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Watch this with a 10-15 minute audiotrack at http://vimeo.com/novusprogram/lesson2 The goal of this lesson is to introduce a number of concepts related to analyzing the market for a new or small business. The majority of the lesson provides a detailed explanation of the purpose of and how to undertake a SWOT analysis. The Novus project is a combination of video tutorials designed to be used in conjunction with a free business simulation software program. The Novus Business and IT Program contains 36 business and IT training videos, covering basic finance, accounting, marketing, economics, business strategy, Word, Excel, and PowerPoint. Users will have an opportunity to apply the lessons in the Novus Business Simulator. Over six rounds, the user or teams will have to make decisions on capital purchases, financing, production, financing, and human resources for a microbrewery. This channel has arranged the 36 video lessons into the order in which they are meant to be used with the simulator. To watch this slideshow as a video, please go to our Vimeo page at: https://vimeo.com/novusprogram. To download our free business simulation software, please go to our SourceForge page at: http://sourceforge.net/projects/novus/.
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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.
2Novus Business and IT Training Program
Market Analysis
• Market = A Collection of Businesses and Customers
• Features to Understand:–Market Size–Market Share–Market Trends–Market Growth Rate
• Do you enter?
3Novus Business and IT Training Program
SWOT Analysis
• Market Analysis Tool• List for your business:– Strengths–Weaknesses– Opportunities– Threats
• Focus on Key Issues
4Novus Business and IT Training Program
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
