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Introduction to Industry Analysis
Transcript of Introduction to Industry Analysis
The purpose of an industry analysis is to determine the major and minor factors affecting an industry. It is also to illuminate the major players and how the industry impacts their strategies.
The major components of an industry analysis include:
Industry news & innovations
Consumer market data
Economic conditions & influences
Porter's 5 Forces
Value Chain Analysis
Four Corners Model
Financial Ratio Analysis
...and many more.
Types of Industry Analysis
The primary elements involve:
understanding how the industry operates
what influences it internally: the market
what influences it externally: the consumers
Market share & Market size
How the industry operates
What effects growth
Who are the major players
What government regulations have influence
What are competitors doing
What is affecting the industry
Are there geographic factors to consider
What technology is having an impact
Internal: the competitive landscape
External: the consumers
Where are consumers spending their $$
What is influencing their behavior
Do they have preferences
Are there buying habit trends
Industries and markets are intertwined:
Luxury Hotel Market in New York City
High End Vacation Destinations
Healthy Dining Trends
Fast Casual Dining
Business Travel Worldwide
Wedding & Honeymoon Tourism
Baby Boomers & Vacation
North American Industrial Classification System NAICS
Standard Industrial Classification System (SIC)
Analyzing an industry or market gives you a greater understanding of the facets within; internal & external influences, major players, competitor & consumer trends.
This can help you make better, more informed, decisions. It can also help you join the right company as you seek employment.