INDUSTRY ANALYSIS
Prior to the preparation of the marketing plan the entrepreneur will need to complete the industry analysis of the businessplan.The primary focus of the industry analysis is to provide sufficient knowledge of the environment (national and local market) that can affect marketing. It begins with the broadest based assessment of environmental and industry trends. Then it proceeds to more local market environmental and industry trends, including competition. The entrepreneur should review this section of Chapter 7 to understand what information is included and how it can be obtained.
Secondary sources can provide much of the information needed on each of these issues. Sample sources along with an appropriate example are alsoidentified in Chapter 7. In addition to the secondary sources, the entrepreneur may also decide thata market research initiative needed to secure more specific information on such variables as customer needs, competitive strengths and weaknesses, price, promotion, distribution, and product or service benefits. This market research project may add important valuable insights that can assist the entrepreneur in determining the most effective market position, setting marketgoals and objectives and determining what action programs are necessary to meet those goals and objectives. The steps in the market research process and the avenues available to the entrepreneur for obtaining assistance in this process are discussed later in this chapter