What Is Environmental Scanning? How Is It Used in Marketing

question 8

Essay

What is environmental scanning? How is it used in marketing?

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Definitions:

Cyclical Industry

An industry whose performance is heavily dependent on the overall economy's fluctuation; typically, these industries do well during economic upturns and poorly during downturns.

Gross Domestic Product

The total value of all goods and services produced within a country's borders in a specific time period, a measure of national economic activity.

Linear Demand Function

A mathematical representation of the relationship between the quantity demanded of a good and its price, assuming this relationship is a straight line.

Income Elasticity of Demand

A measure of how the quantity demanded of a good or service changes in response to a change in consumers' income.