Industry Analysis: Research and Competitive Advantage
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Questions and Answers

A company's classification into a specific industry is primarily determined by which factor?

  • The industry association it is a member of.
  • Its potential future revenue streams.
  • The sector it belongs to within the larger economy.
  • Its largest source of revenue. (correct)

Which of the following best describes the relationship between industries and sectors?

  • Industries are broader categories that encompass multiple sectors.
  • Sectors are components that comprise larger industries.
  • Industries are components that comprise larger sectors. (correct)
  • Sectors and industries are interchangeable terms with the same scope.

When evaluating industry information, what is the most important factor to consider?

  • The quantity of information available.
  • The accuracy, unbiased nature, and up-to-date relevance of the details. (correct)
  • The presence of industry jargon and technical terms.
  • The website design and user experience.

What is a key differentiator between industry research and market research?

<p>Industry research studies overall economic and market factors, while market research focuses on customer groups. (D)</p> Signup and view all the answers

Which of the following is an example of a psychographic factor considered in market research?

<p>Attitudes and lifestyle interests (B)</p> Signup and view all the answers

Which source is most likely to provide an unbiased perspective on an industry?

<p>A third-party company specializing in industry research. (A)</p> Signup and view all the answers

Which of the following information types would NOT typically be included in industry research?

<p>Details about specific customer preferences for product design (A)</p> Signup and view all the answers

What is the primary benefit of conducting thorough industry research?

<p>It provides insights for informed decision-making and strategic planning. (B)</p> Signup and view all the answers

A company that capitalizes on a new trend and becomes a leader in that area is said to have what advantage?

<p>First-mover advantage (C)</p> Signup and view all the answers

Which factors are the two main components of a competitive analysis?

<p>Market forces and product factors (C)</p> Signup and view all the answers

What characteristic of an industry has the greatest impact on its level of competition?

<p>Market share concentration (A)</p> Signup and view all the answers

In which type of industry structure is competition typically localized?

<p>Fragmented industries (B)</p> Signup and view all the answers

What is the primary reason for intense competition in highly concentrated industries like wireless telecommunications?

<p>Low differentiation of services (C)</p> Signup and view all the answers

What is the main benefit of using financial ratios for industry analysis?

<p>To convert financial data into comparable percentages (A)</p> Signup and view all the answers

Which category of financial ratios helps assess a company's capacity to meet its short-term obligations?

<p>Liquidity Ratios (D)</p> Signup and view all the answers

Which of the following ratios measures a company's ability to generate profit relative to its revenue?

<p>Return on Assets (A)</p> Signup and view all the answers

A high debt-to-equity ratio indicates that a company:

<p>May face increased financial risk due to high debt levels. (D)</p> Signup and view all the answers

The asset turnover ratio is useful for understanding:

<p>How efficiently a company uses its assets to generate sales. (B)</p> Signup and view all the answers

Benchmarking is primarily used to:

<p>Identify areas for improvement by comparing against best practices (A)</p> Signup and view all the answers

Why is it essential to consider industry standards when benchmarking financial ratios?

<p>Because best practices can vary significantly across different sectors (D)</p> Signup and view all the answers

What does understanding an industry's lifecycle help to explain?

<p>An industry's past, present, and future performance (C)</p> Signup and view all the answers

What is a key characteristic of an industry in the 'growing' stage of its lifecycle?

<p>Expanding markets (D)</p> Signup and view all the answers

Which of the following is a common characteristic of industries in the 'growing' stage?

<p>Rapidly developing supply-chain technology. (B)</p> Signup and view all the answers

Why is understanding industry research considered crucial for professionals across various roles, such as entrepreneurs, marketers, and bankers?

<p>It offers insights into the operational environment and context of companies within their industry. (A)</p> Signup and view all the answers

Considering the interconnected nature of industries, how does industry research empower businesses to be more strategic?

<p>By enabling prediction of industry changes and proactive strategic responses. (B)</p> Signup and view all the answers

What is the fundamental basis for classifying industries in a production-oriented system like SIC or NAICS?

