Final answer:
The step after conducting a competitive analysis during site selection is to assess the financial feasibility of potential locations, considering costs and expected benefits.
Step-by-step explanation:
After conducting a competitive analysis during site selection, the next step is typically to assess financial feasibility. This involves weighing the costs associated with a potential location against its expected benefits. Businesses must consider expenses such as real estate costs, labor costs, the expenses for utilities and services like transportation and communication networks, and the potential revenue from the location being close to suppliers and customers. Regulatory costs are also a factor, including potential environmental regulation expenses, although these usually represent a relatively minor portion of overall costs.
Once financial feasibility is established, businesses can further evaluate potential sites by considering factors such as market trends, existing and potential regulations, and the overall suitability of the locations for the business's needs. This often requires robust data analysis, possibly using tools like Geographic Information Systems (GIS), to synthesize complex data and make informed decisions.