Unit II Journal

Welcome to our second Unit in Advanced Marketing.  Last Unit you were introduced to Advanced Marketing topics and provided an overview of what we will be focusing on this term. This week we will focus on synthesizing the use of marketing research to predict global business outcomes. A tool used by marketing managers is the PEST (political, economic, social, and technological) analysis. This tool analyzes how changes in the political and legal environment impact the organization. It also examines how changes in the economic environment impact the organization. Additionally, it evaluates how changes in the sociocultural environment impact the organization. Finally, it analyzes how changes in the technological environment impact the organization.

Environmental scanning, involves monitoring, collecting, and evaluating information in order to understand the current trends in the societal and task environments.  For this units assignment, you will conduct a PEST analysis and examine the impact of these environmental changes on your start-up organization.

Instructions:
If you were the chief executive officer (CEO) of your company, how would you feel about incorporating the PEST (political, economic, social, and technological) analysis tool as a means to create a company-wide planning culture? Do you believe it would be helpful for the companys sustained competitiveness? Why, or why not?

You may want to review the Unit II Lesson in order to better understand the PEST analysis tool.

Your journal entry must be at least 200 words in length. No references or citations are necessary.