Business Entry Strategy: Study Your Industry
- Tags:
- Industry,
- Management,
- Strategy
- Source:
- thinkinglike.com
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Overview: The article tells that many new entrepreneurs who have little familiarity with the industry they wish to enter ask about the way of writing a business plan. The article prescribes that one has to forget writing the business plan. First, a person has to focus upon learning as much as he can about the general industry he wishes to enter. Second, he has to plan the entry strategy. By gaining experience in ones potential industry, one can better decide if he really likes and enjoys running a business in that industry. Trade associations in the industry are one of the best sources of information. People have to study the industry from the basic creation of the product all the way through the use of the product by the end consumer. Direct marketing, personal sales, and the Internet may or may not be useful distribution and marketing methods for your business. The article ultimately offers the lesson that there are often only so many distribution slots for product placement in an industry. Heavily-marketed products from established companies often capture those slots. Capturing distribution slots should be a key strategic goal of the business entry strategy.
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Format: HTML | Date: Jan 2003 | Pages: 1
