In simpler words, it is hard job and if you are unable to figure out your right competitors in the business industry, you can never come up with a successful plan! To grow your business or having great potential is to utilize it on the right place and this is actually available with industry analysis for a business plan. Business plan and industry analysis process is actually incomplete without market analysis process.
BCG Matrix for Industry Analysis
Wondering how to write your business plan or marketing plan to grow your business or using its potential on the right track? Get your industry analysis template now, prepared by professionals! Market analysis consist of multiple stages, including, “demographics & segmentation”, “target market”, “market need”, competitions”, “barriers to entry” and “regulations”.
“Industry analysis is a tool that facilitates a company’s understanding of its position relative to other companies that produce similar products or services.” (According to inc.com)
Industry Analysis Example for a Business Plan– Step To Step Guide
It can be quite confusing; therefore a step to step process is now available here, which can help you fill your software and template easily:
- Industry Description
- It is actually a small descriptive section of the industry analysis
- It is general overview for your business and the industry where it lies actually!
- Industry trends
- It is actually a section which holds primary importance!
- You are able to know if your business is actually a part of industry which can make profit in the future or not!
- As a business owner, you need to consider if the industry is growing or declining. This is actually vital for making a smart business plan as well.
- Make a research over this section to actually have an idea about your business and industry future!
- Industry size & potential
- Fill this section appropriately and you are able to come up with right business plan at the end!
- Depending on the industry trends, you need to mention here the percentage and size of the industry in which your business lies! Of course, the room for growth as well!
- Don’t forget to add strengths and opportunities of this specific industry as well as for your business.
- Profit attractiveness
- This is basically the area which affect on your business plan.
- Add your company and product strengths and how it can actually earn you the profit!
- Add the ideas for revenue generation!
- Target market
- In this section of the industry analysis you need to describe your target audience!
- Your target market is the specific gender or people in the specific age group?
- Are your products actually for the medium class or you are targeting premium class?
- Do the market research or survey for better answers!
- Your competitors
Well, it is time to add your competitors in the same industry. Tell them why you consider them as your competitors? What are their primary products? What are your ideas for competing with them?
Your industry analysis for making best and strong business plan is now complete! Enjoy your company success using the process mentioned above to create business plan now!
Download :- Industry Analysis Example