Marketplace Information Scanning Activities of New Manufacturing Ventures
- ISSN: 00472778
Specific information about markets, customers, and competitors, and general knowledge of population, socio-cultural, and demographic trends are suggested as important to new venture success. A study explores the marketplace information scanning of a sample of new manufacturing ventures. A survey on sources, methods, and frequency of data collection was conducted. Relationships between marketplace scanning behaviors and performance of the firms were also examined. Results show new ventures routinely engaged in scanning for market information related to customer markets and competitors using a variety of personal and impersonal sources. Informal methods of data collection such as personal networking were most popular. Few significant relationships between scanning behavior and performance were found. Given that all the new ventures in the sample were performing well and frequently collected marketplace information by informal means, it is suggested that owners and managers should be trained in oral communication skills.