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Environmental scanning provides a variety of important information regarding social, economic, technological, competitive, and regulatory forces which affect the company. If a company wishes to maintain its competitive advantage, then it must be very sensitive to the information received from the environmental scan.
By using the information received from an environmental scan, company executives can then forecast current and future customer needs, market potential, and future demand which directly affect long-term marketing objectives. Proper marketing research, new-product processes, and engaging internal stakeholders in the new product development are critical to the viability of not only a company’s marketing department but the company as a whole...
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