You need to have an understanding of what your competitors are or aren’t offering your potential customers. The reason to do a competitive analysis is to assess the opportunities and threats that may occur from those organizations competing for the same business you are. All of these trends play a part in determining the overall business environment. Sometimes it is helpful to also include Ecological and Legal trends as well. An environmental scan is also referred to as a PEST analysis, which is an acronym for Political, Economic, Social and Technological trends.
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