Industry and Competitor Research
Preparing your business plan takes information about your industry, your customers and your competitors. Industry and competitor research is important in developing strategies that will work for your business you need to conduct industry market research analysis.
Secondary research (research using the Internet, databases, third party reports, etc) is used to determine market size, industry trends and the nature of the competitive landscape.
Industry market research analysis is important in:
- Creating a business plan to raise capital
- Crafting a business strategy
- Creating a business case
- Evaluating industry trends and opportunities
- Identifying strategic partners
- Identifying potential customers
- Tracking competitors
This e-book and accompanying PowerPoint provides tips, suggestions and techniques to get the information you need from industry and competitor research.
What should this sort of research lead to?
- Industry dynamics
- Size and growth rate – also compared to the overall GDP
- Total revenue and volume
- Total employment
- Industry maturity stage (infancy, growth, maturity, decline)
- Sensitivity to economic cycles (cyclical)
- Market structure (monopoly, duopoly, oligopoly, monopolistic competition, perfect competition)
- Sensitivity to PEST factors (political, economic, social, technological)
- as well as governmental issues (such as regulation, certification, etc.)
- Financial characteristics of the industry (such as standard markups, commissions, inventory turnover days, average return on sales, etc.)
It also provides short abstracts on the business analysis techniques you could use in getting industry market research for your decision making.
Don’t underestimate industry market research analysis as part of your opportunity discovery.
- S Prev