How the industry is developing? On what stage the industry life cycle is? What is the average profitability and what is its structure? The answers to these issues will allow you to have a complete and up-to-date information about the market and the environment where your business is going to be stablished.
Ensuring timely responses to potential changes, keeping pace with the changing environment and being the initiator– these are what make you become a leader in the industry. For this, you need the constant update of the ongoing process in the industry.
Industry research involves identifying the determining factors of the intensity of competition. Demand and supply, the volume of capital and knowledge of the industry’s features will allow you to make the right strategic decisions.
Research duration : 1-2 months