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Importance Of Industry Analysis

by Wanda Rich
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Importance Of Industry Analysis

A detailed industry analysis examines the dynamics and the potential attractiveness of a specific industry within an already existing industry. It is essentially part of the overall global environment analysis and hence in turn of global environmental assessment. Through these analyses, the key strengths, weaknesses, threats and opportunities of an industry can be identified. These are then used for the purpose of making a decision regarding a specific industry and thereby affecting the overall profitability of it.

This kind of analysis can give you detailed information about the current trends and economic structure of any particular industry, which help in the determination of its viability and future growth potential. It also helps you in analyzing the factors affecting the performance of the specific industry.

This kind of analysis is important to assess the potential of an industry in the current scenario and also helps in understanding its strength, weakness, threats and opportunities. If you are planning to start up your own business then it is necessary to analyze the current business opportunities available in the market. This analysis will help you in developing a sound business strategy and will also help you in forecasting the future growth potential of your specific industry.

Industry analysis also helps in creating a competitive advantage over other companies in the same sector. This kind of analysis helps you in evaluating the competition’s strengths and weaknesses and in identifying your unique business offerings in terms of services and products, and also helps you in making a decision regarding the kind of marketing strategy to implement.

There are certain areas that require specialized knowledge, such as those relating to international markets, customer service, customer relations, business development, financial management, advertising, human resources management, and marketing. For instance, in the case of international markets, an analysis will help you in determining the basic characteristics, strengths, weaknesses and opportunities of an international market. It will help you to identify new opportunities and to find out new markets to target and in turn, develop strategies for expansion. An analysis will help you to identify new potential customers and to get in touch with them and help you develop a business strategy that will make them aware of your product and services and eventually increase sales.

Similarly, market segmentation analysis is essential for the purpose of identifying the basic characteristics, strengths, weaknesses and opportunities of a particular market segment. It helps to evaluate the strengths and weaknesses of a market segment, which helps in setting the boundaries for market research, marketing, and promotional activities, and analysis, and ultimately helps in defining a vision of the product and services that a market requires. This process helps in defining a marketing strategy that helps in creating new markets and in increasing the sales. Market segmentation analysis can be used to establish the right balance between marketing and selling efforts, and at the same time, helps in determining the costs and time required to create a market.

One of the major purposes of market analysis is to identify the market profile of a specific industry, which helps in the analysis of future competition, and in determining what kind of marketing strategy should be adopted. This analysis also helps in setting the prices of various products and services, in order to increase sales and profitability. It is vital to understand the market trends, which helps in finding the market’s purchasing habits and ensures that products and services are not overpriced and hence increase sales.

Through market segmentation analysis, you can also determine the needs of potential customers and find the key factors affecting the purchase of a specific product or service and also helps in determining the kind of marketing strategies that should be adopted. This is essential to determine the target customers and thus helping to create new markets. Moreover, it helps in creating new products and services that will enable you to sell in a market that does not have any existing demand for your product or services.

 

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