<p>The specific methods and processes employed in producing goods or services. (C)</p> Signup and view all the answers

How does the implementation of standardized industry classification systems, such as NAICS, benefit international trade agreements?

<p>By making industries across different countries comparable for trade purposes. (B)</p> Signup and view all the answers

What is the general relationship between the length of an industry classification code and the specificity of the economic activity it represents?

<p>Longer codes typically denote more detailed and specific economic activities. (C)</p> Signup and view all the answers

In the NAICS system, what level of economic activity is typically represented by a two-digit code?

<p>Economic sector (C)</p> Signup and view all the answers

How do industry classification systems in Australia, New Zealand, and the UK differ from NAICS in designating sector-level economic activity?

<p>They use letters to designate sectors, while NAICS uses numbers. (A)</p> Signup and view all the answers

In industry classification hierarchies, which sector is typically positioned as the first and most foundational?

<p>Agriculture (B)</p> Signup and view all the answers

What is the purpose of having additional levels of granularity in industry classification systems, such as the sixth character in NAICS codes?

<p>To show specific activities within a sector and their contribution to sector output. (A)</p> Signup and view all the answers

How are industry sectors broadly categorized based on the nature of their operations in most classification systems?

<p>Into primary, secondary, tertiary, and quaternary sectors. (A)</p> Signup and view all the answers

Which of the following best describes the 'tertiary sector' in the broad categorization of economic activities?

<p>Service-based industries such as retail and professional services. (D)</p> Signup and view all the answers

Considering the hierarchical organization of industry codes, where do manufacturing industries typically fall in relation to raw material industries?

<p>Manufacturing industries always follow raw material industries in classification systems. (C)</p> Signup and view all the answers

What is an example of a market-oriented industry classification approach (though not explicitly detailed in the text as a primary system)?

<p>Categorizing industries based on the societal needs their products or services fulfill. (C)</p> Signup and view all the answers

How does understanding both micro and macro environments of economies and businesses benefit from knowledge of industry classification systems?

<p>It allows for better analysis of industry trends and broader economic patterns. (D)</p> Signup and view all the answers

Which of the following is NOT a characteristic of industry classification systems as described in the text?

<p>They are primarily market-oriented. (D)</p> Signup and view all the answers

Which of the following best describes why declining industries can still maintain healthy profit margins for surviving companies?

<p>Companies exit the industry faster than the market declines, leading to less competition. (C)</p> Signup and view all the answers

A tech startup is entering a market dominated by a few large corporations. What challenge related to market share concentration is this startup most likely to face?

<p>Higher barriers to entry due to the established dominance of market leaders. (C)</p> Signup and view all the answers

How do mature firms typically respond to maintain their position in the market?

<p>By innovating with new products, repositioning current products, or expanding into foreign markets. (C)</p> Signup and view all the answers

A company operates in multiple industries and geographies. When calculating its market share in a specific industry, what is the most important consideration?

<p>Segmenting out the industry-specific revenue for the correct geography. (A)</p> Signup and view all the answers

What is the primary reason why market share matters to a company?

<p>It establishes the company's position and influence within an industry. (A)</p> Signup and view all the answers

What is the most common method for calculating a company's market share?

<p>Dividing the company's industry-specific revenue by the total industry revenue and multiplying by 100. (A)</p> Signup and view all the answers

In an industry with a high level of market share concentration, what strategic advantage do the market leaders typically possess?

<p>Ability to exert considerable influence on the competitive landscape. (C)</p> Signup and view all the answers

Consider a hypothetical industry where the top three companies hold 65% of the total market revenue. How would you generally characterize this industry's market share concentration?

<p>Highly concentrated (D)</p> Signup and view all the answers

Why is understanding market sizing important for businesses?

<p>It helps measure business potential for a product or service. (B)</p> Signup and view all the answers

What is the most crucial factor in sustaining a company within a declining industry?

<p>Investing in product and process development to revitalize the industry. (B)</p> Signup and view all the answers

What distinguishes growth industries from other stages of the industry lifecycle?

