BUSINESS STUDIES WITH FOUNDATION
The purpose of conducting a literature review is to determine the feasibility of this business idea and analyses the background of the industry in which the business is investing.
This literature review aims to evaluate the attractiveness of the industry of carpentry business to examine the viability of the new venture.
In this section, industry analysis will be conducted which is a broader term that helps in defining the scope of success of a business opportunity.
Conduct industry analysis, examining the factors which are likely to affect the internal as well as external environment influencing operations and overall functioning of the new venture (Witcher, 2019).
3.2 Industry analysis
Industry analysis is a business strategic tool that helps an existing or emerging organization to develop an understanding of its position which is likely to influence by other businesses dealing in the same industry.
This analysis would help in examining the viability of the carpentry business through evaluating forces that would affect the overall profitability of the new venture.
