Understand Your Industry

Understand Your IndustryIn order to engage in the competitive process accurately, you need to understand the nature of your industry.

Some aspects to consider:

    •  The current trends – What are the current trends in the industry? Is your company part of these trends? How long do you think the trends will last?
    •  Future trends – Do you have any insight into the future trends? How long do you think those will last?
    •  Product development – What do you know about your industry’s product development and research trends and capabilities? How does your company fit in to these? How about your competition?
    •  Industry growth – How is your industry growing? Is it growing or is it stagnating? What is the future growth?


This information will help you understand not only how your company fits into the industry, but also your competition.


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