Page 34 - MICROHUB Handbook - ENGLISH

BUSINESS

CONTEXT, MARKET AND INDUSTRY ANALYSIS

The overall business context that you are operating in is highly

influential on your commercial prospects. Both directly, in terms of
possible drivers or barriers to you starting or growing your craft
business, and indirectly through the impact on your target customers,

competitors and collaborators. Such drivers and barriers are most
recommended to be analysed and summarised from 6 main

perspectives, those being Political, Economic, Social, Technological,
Environmental and Legal. This is typically known as a PESTEL analysis.

P E S T E L

To properly understand the overall market situation and current trends
impacting it, including from the PESTEL perspectives, you would need to

undertake a desktop research of various economic studies, reports and
articles, so as to clarify:

• What is the economic sector that you are operating in;
• If it is a priority area for your country and at EU level;

• What are your target customer segments (for example, individuals
versus organisations) and markets (local, national, regional, EU wide,

etc.); how large they are (for example in terms of number of customers,
sales volumes), if they are growing, static or slowing down, at what
rate;

• Any other relevant trends and insights into the sector and targeted
markets.

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