Elements of Industry Analysis
The purpose of the Industry Analysis is to examine the overall condition or state of your chosen industry. This is important because you must become an expert in the business you are starting. The way you become an expert is to research and examine the industry in detail. Highlights from your detailed Industry Analysis will be used in your Marketing Plan. Use the following sections as a general layout for an eight to ten page paper on the state of the industry.
1. Provide a brief overview of what your company is doing in terms of your approach with your product. (5 pts.)
2. Who is the target market? At this point in your research, you should initiate the process of identifying potential target markets including any available information about potential customers (market segment profile). (10 pts.)
3. What is the competitive environment? Who are the competitors in the industry? Find out as much as you can about the competition and present a strategy of how to create a competitive edge over the competition. (10 pts.)
4. What is the market size (national, state, local)? (10 pts.)
5. Are there any laws in existence or on the horizon that might impact your business either positively or negatively? Provide a detailed discussion regarding these opportunities or threats. (10 pts.)
6. What are the ecological issues that might impact your business? (10 pts.)
7. How will technology impact your business? (10 pts.)
8. What is the state of the national, state, and local economy and how will it affect your companyâ€s ability to do business? (10 pts.)
9. What are the current trends in your business? Trends can encompass product design, new target markets, new ways of marketing, off-shore competition, and societyâ€s attitude toward the product. (10 pts.)
10. What factors make this industry attractive and/or viable? While researching the industry, you should discover some compelling reasons for opening the business. What are they â€“ this is the place to make your case. (10 pts.)
Note: the overall quality of your writing as well as grammar, spelling, and punctuation account for 5 points. Each section of your report may lose points for failure to cite your sources. This paper requires a cover page, a table of contents, and a bibliography.
need do 5 page .
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