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.
There are Many Resources Available to the Researcher, but which are the Best?
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.
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.
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: