Module 8 – Know your Industry’s Environment
Objective: Knowing your industry’s environment (who, what, why, where, when, and how) is necessary for you to sell and market to the ideal customer based on the current market conditions, environment, and your customer needs. When you become a source of knowledge connected to these elements in your industry, you become very magnetic as people will be drawn to you for information and direction.
You may want to print it and save it in a 3-ring binder along with the other modules.
The definition of industry environment is, “The overall economic, regulatory, social and political conditions that affect all participants in an industrial market in a similar way and cannot readily be influenced by marketing. The industry environment experienced by a business can include such things as demographics, lifestyle shifts, and economic cycles.”
Understanding your industry’s trends is important to your company’s success and significance. It can foretell a potential future, impact the present and help you understand the past. A trend is a direction, a general course that follows a tendency or a style. There are trends in business, fashion, lifestyles, languages, and education. Industry trends have a big impact on people, culture, markets and company profits.
Trends help an investor decide if a company is a good investment. Trends help a job seeker decide if an employment opportunity is a good move. Trends provide data, analysis, statistics, references, considerations, and guidelines. Trends can be followed but they are constantly changing. So it’s very important to stay current and know your industry’s environment.