Industry Analysis Template: Why is it crucial for businesses?
Industry analysis, as a form of market assessment, is crucial for businesses to succeed in the long run as it offers detailed insights into the current market conditions. The creation of an industry analysis template helps organizations to effectively forecast the market demand and supply and consequently, the ROI. However, to implement the plan outlined in the industry analysis framework, it is essential to develop a template to gauge the market dynamics and the cost factors associated with entering and exiting the market.
Industry Analysis Framework
An in-depth analysis of an industry can help startups and entrepreneurs to gain a stronghold of the industry that they operate in. While devising the framework it is important to understand that it is a very subjective technique through which a market can be analyzed.
An industry analysis framework aids businesses in developing a competitive strategy that best defends them against the competitive market forces or at least influences them in its favor. The key to developing an industry analysis framework is to understand the competitive forces within a market, it includes:
- Identifying the strengths and weaknesses
- Analyzing the position in the industry
- Identifying key areas where strategic changes will result in greatest payoffs
- Emphasizing areas where market trends indicate the utmost significance as either threats or opportunities
Client’s Profile
The client- a well-known, global IT services company.
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Predicaments Faced
Our client, a global IT services company was initially looking at analyzing the financial health of their company in order to devise strategies for unrelenting success. The client was also interested in carrying out an industry analysis to develop a business strategy that is most likely to enhance their business growth and success.
Moreover, the IT service provider was more inclined at performing an industry analysis in order to position their business in niche markets associated with the products and services offered by them. To do so and gain a better understanding of their position within the global IT services sector the client approached Infiniti Research to engage in an industry analysis engagement.
Our approach
The IT services industry experts at Infiniti Research leveraged market intelligence in assessing the market conditions of the IT services company. Also with the help of several market surveys and interviews, they were successful in identifying key parameters affecting their market success. Based on specific requirements from the IT services company our industry analysis experts fine-tuned their business strategies and helped them devise precise strategies to succeed in the niche market segments.
Business Impact
The implementation of the industry analysis template helped the IT services company to gauge several factors affecting market conditions. This made it easier for them to drive down investments in markets with less potential. Also due to the assortment of information that was made available to the IT services company, they were successful in deriving insights on the key areas of their interest, which, in turn, uncovered new market opportunities.
The industry analysis template also helped the IT service provider to uncover insights on:
- New market opportunities
- Developing innovative products/services
