The 30 Second Guide to Global Market Scanning

An Infographic A for the Rest of Us! 30 Second Guide to Global Market Scanning FOR SMARTIES What is Market Scanning? Market scanning is the process of continually analyzing the external market environment in order to define the market's needs, track competitor actions, stay alert to new regulations, identify value-added technologies and adjust to economic conditions. The key benefits of effective scanning are the identification of new market opportunitles and the development of proactive strategles to guard agalnst market disruptions. The following Illustratlon details the components Included In a market scan and how they relate to your business and suppllers, the workforce and ultimately, the customer. Social Demographic and cultural changes Economic Macroeconomic Suppliers and consumer purchasing power factors Political Regulatory, political and legal climate Customer Business Technological Impact on value and efficiency Competitive Strength and types of competition migration organized crime trafficking inequality ethnic conflicts age SOCIAL violence diversity education values changing attitudes food security population growth monetary stability poverty unemployment industrial diversity gdp growth savings/wealth discretionary income ECONOMIC ll war famine/drought housing internet mortality rate quality of life electrical grid stability transportation television telecom waste management plumbing patents TECHNICAL barriers to entry power of buyer vs seller substitutes COMPETITIVE pure vs monopolistic rate of industry growth environmental piracy health care personal security ip protection human rights consumer protection pricing REGULATORY clean water/air infrastructure Market Scanning Sources Social Media Sales Force Customer Panels Bibliographic Databases Public Agencies International News INSIGHTS Data Mining Distributors Qualified, Proven & Screened Translators U.S. Owned and Operated Certified U.S. Disabled Veteran Owned Business U.S. Government Security Clearance 20 Years of Translation Success 24hourtranslation.com 866-371-4863 [email protected] Workforce