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Secondary Market Research/Industry Analysis
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Industry analysis or secondary market research is used in the business planning process to explain and predict the industry a business will operate in.
Industry ratios and statistics are obtained and used as benchmarks. Industry analysis identifies external threats and opportunities; trends that will
affect the business over the next three years; and customer preferences. Secondary market research is an essential first step before completing a
market analysis. Benefits include:
- Understanding levels of maturity, growth and fragmentation in your industry
- Identifying industry leaders
- Understanding best practices, threats, opportunities and consumer preferences
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