Course: SLF 130 Marketing Practices for the Small Business

Unit 4 Reading

SubTabs

- Unit 4
- Table of Contents (Selected)
- Unit 4 Glossary (Selected)

SWOT Analysis and Environmental Scans Page_2

A technique used by organizations to monitor the environment is environmental scanning. This term refers to activities directed toward obtaining information about events and trends that occur outside the organization and that influence the organization's decision making.

Large companies constantly employ research firms and extensive (and often expensive) techniques to acquire information. Small business owners, familiar with their local communities and regions, can effectively gather information in practical and affordable ways. It is crucial that small businesses do not operate in a vacuum, simply wishing or hoping that their product or service will be successful in the competitive marketplace.

SCANNING THE ENVIRONMENT IS NECESSARY!
It is part of a SUCCESSFUL small businessperson’s strategy to WORK SMART, not just hard!
Another societal trend that has helped some marketers build sales and develop relationships is the increasing desire on the part of consumers to support businesses that support good causes .

Most webpages include the “story” of how the business gives back to the community. Customers WANT to give their hard-earned dollars to companies with a conscience.

A great “big company” example of this is TIDE, whose Loads of Hope program is very respected and supported.
What are some of the ways to find out what is happening in the environment that affects a small business?

- Reading local and national newspapers and magazines devoted to particular industries is  a very doable way to keep up-to-date on pertinent trends and environmental factors.
- Talking with “people in the know” is not only interesting, it is VERY HELPFUL.
- Consider the local Chamber of Commerce, the extension office, workforce development groups, college faculty members, bankers, or retired businesspersons volunteering with SCORE (letters originally stood for Service Corps of Retired Executives).  SCORE chapters provide advice and mentoring – their motto in today’s world is “SCORE – for the life of your business.”
- Other small businesspersons, even if they work in other industries, are generally very willing to give advice or mentor an aspiring entrepreneur.