<p>Frequent changes in products, markets, and technology. (C)</p> Signup and view all the answers

For a new company entering a fragmented market, what strategic advantage might it possess compared to entering a concentrated market?

<p>Reduced barriers to entry and greater opportunities for differentiation. (B)</p> Signup and view all the answers

Which of the following factors primarily contributes to the decline of an industry?

<p>Product and service obsolescence and/or changes in consumer preferences. (A)</p> Signup and view all the answers

Which activity do firms in the mature stage focus on to sustain growth?

<p>Seeking to innovate with new products or markets. (C)</p> Signup and view all the answers

What is the primary resource that growth industries require to fund their operations and expansion?

<p>Capital investments for wages, capital goods, and services (B)</p> Signup and view all the answers

Which of the following is the most accurate definition of a market when sizing it for business purposes?

<p>The total value of a specific product sold within a defined geography over a specific period. (A)</p> Signup and view all the answers

What is the primary benefit of conducting market sizing before launching a new product or service?

<p>It provides insight into potential opportunities and helps weigh risks and rewards. (A)</p> Signup and view all the answers

Which calculation best represents the market size for running shoes in the US?

<p>Retail sales + e-commerce sales + direct-to-consumer sales (A)</p> Signup and view all the answers

What is the key difference between a 'bottom-up' and 'top-down' approach to market sizing?

<p>Bottom-up starts with sales of large companies and builds up, while top-down breaks down broader markets. (A)</p> Signup and view all the answers

What does industry risk, in a business context, primarily measure?

<p>The possible threats to a business operating within that industry. (A)</p> Signup and view all the answers

According to the content, how do external factors differ from internal factors in the calculation of industry risk scores?

<p>External factors look at the big picture of the economy the industry operates in, internal factors measure the industry itself. (B)</p> Signup and view all the answers

Why are narrative and data important in IBISWorld's risk rating reports?

<p>The context provides greater application beyond banking into management and supply chains. (A)</p> Signup and view all the answers

What is the primary advantage of using industry research for business decision-making?

<p>It helps in understanding and preparing for uncontrollable factors. (D)</p> Signup and view all the answers

What type of business is LEAST likely to benefit from incorporating industry research into its decision-making processes?

<p>All businesses benefit from it (B)</p> Signup and view all the answers

According to the content, during what times is industry information most critical to study?

<p>During both economic booms and downturns, as well as unusual times like pandemics. (D)</p> Signup and view all the answers

What is cited as the main drawback of conducting industry research independently?

<p>It is time-consuming and may yield inaccurate, outdated, or biased information. (B)</p> Signup and view all the answers

Besides saving time, what additional benefit does IBISWorld offer in its industry research reports?

<p>Trends, forecasts, and analyses derived from proprietary data and modeling unavailable elsewhere. (D)</p> Signup and view all the answers

What aspects of competitive forces can be understood through industry research, helping businesses build resilience and gain a market edge?

<p>Market concentration, buyer power, and barriers to entry. (A)</p> Signup and view all the answers

How can businesses use industry research to address ESG (Environmental, Social, and Governance) challenges?

<p>To learn what factors lead to a high ESG rating and drive sustainable growth. (C)</p> Signup and view all the answers

What is the function of a well-crafted business plan?

<p>It improves the chances of receiving a loan. (B)</p> Signup and view all the answers

Which framework is most beneficial during the initial idea phase of a business venture?

<p>PESTLE analysis (A)</p> Signup and view all the answers

A business is deciding whether to outsource its customer service operations. Which framework would be MOST helpful in evaluating the potential impacts of this decision?

<p>SWOT analysis (B)</p> Signup and view all the answers

A company is considering entering a market where several large, well-established businesses already exist. According to the content, what should the company consider to improve their chances of success?

<p>Whether their product or service is differentiated enough to attract customers from existing competitors (B)</p> Signup and view all the answers

A company's product is facing increasing competition from substitute products that offer additional benefits. What is the MOST appropriate strategic response based on the content?

