How intense is competition in your industry, or the industry you want to enter? You should know the answer before you make your marketing plans. There are at least five competitive forces that determine the long-term attractiveness of an industry from a profitability perspective. The five forces are as follows:
" Industry Competitors - Intensity of Rivalry;
" Potential Entrants - Threat of Mobility;
" Substitutes - Threat of Substitute Products; and
" Suppliers - Bargaining Power.
New York Worksheet — Industry and Competitive Forces Analysis is a comprehensive tool used to analyze the business environment and competitive landscape in different industries within New York City. By evaluating various industry and competitive forces, this worksheet enables businesses to gain a deeper understanding of their position and make informed strategic decisions. The worksheet typically consists of several sections, each focusing on a specific aspect of industry analysis. These sections may include: 1. Industry Overview: This section provides a detailed analysis of the overall industry in New York, including its size, growth rate, and key trends. It examines the market structure, major players, and the regulatory framework governing the industry. 2. Competitive Forces: Here, businesses assess the competitive landscape by analyzing the five forces model proposed by Michael Porter. These forces include the threat of new entrants, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitute products or services, and the intensity of competitive rivalry. 3. Industry Value Chain: Businesses study the value chain activities within the industry, analyzing their interdependencies and the potential for competitive advantage. This section helps identify areas of strength and weakness within the value chain and highlights opportunities for innovation and differentiation. 4. Customer Analysis: This part focuses on understanding the target customers within the industry, their needs, preferences, and buying behavior. Businesses gain insights into customer segments, their preferences, and factors influencing their purchasing decisions. 5. Competitive Analysis: Here, businesses evaluate direct and indirect competitors, their market share, strategies, strengths, and weaknesses. This analysis enables businesses to identify their competitive advantage and develop strategies to outperform rivals. 6. Opportunities and Threats: This section identifies emerging opportunities and potential threats impacting the industry within the New York market. It explores technological advancements, regulatory changes, sociocultural shifts, and other factors that could significantly influence business operations. In terms of different types of New York Worksheet — Industry and Competitive Forces Analysis, variations may arise depending on the specific industry or sector being analyzed. For example, there can be a worksheet specifically tailored for the finance industry or for the retail sector in New York. Each industry may have unique dynamics and competitive forces that require specific analysis.
