Environmental scanning helps marketers gather information on key market forces and trends to make informed strategic decisions.
Environmental scanning is a process that helps marketers gather information about social, economic, technological, and competitive forces that impact their industry. By monitoring these factors, marketers can stay informed about changes in consumer behavior, market trends, emerging technologies, and competitor strategies.
Once this information is collected, marketers should analyze and interpret it to identify opportunities and threats. They can then adjust their marketing strategies accordingly. For example, if they observe a growing trend towards eco-friendly products in society, they may decide to launch a sustainable product line to meet consumer demand.
Strategic decision-making based on environmental scanning can give marketers a competitive edge and help them anticipate and respond effectively to changes in the market.
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