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Doing research for marketing plans: 1. Conducting an environmental scan

Why conduct an environmental scan?

Conducting an environmental scan of an industry allows you to identify factors that have (or could have) an impact on your proposed business venture. This guide is set up to help you find information to answer the following questions to help develop your marketing plan:

  • Who are your competitors?
  • What products or services are they making and/or selling and how do they compare to your product or service?  What are the industry's strengths/weaknesses?
  • What market segment/customers are they targeting and why?
  • How well are the existing companies doing? How many are profitable? What are some benchmarks?