Lesson 2: Market and SWOT Analysis

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Watch this with a 10-15 minute audiotrack at http://vimeo.com/novusprogram/lesson2 …

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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Transcript

  • 1. Market Analysis Objective: To understand how to examine a market, estimate your place in the market and how to approach the market.Novus Business and IT Training Program
  • 2. Market Analysis• Market = A Collection of Businesses and Customers• Features to Understand: – Market Size – Market Share – Market Trends – Market Growth Rate• Do you enter?Novus Business and IT Training Program 1
  • 3. SWOT Analysis• Market Analysis Tool• List for your business: – Strengths – Weaknesses – Opportunities – Threats• Focus on Key IssuesNovus Business and IT Training Program 2
  • 4. SWOT Analysis• Internal Factors – You can control – Strengths – Weaknesses• External Factors – You can not control – Opportunities – ThreatsNovus Business and IT Training Program 3
  • 5. 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 relevantNovus Business and IT Training Program 4
  • 6. Segment Analysis• What is important to customers?• Customer view of your vs. competitor• Trends impacting segmentNovus Business and IT Training Program 5
  • 7. Strengths• What do you do well?• Resources?• Advantages? People Credit Patents Skills Systems Capital Location Lower expenses Reputation Customers EducationNovus Business and IT Training Program 6
  • 8. Weaknesses• What can you improve? Poor location Lack of workers Lack of skills No credit Higher expenses Bad reputation Same products Old technology New in town/unknownNovus Business and IT Training Program 7
  • 9. Opportunities• Potential benefit• Sources of additional profit• New lines of business• Consider how long it will last Market Growth Competitor closing business More customers possible Chance to expand Less expensive inventoryNovus Business and IT Training Program 8
  • 10. Threats• Risks to your business• Consider how probable they are Competition Inflation Regulation Obsolescence Society trends Customer group relocatingNovus Business and IT Training Program 9
  • 11. Using the Analysis• Compare the Strengths and Weaknesses to the Opportunities and Threats• Basis for strategic plan StrengthsNovus Business and IT Training Program 10