Market research & analysis in IsraelUnderstanding the market and the competition helps new businesses get off to a strong start and grow successfully. Whatever its sector of activity, a new company needs to carry out a market and competitor analysis. These analyses provide the information required to draw up the business plan.
See also: A guide to doing business in Israel.
Competitive analysisA competitive analysis will help you avoid destructive competition with other companies for the same customer base. It will help you find an under-exploited niche that will enable you to grow during the important, and very risky, first few years. Here are the 3 key elements of your business plan:
- Study of the company's global environment (political, economic, social, technological, environmental and legal).
- Analysis of the five competitive forces, according to Porter's concept :
- the threat of new arrivals,
- buyers' bargaining power,
- the threat of replacement products or services,
- suppliers' bargaining power,
- rivalry between companies in the same sector.
- Analysis of strengths, weaknesses, opportunities and threats (SWOT) of your company and your competitors.