Chapters 3 & 4 - MGT-103 Exam Questions
and Answers with Verified Solutions | Latest
Updated 2026
Environmental Scanning Process of continually acquiring
information on
events occurring outside the organization.
This is
done to identify and interpret potential
trends that
might impact the business.
Sociocultural Environment Changes in Cultural Values, Ideas,
Attitudes
Socio-Cultural Forces Changes in cultural values alter people's
needs and
desires for products. A more diverse
customer
base means marketing practices must be
modified
and diversified to meet changing needs
Economic Environment economic factors that affect consumer
purchasing
power and spending patterns
Competitive Forces Alternative products that can satisfy a
specific
market's needs
and Answers with Verified Solutions | Latest
Updated 2026
Environmental Scanning Process of continually acquiring
information on
events occurring outside the organization.
This is
done to identify and interpret potential
trends that
might impact the business.
Sociocultural Environment Changes in Cultural Values, Ideas,
Attitudes
Socio-Cultural Forces Changes in cultural values alter people's
needs and
desires for products. A more diverse
customer
base means marketing practices must be
modified
and diversified to meet changing needs
Economic Environment economic factors that affect consumer
purchasing
power and spending patterns
Competitive Forces Alternative products that can satisfy a
specific
market's needs
