The Importance of CREST D within the marketing environment

One key thing I learned about this week is  marketing scans and how vital they are for detecting threats, trends and opportunities for a business' future. The areas that a marketing scan looks at are; demographic forces, economical forces, technological forces, socio-cultural forces, regulatory forces and competitive forces. 

Demographic forces look at a group of peoples characteristics, economical and physical, to help decide how and who they should be marketing. When looking at economic forces, marketers focus on the consumers ability to purchase product. If the economy is going to decline, marketers know that people will not be as willing to purchase inessential items. Technological forces help marketing staff determine where they should be trying to market so that more potential consumers will look at their product. When looking at socio-cultural forces, marketers focus on cultural ideas, values and attitudes that are shared within a group of people. Keeping up with regulations put in place by government officials and industry associations is important in a market scan. These regulations are standard for every company to help protect the customer from unscrupulous business practices and to set standards of practice and encourage fair competition. Competitive forces are the present or potential competition which is broken down into indirect and direct competition