Explain how environmental scanning provides information about social, economic, technological, competitive, and regulatory forces.
Many businesses operate in environments where important forces change. Environmental scanning is the process of acquiring information about these changes to allow marketers to identify and interpret trends. There are five environmental forces
businesses must monitor: social, economic, technological, competitive, and regulatory. By identifying trends related to each of these forces, businesses can develop and maintain successful
marketing programs. Several trends that most businesses are monitoring include the growth of social networks, the increasing economic impact of Asia and Latin America, and the growth of online privacy advocacy and regulation.