Industry analysis involves studying about market into which an organization markets products or hoping to market in future. This usually involves doing thorough analysis about competitors obstacles that may arise from governing bodies trends related to the sales of other social and economic variables. Through various market research programs, the data that is essential for the industry analysis can be calculated.
The industry analysis program starts with secondary research which will be based on the industry in which the company belongs to. There are several on line companies selling secondary research information which can be kept as a reference for industry analysis. The master of Business Administration professional should have to collect the data and acquire the information which will be containing the key indicator and scope of marketing products.
SWOT Analysis which involves the study of Strength, Weakness, Opportunities and Threats a business may face during the operation. This analysis is done in comparison with the competitors which comes in the same area where the business is functioning. It is necessary to find out in what areas the companies are performing well above the competitors to know the strength and weakness. Also what all threats will be coming in the future related to the operations of the company as well as the opportunities that may arise in future is also significant in industry analysis.
The next thing that comes under industry analysis is the key profiles of typical customers that buy from the company. The demographic information gender information age and income levels are all coming as an influencing factor in the buying of the product. Analyzing the customers of the competitors for a particular product can be useful for marketing of the product the company wants to sell.