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A business unit must monitor forces that will affect its ability to earn profits in the marketplace macroenvironmental forces (demographic-economic, technological, political-legal, and social-cultural) microenvironmental forces (customers, competitors, distribution channels, and supplies) For each trend or development, management needsto identify the implied opportunities and threats. The terrorist attacks on September 11, 2001 brought sudden awareness to the hospitality/tourism industry of the impact such events can have on travel. External Environmental Analysis Managing the Marketing Effort tab The emergence of China, India, and Eastern Europe as new industrial and political powers is seriously affecting hospitality/tourism in unforeseen ways. high quality health care combined with low cost in countries such as India has created a new segmentof tourism known as medical tourism In today’s rapidly changing environment, external environmental threats and opportunities have taken on new importance in strategic planning. External Environmental Analysis Managing the Marketing Effort tab A major purpose of environmental scanning is to discern new opportunities, areas of need where a company can perform profitably. opportunities can be listed classified accordingto their attractiveness and the success probability The best performing company will generate the greatest customer value sustain it over time. Opportunities Managing the Marketing Effort tab an ideal business is high in major opportunities and low in major threats a speculative business is high in both majoropportunities and threats a major business is low in major opportunities threats a troubled business is low in opportunities, high in threats Threats Managing the Marketing Effort Threats are challenges posed by unfavorable trends or developments that would lead to sales or profit deterioration, and should be classified according to their seriousness and probability of occurrence After assembling a
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