Environmental Scan: Individual Assignment 10%
Objective: To research the marketing environments for a new product or service and develop an environmental scan.
Using the Camosun library libguide for MARK 110, as well as internet search, each student will choose a new product or service from the list provided, or have their own approved by the instructor.
Your assignment will be submitted to the D2L dropbox by the date on the course schedule. It should be in informal point form, but still using APA paper format* and include the following headings, and well cited trends in each of the marketing environments:
- Describe the purpose of the paper and provide an overview
- Describe the product or service
- Describe the research you conducted, the steps you took
- What sites did you visit? What key words did you use?
- What competitive trends exist? Are they opportunities or threats?
- List the key competitors for this product offering
- Would you be a market leader, challenger, follower or nicher in this market?
- Consider what you might need to do to be distinctive
- What are the international, national, provincial and local laws that might impact marketing this product? Are these potential threats or opportunities?
- Are their political threats or opportunities?
- Are there any future considerations that might come to pass?
- What economic trends exist? Are they opportunities or threats?
- What is the economic outlook for your geographic market? Be sure to use up to date statistics and quality references.
- Depending on your product, you may need to consider:
- Income and disposable income
- Elasticity of demand
- International trade and macroeconomic forces
- Interest rates
Social and Demographic Environment
- What are the demographic trends of your market that will impact marketing your product? Threat or opportunity?
- What lifestyle trends?
- Style and trends?
Natural and Technological Environment
- What natural environmental impact might there be on your raw material supply?
- What environmental factors might impact you in the future?
- How will current and future technology affect this product and marketing of it?
- Do you recommend marketing this product?
- Sum up key opportunities and threats.