Industry Strategic Analysis

Conduct an industry strategic analysis to strengthen your marketing or business plan.

Conducting an industry strategic analysis represents an important step for those starting business, or for a current business to re-evaluate its position in the marketplace. An industry strategic analysis consists of an examination of the business's external environment, which the company can then use to adjust its marketing plan.

Industry Overview

An industry strategic analysis includes a brief summary of the industry's history, growth trends and factors that contribute to its growth, as well as government regulations. Businesses use it to create a strategic plan for the external environment.

Recent Developments and Changes

This section includes industry developments, relevant news, recent innovations and either passed or pending government regulations or laws. An industry strategic analysis must remain up to date with information on current events and changes.

Market Demographics

The industry strategic analysis should include detailed information about the purchasers in the industry in question, from their average age to their buying habits. This data includes sex, race and ethnicity breakdowns. In addition, the analysis should include information such as market size, income level, family status, tastes and preferences.

Competition Overview

The competition overview should include the names of the most successful businesses in the industry, as well as a brief summary of their history, location and market share. It should also note the type of marketing strategy each of these competitors uses---for instance, having the best value or price.

References

• Small Business & Technology Development Center: Conducting an Industry Analysis