Industry Analysis:

Principlesꓹ Tools
and Techniques in
Creating a Business
 Industry Analysis
It is an effective tool to
facilitate understanding of
company’s position as
compare to other companies
that produce similar
products or services.
Principles of
Competition
Benefits of Competition
1. Competitive prices of products
and services.
2. Efficiency and productivity
3. Positive effects to innovation
4. Restructuring in sectors that
have lost competitiveness
Tools in Competition

1. Positioning Comparison
2. Product Comparison
3. Social Media
 Techniques of
Competition
1. Utility and usefulness of product
or service
2. Pricing techniques
3. Key benefits of product or service
4. True value of product or service
Principles of Customers

1. Speed of responsiveness
2. Accuracy
3. Transparency
4. Accessibility
5. Empowerment
Tools of Customers

1. Online Community
2. Discussion Forum
3. Social Media Platforms
4. Customer Satisfaction Survey
5. Automatic Call back
 Customer Techniques
1. Engage in active listening for effective
communication with the customers or clients to
better understand their needsꓹ questions and
concerns.
2. Highlight understanding of customers’ needs
and help them with their needs and concerns.
3. Be courteousꓹ respectful and polite to the
customers. The use of “please and thank you” can
help. Create a friendly and inviting environment.
 Customer Techniques
4. Call customers by names and pronounce
them correctly. It can express politeness
and respect. Let them feel they are important
to the business.
5. Give customers the best quality of
services; make them feel they are valued.
6.Ask and never demand. An appropriate
question can make the conversation looks
collaborative.
 Customer Techniques
7. Empower customers with adequate
information. Give them choicesꓹ options or
alternatives to help them solve their
problems. This will result to a higher level
of satisfaction.
8. Engage in proactive steps to satisfy
customers’ needs. This will help reduce
barriers in problem solving
.
 Customer Techniques
9. Describe the strengths and weaknesses of the
products or services but offer alternatives for the
weaknesses. Provide a balanced offer or
recommendation to build trust and credibility. In
this mannerꓹ tooꓹ they can feel satisfaction of
your products or services
10. Let customers become aware of your policies
or procedures. Explain what your business is
doing and why you are doing it to avoid
frustration.
Principles of Suppliers
1. Relationship with applicable laws
2. Human Rights
3. Labor rights and working condition
4. Health and safety
5. Environment
6. Privacy, freedom of expression and
data protection
7. Prohibited business practices
 Tools of Suppliers
1. Talk to suppliers regularly
2. Pay suppliers accounts promptly
3. Communicate for due date before
payments
4. Build good relationships with the
suppliers
5. Be fair but firm with industry sales
representatives
 Tools of Suppliers
6. Monitor the financial position of the
suppliers
7. Address immediately concerns and
issues with the suppliers
8. Refer damaged or faulty goods to
supplier promptly
9. Review and renegotiate terms of trade
from time-to-time
Techniques to Suppliers
1. Regular communication
2. Putting objectives in place
3. Regular meetings
4. Putting things in writing
Principles of Competitors
1. Race and Set the Tone or Faster than
Everyone Else
2.Push boundaries to fragment and
attract the right prospects
3. Make a plan to be number one in
market shares
4.Grow faster than everyone else
 Tools of
Competitors
Competitive Analysis
1. Google Trends
2. Shopping Insights
3. Google Alerts
4. Google Predictive Search
Techniques of Competition
1. Create utility and usefulness with
product
2. Change product pricing
3. Emphasize product’s key benefits to
customers
4. Deliver true value of the product to
customer
 SWOT
Analysis
 Internal Factors
1. Financial resources
2. Physical resources
3. Human resources
4. Access to natural resources,
trademarks, patents and
copyrights
5. Current processes
 External Factors
1. Market trends
2. Economic trends
3. Funding
4. Demographics
5. Relationships with suppliers and
partners
6. Political, environmental and
economic regulations