<p>Innovate and improve their product to offer unique benefits that the substitutes lack. (D)</p> Signup and view all the answers

Which of the following scenarios indicates HIGH buying power of customers, according to the concepts outlined?

<p>A company sells a specialized product with few alternatives to a single, large customer. (C)</p> Signup and view all the answers

A supplier is the sole provider of a critical component for a manufacturer. How does this situation MOST likely affect the manufacturer?

<p>Complicates the manufacturer's supply chain due to the supplier's dominant position and pricing power. (B)</p> Signup and view all the answers

In the context of Porter's Five Forces, what does a HIGH threat of new entrants suggest about an industry?

<p>The industry is highly profitable, attracting new companies and increasing competition. (C)</p> Signup and view all the answers

A car manufacturer specializing in gasoline vehicles is performing a competitive analysis. What external factor related to shifting consumer preferences should it MOST heavily consider, based on the content?

<p>Increasing consumer preference for environmentally friendly vehicles (D)</p> Signup and view all the answers

How can using frameworks such as PESTLE, SWOT, and Porter's Five Forces enhance a business's strategic planning?

<p>By providing a structured approach to analyze the business environment and identify opportunities and threats (B)</p> Signup and view all the answers

A SWOT analysis reveals that a company has a strong brand reputation but faces increasing competition. Which strategic action would BEST leverage the company's strengths while addressing the threat?

<p>Invest in marketing to reinforce brand loyalty and differentiate from competitors. (B)</p> Signup and view all the answers

A company is performing a PESTLE analysis before launching a new product. Which factor would be MOST relevant to consider if the product relies heavily on internet connectivity?

<p>Technological infrastructure and internet penetration rates (C)</p> Signup and view all the answers

According to the content, how does industry research contribute to competitive analysis?

<p>It helps identify the competitive advantages that businesses use to succeed. (B)</p> Signup and view all the answers

How does the Five Forces model enable companies to improve their strategic planning and reduce costs?

<p>By assessing opportunities, threats, and competitive advantages to mitigate risks and reduce costs. (C)</p> Signup and view all the answers

Why is understanding the 'threat of substitutes' important when analyzing an industry using Porter's Five Forces?

<p>Substitute products or services can reduce revenue and threaten business continuity. (B)</p> Signup and view all the answers

A business operates in an industry with HIGH supplier power. Which strategy would be MOST effective in mitigating the negative impacts of this situation?

<p>Vertically integrating by acquiring one or more of its suppliers. (D)</p> Signup and view all the answers

Flashcards

Industry Research

A collection of information detailing economic, market, and political factors affecting industries.

Industry Definition

A category of companies and enterprises that share a similar primary source of revenue.

Market Research

Study of potential customers categorized by geography, demographics, and psychographics.

Sectors

Larger parts of the economy that comprise multiple industries.

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Sources of Industry Information

Information can be found from industry associations, consultants, company websites, and news articles.

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Classification Systems

Systems that categorize companies into industries based on their main revenue sources.

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Economic Factors

Elements that influence how industries operate, such as market trends and regulations.

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Political Factors

Government policies and regulations that can affect industry operations and success.

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Industry Intelligence

Information that provides insights about the industry context.

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No Industry Isolation

All industries are interconnected through supply chains.

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Standard Industry Classification (SIC)

A system for classifying industries by a unique code.

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North American Industry Classification System (NAICS)

A system to classify industries in North America for comparability.

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Globalization of Economies

The integration of economies worldwide affecting industry classification.

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Industry Classification Systems

A framework to categorize industries using codes and definitions.

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Granularity of Codes

Refers to the specificity of industry classification codes.

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Hierarchical Structure

A system where categories are ranked from broad to specific.

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Primary, Secondary, Tertiary, Quaternary

Levels that categorize economic activities based on operation nature.

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Nomenclature Statistique des Activités Économiques

EU's classification system for economic activities.

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UK Standard Industrial Classification (UK SIC)

UK's version of industry classification similar to SIC.

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Classification Codes

Combinations of numbers/letters representing economic activities.

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Supply Chain Structure

The network of suppliers and consumers within an industry.

