Brief environmental scan for the Penn State World Campus
conduct a brief environmental scan for the Penn State World Campus
In 3-4 pages (not including references) You must include each of the marketing-environment factors of (PESTLE):
• political forces
• economic forces
• social and cultural forces
• technological forces
• legal and regulatory forces
• environmental forces
• Your discussion of each environmental factor must include at least one quality source, properly cited using APA 7 in-text citations and a references list at the end.
• Note: This does not need to be a formal essay. A paragraph for each force is acceptable.
• Finally, in a paragraph or two, identify one specific opportunity and one specific threat based upon your findings in the environmental scan.
For your information of PESTLE:
PESTLE is an economic device that you can use to remember the six focus areas involved in an environmental scan:
– political forces: Changes in political systems, political parties, political stability, policies, and legislation can all affect the political environment a company must operate within, including the future laws and regulations it must abide by.
– economic forces: The relative health of the economy and various economic trends (consumer confidence, employment rates, the inflation rate, etc.) can significantly impact a company’s marketing strategy, particularly when it comes to pricing strategy. There are two sides to an economic forces analysis: macro and micro. A macroeconomic analysis looks at the big picture, examining the economy as a whole, while a microeconomic analysis is more focused, examining more local conditions. Consider, for example, a minor-league baseball team from a town where the local economy is suffering due to factory closure, despite significant growth on the macroeconomic scale. In this case, the macroeconomic factors are irrelevantthe team is reliant on only a very specific market.
– social and cultural forces: As indicated in the Starbucks example in the lesson introduction, culture conduct a brief environmental scan (using PESTLE) of Penn State World Campus can play a significant role in how products and services are perceived in a particular market. Significant changes in demographics (such as the aging of a population) or the significant integration of different cultures due to immigration can materially affect the relevance of products and services. Consumer values throughout the world vary greatly, changing over time as new generational cohorts take over for older ones.
– technological forces: Depending on the industry, technology can force rapid change upon a market. Companies that can anticipate these changes create distinct opportunities and competitive advantages, while the rest find them to be a significant threat. Consider the power of traditional brick-and-mortar retailers, such as Sears, and how that power has waned due to the proliferation of online shopping.
– legal and regulatory forces: Clearly, a company must operate within the ever-changing and sometimes confusing legal and regulatory environment. Legal and regulatory forces include employment laws, consumer-protection laws, environmental regulations, or even industry-specific regulations.
– environmental forces: As climate change and pollution continue to impact the planet, governments and nonprofits seek to mitigate the damage. Companies will likely face new environmental regulations and consumer preferences that favor more environmentally friendly or sustainable brands.