MARKETING ENVIRONMENT AND OPPORTUNITY ANALYSIS

• Environmental scanning refers to an in-depth examination of key factors that influence the business operations of a firm. It involves carefully studying a firm's external vefvironment to predict environmental changes and detect changes already underway. Therefore, critical malevingnevents will signal an alert before they develop a discernible pattern and competitors recognize them (Kotler, 2019).
• Macro environment refers to the "external factors" that greatly impact the area, industry, and market in which the enterprise operates. These factors include economic conditions, technological advancements, political and legal regulations, social and cultural trends, and environmental factors. Understanding the macro- environment is important for businesses as it helps them identify opportunities and threats that may impact their operations.
• Businesses can conduct a PESTEL Analysis to assess the macro-environment and make informed decisions to stay competitive and successful. is a tool to identify the external forces that may affect an organization positively and negatively.
• Political factors analyze the influence of political forces on an organization's operations, decision-making, and strategic planning. It assesses the potential risks and opportunities that shape the external business environment that may affect its competitiveness, profitability, and sustainability (Spacey, 2021).
• Economic factors are external conditions and forces that affect a country's economy, organization, or industry. They help to understand potential opportunities and threats to make informed decisions about investments, pricing strategies, resource allocation, and business planning. (Fairlie, 2023).
• In today's modern era, marketing has become more influential in people's lives with captivating advertisements, engaging social media campaigns, enticing promotions, and convenient online shopping. It shapes consumers' purchasing decisions, raises product awareness, and provides valuable information. By implementing effective strategies like discounts and loyalty programs, businesses can gain insights into consumer needs, optimize product development, and boost sales. Marketing shapes daily lives and consumer behavior (Lazar, 2023).
• What is Marketing? Over the years, marketing a product or service has evolved in various ways and strategies. Along with it, the definition and meaning of marketing change according to the views of different marketing experts based on their personal or professional experiences.