The Business Insight Process

Step 5.

Sample Feedback: Business Insight Analysis of Specific Environmental Considerations

The emergence of new technologies can have a significant impact on your strategy. Your answers indicate that competitive products have very little room left for improvement using current technology, with the state of the market dictating that competitors should put more emphasis on efficient production methods rather than product improvements. Given your assessment that the competition has generally designed their products in such a way as to make it difficult to benefit from new technology, the fact that you have designed your product to put pressure on the competitors to make a technological response appears to be a good strategy. From a demographic perspective it appears that educational changes will have a minor impact on sales, changes in the average age of the marketplace should be a positive factor, geographic population shifts (if any) will influence the market in a minor manner and income changes in the marketplace will exert minimal buying pressures. Analysis of cultural changes indicates that fashion trends will be consistent with and supportive of your product design and life-style trends will be a positive sales factor. Any analysis of the environment must consider the influence of government actions on you and your ability to interact with the marketplace. For your industry the government does not offer subsidies so there is no requirement for a strategy in this area.