Industry and Competitive Analysis
An industry analysis is the study of your industry and the forces that might be causing it to change. It involves using a number of standard but indispensable tools, including Porter’s Five Forces Model, industry attractiveness (part of the GE Matrix), driving forces, critical-success factor analysis, and strategic groups. Because the ways in which an industry changes can dramatically affect the decisions a company makes, an industry analysis has become a key element in strategic planning.
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Doing an Industry Analysis
The purpose of conducting an industry analysis is to answer the following types of questions:
- What are the dominant economic characteristics of the industry?
- In what ways is the industry changing, and why?
- Do buyers and/or suppliers have greater bargaining power?
- How steep are entry barriers?
- Is the industry concentrated or fragmented?
- What must one do well in order to succeed in this industry?
- How appealing is the industry?