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Both of these fall under the market research category of your business plan.
For example, let’s say you’re in the clothing industry.
You’ll cover that in greater depth as you write the rest of your business plan.
Keep in mind, this description is a summary, so there’s no reason for you to write a ton.
The company summary forces you to set clear objectives.
The type of company you have and how you will operate should be obvious to anyone who reads it. For example, let’s say you’re opening a restaurant.