The Industry Flashcards
INDUSTRY
COLLECTION OF COMPETITORS THAT HAS SIMILAR PRODUCTS AND SERVICES AS YOU
INDUSTRY ANALYSIS
provides information from which a business owner can create a long-term strategy to minimize risks and to take advantage of growth opportunities.
INDUSTRY ANALYSIS helps them to focus their resources on developing unique capabilities which can help them to gain a competitive advantage.
TRUE
DEVELOPER OF PORTER’S 5 FORCES
MICHAEL PORTER
PORTER
Rivalry among Existing Competitors
THE NUMBER AND STRENGTHS OF YOUR COMPETITORS
PORTER
Threats of Substitutes
The extent to which different products and services can be used in place of your own.
PORTER
Threat of New Entrants
The ease with which new competitors can enter the market
Your position can’t be affected by potential rivals’ ability to enter your market.
FALSE
PORTER
Bargaining Power of Supplier
The ability of suppliers to drive up the prices of your inputs and raw materials.
PORTER
The strength of your customers to drive down your prices.
BARGAINING POWER OF BUYERS
COMPETITOR ANALYSIS
Offers a detailed profile of EACH competitor and an analysis of marketing strategies that can be used to counter-position your company to improve market share or profitability.
BUSINESS-SUPPLIER RELATIONSHIP
BARGAINING POWER OF SUPP
BUSINESS-BUYERS RELATIONSHIP
BARGAINING POWER OF BUYERS
STEPS IN CREATING A COMPET ANALY 1
- Create a list of your current and future competitors
STEPS IN CREATING A COMPET ANALY 2
- Gather data and information about your competitors
STEPS IN CREATING A COMPET ANALY 3
- Review and analyze the data
STEPS IN CREATING A COMPET ANALY 4
- Create a list of your competitors’ strengths and weaknesses
STEPS IN CREATING A COMPET ANALY 5
- Create strategies to take advantage of competitors’ weaknesses while minimizing threats posed by their strength
SOURCES OF COMPET ANALY (8)
News stories
Press release
Advertising
Company website
Promotional campaigns
Price lists
Annual reports
Physical store
PESTEL ANALYSIS
POLITICAL
ECONOMICAL
SOCIOCULTURAL
TECHNOLOGICAL
ECOLOGICAL
LEGAL
PESTEL ANALYSIS
POLITICAL
ECONOMICAL
SOCIOCULTURAL
TECHNOLOGICAL
ECOLOGICAL
LEGAL
PESTEL
revolves around the current government in a particular country in which we manufacture or trade,
also laws/legislation operate within your home market as well as overseas.
POLITICAL-LEGAL
PESTEL
ECONOMIC
factors a have direct impact on a company’s long-term prospects in a market.
The economic environment may affect how a company prices their products or influence the supply and demand model.
PESTEL
embodies everything which is social and cultural within a nation or society
E.G.:
Religion and ethics
Consumer buying patterns
Demographics
Lifestyle
Brand preferences
Education
SOCIOCULTURAL
