Market-/ Industry development

Emerging trends inevitably lead to changes in the market and thus to a market development that can also affect your industry. If, for example, you want to open a medical practice, health insurance payments, an ageing population and medical progress are important aspects that will influence the market for your practice. You should think about how you can benefit from these megatrends with your business concept or how you can avert risks arising from them.

Planning for the future is just as important as the analysis of your current market. How will products, buyers, and suppliers develop? And above all: Where will you fit in within these changed markets? Always remain vigilant as to which direction the market will take in the future and where your future potential lies.

Ask yourself the following questions:

  • How will my market develop in the future?
  • What development potential does my company have in this market development?
  • What influence do globalisation and EU enlargement have?

An excellent yet simple instrument for this is the “SWOT analysis” (SWOT: strengths, weaknesses, opportunities, threats). You record in a table which strengths and weaknesses your company has and which opportunities and threats arise from the market development for your company. The combination of this internal and external view results in specialised approaches on how you can use your strengths to take advantage of emerging opportunities and ward off threats. At the same time, you can also deduce how you can overcome the weaknesses of your company through the opportunities that present themselves and, if necessary, convert them into strengths. Defensive tactics can also be developed by juxtaposing threats and weaknesses.

In order to be able to assess the most important trends in the market, industry reports, article portfolios of the clipping services of business libraries or also a careful internet search, in which you can for instance track down and evaluate the 3 to 5 most relevant studies by management consultancies, are helpful.

Sample text: Market trend
The market will gradually expand over the next few years. According to the microcensus, there are about 45,000 singles in Musterstadt today, of which 19,000 are aged between 25 and 45 and have a net income of at least EUR 1,500. The rate of single households is increasing, especially in large cities. Actually using free time as leisure time will become more and more prevalent. Our services are easy to offer online and globalisation is not a factor in our market.