/2020

>Business & Finance homework help

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