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First-Mover Advantage

The competitive edge gained by being the first to enter a market or trend.

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Competitive Analysis

An evaluation of market forces and product factors affecting competition.

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Market Share Concentration

The degree to which a small number of firms dominate an industry’s market share.

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Fragmented Industries

Industries where many companies operate locally but compete with each other.

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Concentrated Industries

Industries dominated by a few firms that generate most revenue.

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Wireless Telecommunications Carriers

An industry with high competition due to low service differentiation.

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Liquidity Ratios

Metrics that measure a company's ability to cover short-term obligations with liquid assets.

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Profitability Ratios

Ratios indicating a company's ability to generate profit from its revenues.

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Return on Equity (ROE)

A measure of financial performance calculated by dividing net income by shareholder's equity.

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Efficiency Ratios

Indicators of how well a company uses its assets to generate revenue.

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Benchmarking

The process of comparing business processes and performance metrics to industry bests.

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Industry Lifecycle

The progression of an industry through growth, maturity, and decline stages.

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Stages of Industry Lifecycle

The typical phases an industry moves through including growth, maturity, and decline.

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Industry Characteristics

Key factors like competition level, product strategy, and technology shaping an industry.

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Consumer Preferences

Trends in what consumers want, influencing product acceptance in an industry.

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Strategic Planning

The process of defining a business's direction and making decisions to pursue that direction.

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PESTLE Analysis

A framework analyzing Political, Economic, Social, Technological, Legal, and Environmental factors affecting business.

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SWOT Analysis

A tool assessing Strengths, Weaknesses, Opportunities, and Threats in a business context.

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Porter's Five Forces

A model assessing competitive intensity and attractiveness of an industry based on five forces.

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Threat of New Entrants

The risk posed by new competitors entering the industry.

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Buying Power of Customers

The ability of customers to negotiate prices and quality.

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Threat of Substitutes

Risk of alternative products or services replacing a company's offering.

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Competition

Rivalry between businesses to attract customers and gain market share.

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Market Assumptions

Predictions about consumer behavior and preferences that influence business strategies.

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Tesla's Competitive Advantage

Tesla's edge in the market through specialization in electric vehicles.

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Emerging Trends

New consumer behaviors and market dynamics that influence business strategies.

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Comprehensive Reports

Detailed documents containing data and analysis about industry conditions.

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Market Share

The portion of a market controlled by a company or product.

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Growth Industries

Industries with increasing demand and lower risks but frequent changes.

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Mature Firms

Companies that seek innovation or new markets as they stabilize.

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Declining Industries

Industries underperforming with falling consumption and outdated products.

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Profit Margins in Decline

Surviving firms often maintain profits despite overall industry decline.

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Segmenting Revenue

Isolating a company's revenue specific to an industry for accurate market share calculation.

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Market Leaders

Companies with the highest market share in an industry.

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Concentration Level

The measure of revenue held by top players in an industry.

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Barriers to Entry

Challenges new companies face to enter a concentrated market.

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Oligopoly

A market structure dominated by a few large firms.

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Market Sizing

A measure of the potential value of all customers interested in a product or service.

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Product Obsolescence

The process where products become outdated or unwanted.

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Competitive Landscape

The overall environment defined by competitors and market dynamics.

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Industry Revenue

The total money generated by all companies within a specific industry.

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Bottom-Up Analysis

An approach where market size is estimated based on sales of large companies.

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Top-Down Approach

Breaking down larger markets into smaller segments to estimate size.

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Industry Risk

The assessment of threats and challenges faced by a specific industry.

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Risk Score

A numerical value that indicates the level of risk in an industry from 1 (low) to 9 (high).

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External Risks

Factors outside a company that can impact its performance, often weighted more heavily in risk assessments.

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Internal Risks

Risks that arise from within the industry itself, such as operational challenges.

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Market Potential

The estimated maximum sales volume that can be achieved in a particular market.

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Data Contextualization

Adding narrative and relevance to data, making it useful for decision-making.

