Part of a strong business plan is making the case for why your product/service stands out from its peers. You're expected to know your competition inside and out.
While some competitors are immediately obvious through rankings and general research, smaller firms don't always make the usual hits.
Do you know the trends affecting your industry? Are there government regulations that affect your ability to enter a particular industry? What are the top industry associations?
Use these resources to answer industry questions.
Keep track of what is being written about your indusry, competitors, trends and opportunities. Media coverage can be a great source of most recent information for even the smallest or niche industries.