Careful monitoring of what is happening in the market place an organization decides to engage in is key to success. By analyzing and understanding their business environment, Marketers can detect early signs of opportunity and threat that may influence current and future plans. This is a formal process called Market Environment Scanning.
Market Environment trends arise from 5 sources : social, economic, technological, competitive, and regulatory forces. These forces affect the organization, its suppliers and it customers.
Please discuss how understanding trends in the marketplace can be important to a company and its Marketing efforts.