Question
In: Operations Management
what is difference between industry analysis and market analysis give example of each
what is difference between industry analysis and market analysis give example of each
Solutions
Expert Solution
The role of both industry analysis and market analysis to show ypu the opportunities and difficulties the firm has to face in their business activities. Industry analysis is used to analyze your industry. It analyzes the factors such as trends in the industry, growth factors, and the firm's main competitors. It shows you the condition in which you're operating your business. Market analysis helps you to analyze the customers, Environmental conditions of the market, etc. It helps you to figure out the budgets and money spending patterns. The major difference between industry analysis and market analysis is that industry analysis considers the customer of the firm, and market analysis considers the customers on a competition basis.
An example of industry analysis is Porter's five models. Let us take an example of Walmart. Walmart works in the retail industry. So, they will analyze the retail industry. An example of market analysis is understanding the behavior of customers and designing products according to potential customers.
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keosha answered 1 year agoRelated Solutions
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