Describe and justify how Mission Food’s Environmental Trends for Environmental Domains will influence a marketing strategy.
Directions:
Strategic environmental scanning gives managers a view of their current and future environments. This analysis strongly influences the development of strategic plans. Six major macro environmental factors have been identified as the most crucial for analysis: sociocultural forces & demographic shifts, economic trends, competitive trends, science and technology, political and legal, and major global forces.
In this discussion, you will evaluate the environmental factors for industry from credible trade sources. The SBU in parenthesis will be used (In the world of tortillas Mission Foods has stood at the top. Their products can be found on shelves internationally. But despite how well known the tortilla brand is, it still has a long way to go in reaching and meeting consumer needs, as well as keeping up with competitors in its category. With a little help Mission Foods can reach out to a bigger pool of consumers by creating more diverse broadcasts and creating healthier options for the new millennial demand). As noted in the course introduction there is a vast difference between an opinion and informed advice. To give an informed opinion you should be using credible sources that represent graduate level, no blogs, Wikipedias, etc. Business trade articles will often describe actual situations, but they dont make connections back to theory or frameworks which aids in justification. Reporting tells about, your analysis should the why and how to, justified through unit content terms and concepts.
For this assignment, you need to research environmental trends using at least TWO cited industry trade sources. In your research, you need to be aware that much of the information is presented at the tactical level instead of at the macro strategic trend level. For example, you may see an article that is how to but this how to may or may not provide the justification for the action. For example, a how to article may give example how to target a Generation Z market, but you need to find the justification for the tactics of targeting Generation Z by identifying underlying trends.
Your search strategy should include using terms such as: industry news trends (place in industry name). You can also use sources that are specifically designed to provide macro trend information.
Initial Post
You work for a firm that is in the process of developing a marketing strategy. You have been tasked with finding environmental trends and identifying specific factors that will influence the development of your marketing strategy.
Discussion Issues
1. Specify an industry and research to identify at least TWO environmental trends for at least THREE environmental domains (categories) below (a-f). This is a total of a minimum of six trends. Your format is:
Industry (Could by your SBU’s Industry: Mission Foods)
a)sociocultural forces and demographic shifts
b)economic trends
c)competitive trends
d)science and technology
e)political and legal
f)major global forces.
2. Describe and justify how these environmental factors will influence a marketing strategy.