Business studies/characteristics of the local business environment.
Local business is driven by specific local conditions and market characteristics. Yet, it operates in a larger economic context too. At the local level, the business must compete for employees, resources from suppliers at a competitive price, local advertising and marketing channels. The most successful businesses are well managed creating a compelling value proposition relative to its local competitors. So, business intelligence and local community buyer values are critical for management pricing, inventory, and marketing strategies. Still, a local business operates in a larger economic context. The mood and sentiment of the overall economy influences local businesses dramatically. Many of these forces are beyond the control of local businesses, yet, often determine success and failure. Access to capital, levels of consumer spending, the overall health of the economy, ability to lease space and equipment, unusual weather, all present challenges to local businesses. Finally, the regulatory environment places controls, regulations, and taxes on local businesses that directly affect profitability and business sustainability.Local business is driven by specific local conditions and market characteristics. Yet, it operates in a larger economic context too. At the local level, the business must compete for employees, resources from suppliers at a competitive price, local advertising and marketing channels. The most successful businesses are well managed creating a compelling value proposition relative to its local competitors. So, business intelligence and local community buyer values are critical for management pricing, inventory, and marketing strategies. Still, a local business operates in a larger economic context. The mood and sentiment of the overall economy influences local businesses dramatically. Many of these forces are beyond the control of local businesses, yet, often determine success and failure. Access to capital, levels of consumer spending, the overall