Market Analysis
Gathering requirements using Market Analysis

If their battery lasts twice as long as yours or they can deliver to Katmandu in half the time, you need to figure out the differences between their Business Requirements and yours. Then you need to find a way to do a better job in less time.

Resources include:

• Annual reports
• Web sites
• Media reports
• Stock market listings

Once you've compiled all the available information, read it over carefully. Recruit others to help you in this task and provide alternative interpretations. Then ask yourself these questions:

• How many companies do what we do?
• Which companies are profitable in this sector?
• Which companies are doing better this year than last?
• In which areas are we outdoing the competition?
• Where does the competition have us beat?

That last question is the real kicker. If the competition is "better, stronger, faster" then you have to figure out their advantage and/or set your Business Requirements higher than theirs. If they deliver to Katmandu in seven days then your goal is six-day delivery.

Be realistic in your comparisons, of course. If you run a local courier service, you need not bother comparing your business to the United States Postal Service unless you're planning a massive expansive in the immediate future.

Consider, too, your overall business goals. There's success, and then there's SUCCESS. Do you want to build a better battery? Or do you want your battery in the next space shuttle?

ClearlyPUT's Requirementing process uses market analysis in it's process.

Summary

Market Analysis involves gathering public information about your industry in general and your competitors in particular.

Resources include annual reports, Web sites, media reports, and stock market listings. Find out where they do better and reset your goals to meet or beat them. Be realistic in your comparisons and consider your overall business goals.

Requirementing Steps