Im old enough to remember when gathering information

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Unformatted text preview: more important for materials used by manufacturers in volume, where a shortage can affect an entire production line. In the restaurant business, competition might depend on reputation and trends in one part of the market, and on location and parking in another. In many professional service practices, the nature of competition depends on word of mouth, because advertising is not completely accepted. Is there price competition between accountants, doctors, and lawyers? How do people choose travel agencies or florists for weddings? Why does someone hire one landscape architect over another? Why choose Starbucks, a national brand, over the local coffee house? All of this is the nature of competition. Main Competitors List the main competitors. What are the strengths and weaknesses of each? Consider their products, pricing, reputation, management, financial position, channels of distribution, brand awareness, business development, technology, or other factors that you feel are important. In what segments of the market do they operate? What seems to be their strategy? How much do they impact your products, and what threats and opportunities do they represent? Gathering Information A great deal of business information and small business or entrepreneurial help is readily available on the Internet. Market research firms and industry experts publish much of their information on websites, and in trade and business magazines. Reference sites index these magazines, many offer the texts online, and if not, then libraries stock them. Trade associations publish many listings and statistics on their websites as well as in hard-copy publications. Public stock laws require detailed reporting of financial results, and stock market information sources compile industry statistics from financial reports. I’m old enough to remember when gathering information was a problem. Business consultants could make money just collecting the kind of information you need for a good business plan ma...
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