Industry/Trend Analysis – Prioritization

When we help companies take a look at the future and decided what they want to do about it, we have them take a look at their indudstry, for example the health industry, and the trends that may impact their business either positively or negatively.  If you don’t know what is happening or is most like to happen in the future, you won’t know that you may need to do something about it.  It is in the best interest of businesses to learn what is happening and to assess the implications of such trends as political, economic, social, technological, environmental, and legal. 

We recommend that you start by gathering all of the information you and your leadership team already have about your industry’s present condition and the trends that are and will affect it in the next 5-10 years..  Use this grid if you like for your discussion:

Industry Analysis

To understand your industry trends further, you may want to hire an expert who tracks this information for a living. 
The World Futurist Society is a good place to begin if you want to start with general trends. 

Here are some resources to get you started.

Library Resources:

  • Standard & Poor’s Industry Surveys
  • US Industry & Trade Outlook (see online version at:  http://www.trade.gov/td/industry/otea/OTII/want2_industry.html)
  • Encyclopedia of Emerging Industries, Gale Research
  • Encyclopedia of American Industries, Gale Research
  • Lifestyle Market Analyst, SRDC – used for collecting psychographic data
  • Demographics USA County or Zip Code editions, VNU Publishing
  • Encyclopedia of American Industries, Gale Research
  • Harris InfoSource Business Directory

Internet Resources:

 

Other Resources:

  • Literature searches of newspapers, journals, and magazines – Local library publications and online databases (NCLive, Dow Jones Interactive, InfoTrac).
  • Trade associations and industry magazines – Connect through association websites
  • Better Business Bureau (http://www.bbb.org)
  • Library of Congress’s Legislative Information (http://thomas.loc.gov/)

Original Source of Resources: http://www.sbtdc.org/pdf/industry_analysis.pdf

In order to prioritize which trends to act upon, you can use the following model by clicking on slide below.  When the full-size PowerPoint comes on the screen, click on the single arrow in the lower left-hand corner to play and then hit enter to forward through the PowerPoint presentation at your own pace.

Prioritizing_Trends