How Well Do You Know Your Industry

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A detailed plan to discovering competitors, products, suppliers in your industry to help grow your business.

Last updated 2022-01-10 | 4.3

- Demonstrate your industry knowledge.
- Describe the general characteristics of your industry.
- Evaluate your competition's strengths and weaknesses.

What you'll learn

Demonstrate your industry knowledge.
Describe the general characteristics of your industry.
Evaluate your competition's strengths and weaknesses.
Identify potential suppliers to meet your business needs.
Understand channels of distribution and target markets.

* Requirements

* Download the PDF files to complete certain sections of the course

Description

It is important to develop a solid understanding of your industry. This includes who your competitors are, what products they offer, who your suppliers are, and possible areas for growth. This course walks you through each of these variables and how they impact your business.

This course provides videos from professors and real-world entrepreneurs who have built their own successful businesses, PDF downloads of exercises to complete for your own business, and topic evaluations to see where you stand in your industry knowledge.

The course curriculum is divided into six sections consisting of a general introduction called "Gaining Industry Knowledge" which discusses the importance of why you should be familiar with the different areas of your industry. The introduction is followed by five sections which discuss more in-depth topics to help you understand your industry to give you a competitive advantage. The sections include: Industry Characteristics, Competitive Rivalry, Influence of Suppliers, Nature of Customers, and Substitute Products.

This course was developed for anyone looking to start a new business, entrepreneurs growing an existing business, or anyone looking to refresh their knowledge of the industry they are currently in.

Who this course is for:

  • Entrepreneurs
  • Managers
  • Executives
  • Students
  • Employees looking to further their knowledge

Course content

6 sections • 28 lectures

Gaining Industry Knowledge 6 lectures

Introduction: Who We Are Preview 01:21

Entrepreneurs discuss knowing your industry Preview 02:05

Gaining Industry Knowledge Preview 02:40

Internet Resources Preview 01:08

Google Searches Preview 00:27

Example: Central Coast Disposal Preview 03:29

Dave Twombly was no stranger to the garbage business when he decided to start his own venture. With 9 years of experience in the industry he knew exactly what he needed to do to serve the people of Florence, OR.

Industry Characteristics 5 lectures

The importance of knowing your industry Preview 06:07

Terms to know Preview 02:52

Industry Characteristics Preview 00:41

Research Questions Preview 01:49

Industry Characteristics Evaluation

If you can answer "true" to a majority of the following questions you are most likely in a very attractive industry. If not, this may be a difficult industry but don't lose hope. You can still be successful. You will most likely have to compete on price and exceptional customer service.

Competitive Rivalry 6 lectures

David Neeleman: Founder JetBlue & Azul Airlines Preview 06:39

Don't ignore your competition Preview 00:45

David Neeleman: Understanding the Competition 1 Preview 01:53

David Neeleman: Understanding the Competition 2 Preview 01:51

Your Top Five Competitors Preview 00:37

Competitive Rivalry Evaluation

If you can answer "true" to a majority of the following questions you are most likely in a very attractive industry. If not, this may be a difficult industry but don't lose hope. You can still be successful. You will most likely have to compete on price and exceptional customer service.

Influence of Suppliers 3 lectures

Inputs and Suppliers Preview 01:28

Inputs and Suppliers Exercise Preview 00:16

Influence of Suppliers Evaluation

If you can answer "true" to a majority of the following questions you are most likely in a very attractive industry. If not, this may be a difficult industry but don't lose hope. You can still be successful. You will most likely have to compete on price and exceptional customer service.

Nature of Customers 4 lectures

Strategies for knowing our industry Preview 08:17

Nature of Customers Preview 00:22

Nature of Customers Exercise Preview 00:17

Nature of Customers Evaluation

If you can answer "true" to a majority of the following questions you are most likely in a very attractive industry. If not, this may be a difficult industry but don't lose hope. You can still be successful. You will most likely have to compete on price and exceptional customer service.

Substitute Products 4 lectures

What are substitute products? Preview 00:34

Substitute Products Exercise Preview 00:18

Substitute Products Evaluation

If you can answer "true" to a majority of the following questions you are most likely in a very attractive industry. If not, this may be a difficult industry but don't lose hope. You can still be successful. You will most likely have to compete on price and exceptional customer service.

Conclusion Preview 00:13