An industry overview contains well-researched information about an industry, company or organisation. The document is also known as an industry analysis because it contains numerous aspects of an industry including growth, trends, and even competitors.
Industry overviews are well-researched information about a specific industry, company or organisation. Here we have an example of an overview of the Telecommunications Industry.
A market analysis is an important segment of a business plan and focuses on industry trends, growth, demographics and customer investment. In doing so, it provides insight into the health of an industry and its future potential.
The business ecosystem is constantly evolving and includes established sectors, but it's also important to keep an eye on emerging industries that are sure to make waves.
A market is a physical or digital place where two parties, usually buyers and sellers, meet to make an economic transaction. Physical markets include retail outlets, shops, malls, dealerships, and real estate locations.
Markets are based on a multitude of factors including but not limited to supply and demand, mutual trust, value, variety, and access.
The most common market type is a monopolistic competition where companies are successful in creating their own sub-market by selling similar but differentiated products. The differentiation can be rooted in the quality of service, materials, manufacturing, ethical business practices, and more. Apparel brands are a great example of monopolistic competition such as GAP, Levis, and J.Crew.
Although there are different approaches to identify a market, there are common considerations that help businesses to figure out whether their product or service is viable. Markets can be identified by answering the following questions: