An environmental scan includes an industry analysis where you will discuss the external environmental factors that have, or could have, an impact on business operations.
Who are your leading competitors? What are their products or services and how do they compare to your product? What market segment do they target? How easy is it for new competition to enter this market? What are your competitors' strengths and weaknesses – and how this can help you distinguish your company? What can you learn from watching your competition?
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?
What do Americans spend their money on?
Internet, e-commerce, and social media trends. How technology has/will have an impact on your product or service.
There are several good websites tracking consumer trends:
Legal factors such as health and safety, product safety, advertising regulations, product labeling and legal laws.
Political factors such as trade regulations, taxes, and government stability.
Sources of Information:
Factors such as education levels, age distribution, consumerism, income level, population growth, expectation of society from the business.
Back to TOP