<p> Session 3-25</p><p>Introduction to Industry Description</p><p>Understanding your industry is one of the keys to developing a successful business. There are numerous sources for information, including trade associations, the public library, business publications, government reports, and your own observations. Tracking industry and economic trends allows you to develop best- and worst-case scenarios and gauge their effects on your business.</p><p>The federal government provides a variety of information sources that profile many industries and give projections of their future trends. Check with the US Government Printing Office Bookstore in your area or visit the US Department of Commerce (www.doc.gov). The US Department of Labor Statistics may also have useful information (stats.bls.gov). </p><p>At a minimum, your industry research should reveal your industry’s future trends (stable, growing, declining). Further study should reveal other useful information about your particular market and how new and emerging technology will affect it. Your task is to create a plan that will enable you to to keep up with all industry changes.</p><p>1. What industry is your business in? mergeformat _[Click Here and enter your response]______</p><p>2. Identify trade associations that offer information on your industry. List the name of the association, address, URL, e-mail and phone numbers. mergeformat _[Click Here and enter your response]______</p><p>Session 3-26</p><p>3. Identify at least one magazine or Website specific to your industry. (If you find more than one, list several. They may be very useful in your future research.) Include contact information and the URLs for any online resources. mergeformat _[Click Here and enter your response]______</p><p>4. How has the industry developed? Do small or large firms dominate the industry? How well do small businesses compete in the industry? mergeformat _[Click Here and enter your response]______5. How do small firms operate within the industry? Describe the industry’s normal way of doing business. (i.e.; operating, production, marketing, distribution methods and standards.) mergeformat _[Click Here and enter your response]______</p><p>Session 3-27</p><p>6. What are the current trends of the industry your business is in? What is the size of the market? What are the current sales, costs, and profit margins? mergeformat _[Click Here and enter your response]______</p><p>7. How does your business fit into the industry? Relate this to current trends. mergeformat _[Click Here and enter your response]______</p><p>8. How doe current trends (e.g.; international competition, new technology, government regulations) affect the industry? mergeformat _[Click Here and enter your response]______</p><p>Session 3-28</p><p>9. What future trends do you anticipate? How do you intend to keep up with them? mergeformat _[Click Here and enter your response]______</p>