Environmental scanning

Definition

Environmental scanning is the process of gathering, analyzing, and interpreting information about external influences that could impact an organization's marketing strategy. It helps businesses adapt to market trends, competition, and other factors critical for making informed decisions.

Related terms

Market Trends:

The general direction in which the preferences, attitudes, and choices of consumers move over a period of time.

Competitive Analysis: An assessment of the strengths and weaknesses of current and potential competitors to identify opportunities and threats.

SWOT Analysis:

A strategic planning tool used to identify an organization's strengths, weaknesses, opportunities, and threats