Porter’s Five Forces Model
|

Porter’s Five Forces Model

No discussion of competition would be complete without a mention of Porter’s Five Forces model. Porter’s Five Forces is a conceptual framework designed to help business decision makers better understand the ways in which the pressures of competition influence an industry or industry sector. First introduced in 1979 by influential business and economics professor Michael…

Direct vs. Indirect Competitor – The Difference
|

Direct vs. Indirect Competitor – The Difference

As the name implies, direct competitors are those who compete with you in a one-to-one capacity. They offer essentially the same solution to a customer’s problem that you do. Indirect competitors offer alternative solutions to the same problem. Their products could be very similar to yours or not similar at all. The important part is…

Which Industry Are You In? → SIC vs. NAICS Code System
|

Which Industry Are You In? → SIC vs. NAICS Code System

Which Industry Are You In? The nature of new ventures and new products/services means that sometimes entrepreneurs can struggle to label themselves as part of a specific industry. If this describes you, ask yourself the following questions: Who are my competitors? Who is providing similar products or services? Who has a similar process or business…

Market Analysis: How to research your target market? – 3 easy steps to start your market analysis
|

Market Analysis: How to research your target market? – 3 easy steps to start your market analysis

Market analysis is the best way to explore your target market and your target customer. The market analysis must reflect feedback and insight, not guesses and conjecture. But where do you start? No doubt this information can´t all be gathered with a simple internet search. However, that´s not a bad place to start. 01. How…