Assignment:
Environmental Scan:
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.
Introduction
Describe the purpose of the paper and provide an overview
Describe the product or service
Research Method
Describe the research you conducted, the steps you took
What sites did you visit? What key words did you use?
Competitive Analysis
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
Regulatory Environment
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?
Economic Analysis
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:
o Income and disposable income
o Elasticity of demand
o International trade and macroeconomic forces
o 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?
Culture?
Education?
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?
Conclusion
Do you recommend marketing this product?
Sum up key opportunities and threats.
References
APA format is double spaced, indented paragraphs, Times New Roman 12 point font. You must Include text embedded references and a comprehensive reference list in APA format.
• New accounting firm in Victoria or other place
• New fast food restaurant in the city of your choice
• New digital bank
• New discount retailer
• Veterinary office
• Sporting team
• New beauty spa
• Building and contracting business
• Travel tour company
• Community theatre
• Google "ideas for new products" or "products that didn't exist 20 years ago" to get your creative juices flowing.
• A new (perhaps environmentally sustainable and healthy) toothpaste (or shampoo, soap, cleaners, cosmetics, etc)