If you want an accurate picture of the industry you’re competing in, you need to do some general research.
Do not confuse this research with researching your target market, or even your fellow competitors. If your industry is heading to a direction you don’t want to follow, you certainly should be aware of it.
Make sure your research regarding the industry is clear and purposeful. Gather information about the industry supplies additional data which will tell you whether or not your industry is attractive and has profit potential. In addition, it allows you to identify the key success factors, trends, threats and opportunities that will point out which assets and skills you need to prosper in the industry.
