Formal vs informal industry analysis

Industry analysis involves reviewing the economic, political and market factors that influence the way the industry develops. Major factors can include the power wielded by suppliers and buyers, the condition of competitors, and the likelihood of new market entrants.

A formal industry analysis is usually done by an independent paid research team with expertise in marketing, communications, research and strategy. They are usually:

  • quantitive data-driven
  • market and research centered focus
  • huge book of information
  • a budget of $20,000 or up
  • provides comprehensive, detailed, strategy-based recommendations

An informal industry analysis is usually done by in-house members who are usually associated in analyzing own company strategies or competitors. It can also focus on:

  • specific areas for comparison
  • small problem area or focus on team member experience
  • short report on the subject
  • minimal budget
  • gain first hand view of experience to the client

 

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By max macapagal Posted in Posts

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