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Chapter 8. Steps in the Planning Process > Step #1 Conduct a Situation Analysis...

Step #1 Conduct a Situation Analysis.

A situation analysis involves a careful review of the environment in which the business will compete. In other words, what are the potential problems, opportunities, threats, trends, and other issues that are likely to influence the success of the business and the selection of which business strategies to employ? The situation analysis should scrutinize the market in terms of customer characteristics and the nature of the customer-product relationship. A careful evaluation of specific competitors can be quite revealing, as can a comprehensive review of alternative sites where the business might be located. The check lists on the following pages may be used to systematize your analysis. Much of the needed information may have already been collected during your process of screening business ideas.


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