MODULE 6

• Listen to potential clients and past leads – If targeting potential customers, it is best to listen to the needs, wants, and challenges they experienced in your industry. It can help the firm develop more tailored products and services, refine its target market, and overcome common objections and complaints about the products/services
• Listen to your customers – This can be done by consolidating frequently asked questions, experiences, frustrations, feedback, and complaints. It can help the firm expand and identify business opportunities.
• Listen to your competitors – The entrepreneur must know what other firms are doing. Competitor analysis can help identify key business opportunities to expand the firm’s market reach and develop products and services
• Look at industry trends and insights – The entrepreneur must continue to educate himself about the latest trends and techniques by joining relevant associations, subscribing to different publications, and following industry experts' social media accounts.
• Geographic area – This refers to the area (i.e., local, regional, nationwide, international) the firm caters to.
• Industry size and outlook – The firm estimates how big the industry is and the trends which present special opportunities or challenges to the firm. It also looks at the industry outlook for the next three (3) to five (5) years.
• Factors affecting the growth of the firm – The firm considers personal and behavioral attributes of the head of the firm, business structure, outside forces that the firm has no control of, location, financial stability of the firm, and new markets or products/services which can affect the growth of the firm.
• . Identification of leading businesses in the industry – Industry analysis helps entrepreneurs understand the business’ state and degree of competition and helps firms strategize better. As such, having information on the most successful firms in their industry can inspire and motivate them to be like them
• Primary industry – This sector consists of agriculture, forestry, fishing, mining, quarrying, and the extraction of minerals
• Genetic industry – This consists of agriculture, forestry, livestock management, and fishing. The production of raw materials by firms can be improved and increased due to scientific and technological improvements to these renewable resources
• Extractive industry – This consists of mining mineral ores, quarrying stones, and extracting mineral fuels. Firms in this industry produce exhaustible raw materials that cannot be augmented through cultivation.
• Secondary industry – It is also known as the manufacturing industry. This sector consists of the construction and energy-producing industries. It processes raw materials into consumer goods. It can further process the transformed products of other secondary industries. This industry builds on capital goods (e.g., machinery, factories, equipment, and tools) in manufacturing products/goods.
• Tertiary industry – It is also known as the service industry. The firm’s revenues come from providing intangible products (Viray Jr. & Avila-Bato, 2018).
• Michael Porter’s Five Forces Model of Competition - is a framework for understanding the competitive forces in an industry. It directs how economic value is divided among industry actors.
• Rivalry among competing sellers – The competitive pressures are created by the jockeying of rival sellers for a better market position and competitive advantage.
• Buyer bargaining power – The competitive pressures stemming from the collaboration and bargaining of buyers and sellers.
• Supplier bargaining power – The competitive pressures stem from the collaboration and bargaining of suppliers and sellers.
• . The threat of potential new entrants – The competitive pressures are coming from the threats of entry of new rivals
• The threat of substitute products or services – The competitive pressures are coming from the market attempts of outsiders to win buyers over to their products