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How to Perform an Industry Analysis
Learn how to collect and analyze data on your industry and competition to develop a competitive advantage strategyPreview the first lesson free — get full access to all 5 lessons.
Intermediate Provider : Terry Cornelison 5 Lessons · 14m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
In this course, you’ll learn how to research industry data, what types of information you can expect to collect, and important questions to ask yourself along the way. You will also discover methods for harvesting information and insights on your competitors and their customers, as well as how to analyze the information and data you collect to optimize your business. You will be empowered to explore opportunities and positioning strategies that set you apart from the competition.
The industry life cycle will help you understand which positioning strategies might be more effective in each of the five stages of its life. Broad sector analysis will help you assess the ease or difficulty of operating in an environment based on government policies and regulations, economic conditions such as inflation and interest rates, population growth and environmental policies, and technology. Recognizing competitive forces helps with understanding the effects of existing and new competition, the availability of substitute products, and the impact of buyers and suppliers on your ability to compete profitably in an industry. Your industry analysis will explore and develop strategic positioning possibilities for your company.
What You'll Learn
- Research and collect competitor and industry data using methods for harvesting information and insights on competitors and their customers
- Analyze the data you collect to optimize your business and explore positioning strategies
- Understand the industry life cycle and which positioning strategies are more effective in each of its five stages
- Identify positioning strategies and develop strategic positioning possibilities for your company
- Interpret industry changes by recognizing competitive forces and broad sector conditions
- Evaluate your business position within the industry against existing and new competition
Key Takeaways
- Industry analysis involves researching industry data, collecting different types of information, and asking important questions along the way.
- The industry life cycle helps you understand which positioning strategies might be more effective in each of its five stages.
- Broad sector analysis assesses the ease or difficulty of operating in an environment based on government policies and regulations, economic conditions such as inflation and interest rates, population growth, environmental policies, and technology.
- Recognizing competitive forces helps you understand the effects of existing and new competition, the availability of substitute products, and the impact of buyers and suppliers on your ability to compete profitably.
- Your industry analysis explores and develops strategic positioning possibilities that set your company apart from the competition.
Frequently Asked Questions
What will I learn in this course?
You will learn how to research industry data, what types of information to collect, and important questions to ask along the way. You will also discover methods for harvesting information and insights on competitors and their customers, and how to analyze the data you collect to optimize your business.
What are the learning objectives of this course?
The learning objectives are to understand the industry life cycle, identify positioning strategies, and interpret industry changes.
What topics does the course cover?
The course covers researching and collecting competitor and industry data, analyzing that data, evaluating your business position within the industry, the industry life cycle and its five stages, broad sector analysis, and recognizing competitive forces.
How is the course structured?
The course is organized into lessons: Introduction; Research and Collect Competitor and Industry Data; Analyze Competitor and Industry Data; Evaluate Business Position Within Industry; and Test Your Knowledge.
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Project Management Institute (PMI®)
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