Choose a business in your town. It could be retail, or it could be a manufacturing firm. After you select your business, take a few minutes to think about what kind of environment it functions within. Who are its competitors? Who are its suppliers? Who are its customers? In essence, please define its competitive environment.

Then look through the business sectionof a newspaper to see if any recent economic or governmental news is going to affect the business you selected. Did interest rates fall? Did stocks rise? Is there a new trade agreement with China? New labor laws? Define your macroenvironment.

Finally after these factors are defined, take a minute to look for the future and try to strategically maneuver the company in the short term. Based on your research in the first part of the question, what should your business do to stay healthy? What step can it take to improve its competitive advantage?