Industry Overview (3-5 pages)
It is imperative that you provide a good background on the industry you will be working in. Describe some of the trends and the growth prospects of your industry. It is important to summarize the various sectors within your industry since this will set the stage for the description of where your company will operate.
Market Research
Here you describe how and when you did the market research. Is it current data? Is it compatible with what your venture is seeking to do?
Potential of the Industry
What is the overall potential of your particular industry in today’s economic climate? What is its overall size in your local area, your state/province, your country, and the world in general?
Key Product Segments
How diverse are the products/services being offered?
What all is available in the marketplace in your particular genre?
Key Market Segments
How are the market segments divided? (demographically, geographically, culturally, economically, etc)
How large are these segments and how do each spend on your potential product/service?
What is the market potential each segment holds?
Purchase Process and Buying Criteria
Define how this industry’s products/services are purchased?
• Referral marketing?
• Mass advertisement?
• Open bidding?
• Request for Proposals?
• General Retail?
• Wholesale?
Define also what drives the customer to buy this industry’s product.
• Fashion
• Need
• Dysfunction
• Wealth, etc.
Description of Industry Participants
Clearly define the types of industry participants.
• Mom & Pop Operations
• Large firms
• Small firms
• Indidviuals, etc.
Key Industry Trends
• What trends are clear in the industry?
• The historical evidence
• What determines these trends? (seasons, economies, weather, to name a few)
Industry Outlook
Is the industry growing or shrinking?
What is the industry’s overall prognosis?
While compiling this section keep in mind the five points from the April Issue.
Next month we will discuss the Marketing Strategy Section of a Business Plan.
See the March 2009 article for a list of helpful websites.
Best Regards,
Neva Quantz
Excellence is never an accident: it is the result of high intention, sincere effort,
intelligent direction, skillful execution and the vision to see obstacles as opportunities.
