Lesson 2: Market and SWOT Analysis
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Transcript of Lesson 2: Market and SWOT Analysis
Novus Business and IT Training Program
Market Analysis
Objective: To understand how to examine a market, estimate your place in the market and how to approach the market.
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Market Analysis
• Market = A Collection of Businesses and Customers
• Features to Understand:–Market Size–Market Share–Market Trends–Market Growth Rate
• Do you enter?
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SWOT Analysis
• Market Analysis Tool• List for your business:– Strengths–Weaknesses– Opportunities– Threats
• Focus on Key Issues
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SWOT Analysis
• Internal Factors– You can control– Strengths–Weaknesses
• External Factors– You can not control– Opportunities– Threats
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Market Segment
• The part of the market you will operate in
• SWOT focuses on what impacts the segment
• Clothing Market– Young Women’s Clothing in your city
Segment– Price of Coffee probably not relevant
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Segment Analysis
• What is important to customers?
• Customer view of your vs. competitor
• Trends impacting segment
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Strengths
• What do you do well?• Resources?• Advantages?
People Credit Patents SkillsSystems Capital Location Lower expenses
Reputation Customers Education
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Weaknesses
• What can you improve?
Poor location Lack of workersLack of skills No credit Higher
expensesBad reputation Same products Old
technology New in town/unknown
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Opportunities
• Potential benefit• Sources of additional profit• New lines of business• Consider how long it will last
Market GrowthCompetitor closing business More customers
possibleChance to expand Less expensive inventory
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Threats
• Risks to your business• Consider how probable they are
Competition InflationRegulation Obsolescence
Society trends Customer group relocating
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Using the Analysis
• Compare the Strengths and Weaknesses to the Opportunities and Threats
• Basis for strategic planStrengths