Introduction to entrepreneurship/IENT101/Before/Market analysis

&ldquo;The aim of marketing is to know and understand the customer so well, the product or service sells itself.&rdquo; - Peter Drucker

Different organisations and websites may use some of the terminology around business planning differently, and you may come across overlapping definitions of some terms. Don't worry! We will look at some of the terminology now.

For the purposes of this course, we are using market analysis as an umbrella term to cover all aspects of exploring a specific industry at a strategic level. This can include factors such as 'market size, growth rate, profitability, cost structure, trends, distribution channels and competitive environment'. (Note - this definition is important for the assessment, if you choose to do it.)

Here are some other useful terms you may come across:

References