Industry Analysis through 40 Questions (part 2)
Competitors and Competitive Industry Analysis
22. How many competitors in this industry? Analyze your piece of the market, i.e. those with whom you are really competing. But be aware of the overall competition in the industry too.
23. Who will be (or are) your main competitor in the market?
24. How long have your competitors been in the market?
25. What market share do they own? In general, and each individual. Naturally, these will be indicative definitions.
26. Where are they and where do they work (that is, they offer their services and / or goods)?
27. How easy is it for other firms to enter this industry (that is, to get new competitors, from your point of view)?
Industry Suppliers
28. Who are the main suppliers in the industry?
29. What is their impact on you and your competitors?
30. Is there more than one supplier?
31. Is it easy (and profitable) for a supplier in this industry to enter the market independently and sell goods and services to end consumers past you?
32. What are their benefits from working with you?
33. Will it be possible to easily change the supplier in the future?
Industry Products
34. What types of products are offered in this market?
35. What is the uniqueness or advantage of your products?
36. What kind of products do your competitors offer (or can offer)?
37. What other products can consumers buy in exchange for yours?
38. Is there a substitutional market (a market that users can be a full replacement for yours)?
39. What are the key factors when choosing the type of product (ie market) with this opportunity?
40. What are the main qualities of the product in the industry? What is most important in a product (for consumers, not for you, of course)?
And so, I think, if you answer all 40 questions, you will have a working industry analysis that you can apply in your business activities. Answers to some questions, of course, may require more effort, but nothing can be easier, right? 🙂 Good luck with your industry analysis!