Enjoying the preview?
This is the free first lesson. Get full access — request a demo or sign in.
Tools for Performing an Industry Analysis
Learn the three common models for conducting industry analysis and how they help position businesses for successPreview the first lesson free — get full access to all 5 lessons.
Intermediate Provider : Terry Cornelison 5 Lessons · 16m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
In this course, you will learn how to use three common methods to conduct a comprehensive industry analysis. These methods include the Competitive Forces Model, Broad Factor Analysis, and the SWOT Analysis. With the help of these tools, you can stay informed about the changing world of your industry to make smart choices for your business.
You will learn how to use the Competitive Forces Model to gain an understanding of the competitive environment within your industry. Then, you will be introduced to Broad Factor Analysis and learn how to use the PEST model to understand and assess the political, economic, social, and technological factors present in your industry environment. Finally, you will discover how the SWOT Analysis can conduct an honest assessment of your company’s strengths and weaknesses to assess your potential for capitalizing on opportunities in your industry. These three tools provide a complementary perspective that will empower you conduct to a comprehensive industry analysis.
What You'll Learn
- Apply three common methods to conduct a comprehensive industry analysis: the Competitive Forces Model, Broad Factor Analysis, and the SWOT Analysis
- Use the Competitive Forces Model to understand the competitive environment within your industry
- Apply Broad Factor Analysis and the PEST model to assess the political, economic, social, and technological factors in your industry environment
- Conduct a SWOT Analysis to honestly assess your company's strengths and weaknesses and your potential to capitalize on opportunities
- Compare different industry analysis models and understand the relationships between them
Key Takeaways
- The course covers three common methods for conducting a comprehensive industry analysis: the Competitive Forces Model, Broad Factor Analysis, and the SWOT Analysis.
- The Competitive Forces Model helps you gain an understanding of the competitive environment within your industry.
- Broad Factor Analysis uses the PEST model to understand and assess the political, economic, social, and technological factors in your industry environment.
- The SWOT Analysis provides an honest assessment of your company's strengths and weaknesses to gauge your potential for capitalizing on industry opportunities.
- Together, these three tools provide a complementary perspective that empowers you to stay informed about your changing industry and make smart business choices.
Frequently Asked Questions
What industry analysis tools does this course teach?
It teaches three common methods: the Competitive Forces Model, Broad Factor Analysis (using the PEST model), and the SWOT Analysis.
What is the PEST model used for in this course?
It is part of Broad Factor Analysis and is used to understand and assess the political, economic, social, and technological factors present in your industry environment.
What will I be able to do after taking this course?
You will be able to identify methods for industry analysis, compare industry analysis models, and understand the relationships between these models so you can conduct a comprehensive industry analysis.
How is the course structured?
The course includes lessons on the Introduction, the Competitive Forces Model, Broad Factor Analysis, the SWOT Analysis, and a Test Your Knowledge section.
How does the SWOT Analysis fit into industry analysis?
The SWOT Analysis lets you conduct an honest assessment of your company's strengths and weaknesses to evaluate your potential for capitalizing on opportunities in your industry.
Professional Certifications and Continuing Education Units (CEUs)
Project Management Institute (PMI®)
Professional Development Units (PDUs): 0.5
KnowledgeCity has been reviewed and approved by the PMI® Authorized Training Partner Program. Users can maintain your PMI credentials by earning PDUs from KnowledgeCity qualified courses in Project Management, Business Management, Leadership and many others.
