Post on 31-Jul-2016
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UPDATE ON HOMEWORK
PRODUCT/SERVICE OVERVIEW
INDUSTRY & COMPETITIVE RESEARCH (SECONDARY)
ACTION ITEMS
AGENDA
Product Name
Main Features
Estimated Cost
Estimated Wholesale
Price
Estimated Retail Price
Target Market
Problem(s) Solutions(s)
CREATING YOUR PRODUCT/ SERVICE OVERVIEW
INDUSTRY ANALYSIS
Define the industry
Industry size, growth, trends, participants, etc
External threats: economy, regulation, barriers to entry, and market factors
Tools: NAICS, SIC, ESRI, First Research, Hoovers, IBIS World, etc.
MARKET ANALYSIS
Addressable market definition and size
Target market definition and size
Why is this the target market? (largest opportunity, lowest hanging fruit, domain expertise, etc)
Tools: US Census, SBA, BLS, Real Estate Agents, Business Decisions
SECONDARY RESEARCH OVERVIEW
COMPETITIVE ANALYSIS
Create a list of companies with similar products & services (direct and indirect)
List the key features, functionality, and strengths of each
Identify their pricing structure and business model
Convey your competitive advantages
Competitive matrix and comparison table
Tools: Competitor websites, review sites, TrafficEstimator.com.
INDUSTRY DEFINITION
A classification that refers to a group of companies that are related in terms of their primary business activities. In modern economies, there are dozens of different industry classifications, which are typically grouped into larger categories called sectors.
Individual companies are generally classified into industries based on their largest sources of revenue. For example, an automobile manufacturer might have a small financing division that contributes 10% to overall revenues, but the company will still be universally classified as an auto maker for attribution purposes.
WHAT IS AN ‘INDUSTRY’?
TRADE ASSOCIATIONS
DISTRIBUTORS
MANUFACTURERS
SUPPLIERSThe Industry
INDUSTRY VIDEO
LIST OF SECTORS
Basic Materials
Conglomerates
Consumer Goods
Financial
Healthcare
Industrial Goods
Services
Technology
Utilities
Code Industry Title Biz Count
11 Agriculture, Forestry, Fishing and Hunting 414,582
21 Mining 28,520
22 Utilities 28,207
23 Construction 1,270,691
31-33 Manufacturing 577,432
42 Wholesale Trade 673,738
44-45 Retail Trade 1,619,124
48-49 Transportation and Warehousing 432,467
51 Information 290,960
52 Finance and Insurance 643,483
53 Real Estate Rental and Leasing 683,800
54 Professional, Scientific, and Technical Services 2,058,179
55 Management of Companies and Enterprises 44,616
56 Administrative and Support and Waste Management and Remediation Services
2,499,821
61 Educational Services 325,937
62 Health Care and Social Assistance 1,311,395
71 Arts, Entertainment, and Recreation 266,428
72 Accommodation and Food Services 749,578
81 Other Services (except Public Administration) 1,618,545
92 Public Administration 215,203
NAICS CODES:
NORTH AMERICAN INDUSTRY
CLASSIFICATIONS
TOOLS TO LEARN
DEFINITION OF INDUSTRY
North American Industry Classification System
Yahoo Sector List
Services - Advertising Agencies - Company List
Trade Association
A trade association, also known as an industry trade group, business associationor sector association, is an organization founded and funded by businesses that operate in a specific industry.
Esample: https://www.boardretailers.org/
A trade association, also known as an industry trade group, business association or sector association, is an organization founded and funded by businesses that operate in a specific industry.
TRADEASSOCIATION
EXAMPLE
https://www.boardretailers.org/
INTRO TO COMPETITIVE
ANALYSIS
DIRECT COMPETITORS
INDIRECT COMPETITORS
Direct competition is a situation in which two or more businesses offer products or services that are essentially the same; as such, the businesses are competing for the same potential market.
Indirect competition is the conflict between vendors whose products or services are not the same but that could satisfy the same consumer need. The term contrasts with direct competition, in which businesses are selling products or services that are essentially the same.