Market Place Information Scanning Practices of New Manufacturing Ventures
Specific information about markets, customers, and competitors, and general knowledge of population, socio- cultural, and demographic trends are suggested in the literature as important to new venture success. This study explores the marketplace information scanning activities 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.