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Supply Chain Diversification

Spreading out suppliers and sources to reduce risks and enhance stability.

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Business Case Development

Creating a structured argument to support a new business initiative or project.

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Scope of Industry

The breadth and boundaries of a specific industry, including its various sectors.

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Study Notes

Industry Research Overview

  • Industry research encompasses data on economic, market, and occasionally political factors affecting industries, sectors, and economies.
  • Industries group companies; sectors are broader economic categories. Companies are categorized based on their primary revenue source.
  • Industry information sources include associations, consultants, lobbyists, company websites, news, and research firms. Accuracy, objectivity, and timeliness are crucial when evaluating online resources.
  • Market research, distinct from industry research, focuses on customer groups categorized by geography, demographics, psychographics, etc.

Importance of Industry Research

  • Industries are interconnected. Understanding industry dynamics reveals interdependencies. A change in one industry impacts related industries (e.g. crude oil price drop affecting 28 industries).
  • Understanding industry trends allows for proactive strategic responses that enhance resilience and decision-making.

Industry Classification Systems

  • Standard classifications (e.g., NAICS, SIC, ANZSIC, NACE) organize industries based on production (e.g., what they make) versus a market-oriented approach (e.g., what needs they fulfill).
  • NAICS, for example, allows comparison of US, Canadian, and Mexican industries, essential for trade agreements (e.g. NAFTA, USMCA).
  • Classification systems have a hierarchical structure, often starting with broad sectors (e.g., agriculture, manufacturing) then becoming progressively more specific.

Leveraging Industry Research

  • Industry research supports effective strategic planning via frameworks like PESTLE, SWOT, and Porter's Five Forces.
  • PESTLE analysis considers political, economic, social, technological, legal, and environmental factors affecting a business.
  • SWOT analysis examines strengths, weaknesses, opportunities, and threats within an industry helping prioritize resources for optimal market position.
  • Porter's Five Forces assess competitive industry attractiveness and profitability (including threat of new entrants, buyer power, substitute threats, competitive rivalry, and supplier power) impacting strategic choices.

Competitive Analysis & Financial Information

  • Competitive analysis examines how companies within an industry compete (price, quality, brand, location).
  • Financial ratios (liquidity, profitability, leverage, efficiency) help interpret financial data by converting figures into percentages, aiding in company & industry comparison.
  • Benchmarking compares companies' performance against industry best practices or competitors.
  • Industry lifecycles (growing, mature, declining) reveal past, present, and future industry trends, providing insights into product strategies, growth prospects, opportunities, and challenges, and impacting company performance.

Market Share

  • Market share is the percentage of revenue held by a company within an industry (e.g., globally, nationally, regionally, locally).
  • Market share concentration measures the combined market share of top industry players to understand competitive landscapes (fragmented, concentrated).
  • High market share concentration indicates powerful leaders impacting the market, while fragmented markets suggest less influence by individual companies.

Market Sizing

  • Market sizing estimates the total revenue or value of a target product or service market in a given timeframe (usually a year), typically in a specific geography (e.g., US running shoes sales).
  • Market sizing is crucial in evaluating business potential and developing effective business proposals.

Industry Risk

  • Industry risk assesses potential threats to a business.
  • IBISWorld risk scores combine internal (structural, growth) and external (sensitivity) factors using weights to rate the level of risk facing an industry (ranging 1–9, with 1 being low-risk & 9 high-risk).
  • Risk scores, with narrative context, assist organizations (banks, management) in strategic planning, supply chain diversification, and investment decisions.

Conducting Industry Research Professionally

  • Conducting your own industry research is time-consuming.
  • Using reliable, professional industry research sources like IBISWorld saves time by reducing reliance on disparate and potentially inaccurate data.
  • IBISWorld provides comprehensive data, trends, forecasts, and industry analysis, with a wide range of tailored membership options for different needs.

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Description

Explore industry classification factors, the relationship between industries and sectors, and key considerations for evaluating industry information. Learn the differentiators between industry and market research, the components of competitive analysis, and the impact of industry characteristics on competition.

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