Sign New York Education Business Plan Template Free

Industry sign education new york business plan template free

hi and welcome everybody to another of the management 175 instructional videos today we're going to be looking at an introduction to industry analysis industry analysis is a very important skill to develop as a management student you need to develop the ability to effectively and efficiently look at industries look at markets to break down the important factors that are influencing them this can help you target new potential consumers this is a way to compete with other competitor companies so within this context of the industry analysis we're going to look at what an industry is what a market is and then the facets of information that you'll find when you start to look at these industry overviews and market report overviews so for starters industries and markets are intertwined here are three examples the hotel restaurants and tourism industries in the hotel industry while it encompasses a variety of things you can see that there are smaller niche markets built into it the luxury hotel market in a specific city New York you could look at a specific demographic group like Hispanic travelers or Asian Americans or soccer moms the restaurant industry has you know specific dining trends health food gluten-free you know these are all transit are influencing the restaurant industry as well as types of restaurants fast casual ethnic restaurants Fusion as well as within the tourism industry you know business travel versus wedding and honeymoon tourism versus looking at a demographic group like baby boomers and their travel trends the major components of an industry analysis are in this list right here looking at an overview news and innovations what things are impacting and forcing companies in the major players to sort of scramble to try and compete more effectively consumer-level market data what are the trends that consumers are dealing with in where they spend their money whether it's soda pop whether it's tourism in hotels whether it's iPhones and smartphones who are the major competitors how are they interacting with each other how much of the market do they control and we'll look at some tables in just a minute that connect to a lot of these points as well as the economic conditions if the economy is tanking how does that influence any given industry or market as well as government regulations something like the pharmaceutical industry has to deal with the Federal Drug Administration and all their protocols and requirements for getting a drug past so you've got to pay attention to what are the rules and regulations that any industry has to deal with there are a variety of types of Industry Analysis we have books in the the parish library that contain details on dozens of different types of analysis so you have things like Porter's five forces that looks at the power of the customer the power of the suppliers how much thread is there if somebody new coming in and shaking things up as well as just the potentially the threat of substitute products maybe you're just going to go spend your money someplace else a specific example of that would be a friend of mine worked for a company called hardened furniture and their competition was not Kimball's or or the do-it-yourself furniture that you get from Target or Walmart their competition was Tiffany's their competition was BMW because you could go out and buy one of their love seats or you could go out and buy a diamond tennis bracelet that's the price level that they were at and that's sort of the potential substitute so you've got to be careful when you think about an industry and what the competition may or may not be you can also look at things from other analysis perspectives the value chain which are breaks down the functions of a company to see how it is working within the industry as well as something like Porter's four corners that looks at drivers their current strategy the management's assumptions and how capable they are so it's these types of analysis that look at the primary elements of understanding how an industry operates and what is influencing internally and externally now once you start to look at the industry overview you look at specifically the market share and market size how the industry operates in restaurants it's all about new menu items and table turnover you want people to come in eat finish and then get out so you can refill that table in the pharmaceutical industry you can deal with are you creating new drugs by spending a lot more on research and development or are you buying new companies that are creating new drugs to add to your portfolio of medications because as soon as your drugs go generic you're not going to make any more money on those so you've got to have figure out what the process is within an industry and figure out how it operates so that you can compete better what's affecting growth is it's primarily consumer related is its supplier related visit I can is it economy-related who those major players are and you can see that the components list that we looked at previously match up with the information you'll get out of an overview so you'll see things like market share market size how big is the market and who are the major competitors and players this table here shows trends in airline brands and you can see some have been doing much better than others over this five year span I can then look at the actual size of the market both in numbers and percent as well as in dollar value so you'll see a lot of different numbers and tables like that now the other important factor within an industry overview are the trends and this is just a sample taken from a market report about the key trends in lodging and gaming and what is sort of affecting one or affecting the other in a different way shows that there are a variety of ways to grow large-scale employment of service-oriented workers and how supply and demand are being influenced now we'll keep moving along and highlight just briefly that there are systems industry classification systems there is the North American classification system and the standard industrial classification system right now we're still sort of stuck between these two the the si si system is older and is not being updated anymore the Naik's system is newer and has better granularity so that I can look at in industry like hotels and see that there are a couple of different classification numbers to cubbyhole types of companies so I can use these numbers to search lists databases and search for lists of companies so that I know they're doing exactly the same thing we can then take a look at a couple of other examples restaurants and the different types of restaurants as well as look at what the actual definition of this so these classification systems exist and like I said help you cubbyhole types of companies help you make sure that you're looking at and you know that you're looking at exactly the same thing all right so within the internal competitive landscape this is what is happening within an industry what are the your competitors doing how are you going to respond to what they're doing what are those influences sort of affecting the industry does geography matter and what's technology doing so I can zoom in again and we can look at some quick examples you know in this case this is JetBlue Airways and they're offering spa products in their red-eye flights this might entice customers to fly JetBlue more often than other airlines on their red-eye flights how will other companies respond to this I can then look at key trends about how transportation might be increasing what's happening to rail or I can look at other key points say in the airline industry how it's growing how the the recession is hurting it now if they're bouncing back or not so within these industry overviews and these these reports and surveys that you'll be expected to look at and find you want to watch for not only tables of numbers showing you trends but in addition to those trend that those tables and numbers you want to see what the reports are actually talking about and the key elements that you can pull out to strengthen your own recommendation or solution to a problem and we'll jump back into the external situation and notoriously the external situation is all about the consumer now the consumer could be another business you know this is a very generic idea of consumer if there's a lot of business-to-business activity for any given company in an industry those potential customers are their consumers but where are they spending your money what's influencing their behavior do they have specific preferences or habits that are affecting them we can look at something like indoor waterpark trends broken down by education and age in this table and we can see you know the large number of people who have visited o indoor waterpark in the last 12 months and then some other elements that we'll go into in a more specific tutorial about this database but there's lots of consumer level data out there highlighting what they're doing and what their habits are we can look at the impact of global terrorism and this is just a header from one of these reports that we looked at we can then jump over to trends like last minute travel of any age group versus the 18 to 34 year olds because that might be your target market and often when you're doing an industry analysis you're trying to figure out how are you influencing that target market what is your target market and how can you better tap into their preferences and desires so let's move this along so to wrap this up analyzing an industry gives you a deeper understanding of the industry the the smaller markets underneath it who the major players are and those internal and external influences so using the the table the key components as you look at an industry will be important when you're trying to analyze industry when you're trying to prepare for a job interview because you don't want to just walk in and know what's on your resume you want to be able to talk to the company that you're sitting down with and actually have a conversation about what's working what's not working and how you might fit into their strategy much better as always if you've got any questions either email us or talk to us in class thanks very much