Research guides: MARK 110: Introduction to Marketing: Environmental Scan

Conducting a Business Environmental Scan

An environmental scan includes an industry analysis where you will discuss the external environmental factors that have, or could have, an impact on the product, activity or service you are considering.

The suggestions below are meant to start you thinking about the situation analysis requirements for your particular marketing communication plan. If you need more specific suggestions please consult us at the Library.

Competitive environment

COMPETITIVE

Can you find an industry overview for your product or service? Who are your leading competitors? What are their products or services and how do they compare to your product or event idea? What market segment do they target? What are your competitors' strengths and weaknesses – and how this can help you distinguish your company? What can you learn from watching your competition?

Best bets

Business Market Research Collection
Contains company profiles and industry and market reports. Company profiles include a list of primary and secondary competitors.

Look for an industry association representing your business. Some ideas include:

Retail Council of Canada
Restaurants Canada
Coffee Association of Canada
Representing "coffee roasters, retailers, importers and suppliers, as well as related associations and even just individuals who love coffee!" They share information from an annual coffee survey.

Many association websites include a membership directory:

BC Chamber of Commerce
There is a membership list outlining individual city Chambers.
Greater Victoria Chamber of Commerce
Has a business directory of members you can search by category.
Compare company financials by industry
Create a report of average expenses and margins for a company in your chosen Canadian industry. Click on 'create a report' button, do a search for the industry name or NAICS code, and customize your desired output.
Business counts
From BC Stats. Find the number of businesses according to the North American Industrial Classification' number. Classification numbers listed are broad, so the results are also general.

Regulatory environment

REGULATORY

What existing laws must you be aware of? Are there any any new laws and regulations that may affect your business or service? What might be the financial impact?

Best bets for general sources:

BizPal Online Business Permits and Licence Services
BizPal helps you find the permits and licences you may require when starting and/or operating your business. Filter permits based on your location, industry, and business activities and save the ones that apply to your situation.
14 Steps to starting your own small business in BC

There may be specific regulations that govern your service or product. For example:

Are you hiring employees or need to protect yourself? Go to WorksafeBC to review WCB regulations and to the Employment Standards Branch to familiarize yourself with labour standards
A Commercial Vehicle License is mandatory if you are going to be transporting your clients – find out what type of license you'll need at Passenger Transportation
How about the insurance needs of your company? The Small Business BC has a good list of your possible business insurance needs
If you're planning on serving alcohol, then you'll need to apply for a liquor licence

Economic environment

ECONOMIC

What economic indicators are most relevant for your company? What economic trends might affect your business? What is the buying power of your target market?

Best bets

Conference Board of Canada collection This link opens in a new window
Includes economic performance & trends for Canada, the provinces and major metropolitan areas, industry outlooks and more. In particular, look for the City Insights - Victoria report for a recent local economic review
Community Information Tool This link opens in a new window
A free resource from the BC Government that provides access to community and regional overviews, assets & infrastructure, and socio-economic data for the entire province. No login required; use the drop down menu to start your research e.g. I am a researcher, interested in learning more about the province, etc.

The bigger picture in Canada:

Canadian economic accounts
From Statistics Canada
Bank of Canada
Canada's national bank. Responsible for setting monetary policy and monitoring financial systems.

The local picture:

Provincial budget publications
Includes the most recent Financial and economic review of BC
Labour market statistics
Employment figures from BC Stats

What do BC residents spend their money on? Find out how much we spend on travel, child care, pet care and more!

The "Survey of Household Spending" from BCStats provides the most recent data on BC and how we compare to Canada overall. You can also look at StatCan's "Survey of Household Spending" and limit your results to individual provinces.

Household Spending Patterns
There are 2 spreadsheets you can choose from: Survey of Household spending or Dwelling Characteristics and Household Equipment

Social environment

SOCIAL

Victoria often ranks as one of the best places in Canada to live or work - rankings that are usually based on climate, prosperity, access to healthcare, home affordability, crime rates and lifestyle. This is the social environment that your business or activity has to operate within.

Sources:

Victoria's vital signs
From the Victoria Foundation. An annual check up that looks at what's of interest to the people in the region...our concerns and how we think we are doing as a community. Print copies are also available in the library HA 748 V5 V538

Community Information Tool This link opens in a new window
A free resource from the BC Government that provides access to community and regional overviews, assets & infrastructure, and socio-economic data for the entire province. No login required; use the drop down menu to start your research e.g. I am a researcher, interested in learning more about the province, etc.

Socio-economic profiles
From BC Stats
Society & community
From Statistics Canada
Business and consumer services and culture
From Statistics Canada
ResearchCo
A Vancouver based research company - public opinion information about politics, education, lifestyle, and more.

Technological environment

TECHNOLOGICAL

How is technology affecting your product/service? How soon can it be expected to become obsolete? Is your company equipped to adapt quickly to changes?

Sources:

Best bet

The Statista portal includes consumer market and digital market outlooks. The best place to start!

There are several good websites tracking consumer trends or uses of technology

TrendWatching
Provides free access to some of their content; you can sign up for a free quarterly newsletter.
TREND HUNTER
Provides some free resources; trend reports on fashion, technology, design
Marketing Charts - charts, data & research for marketers
Provides fast facts about spending trends, digital activities, consumer trends, etc.
Pew Research Center
A "fact tank" that looks at social, science & technology, and internet issues in the U.S. Though global content may be limited some of the information here can be generalized to the Canadian context
Media Review - from the CMDC (Canadian Media Directors Council)
You can subscribe to their newsletter which features media trends, technologies and consumers.