Article provided by: Cherrill Consulting Group
The aerospace and defense industry is an intense one at the level of capital investment and competitive intelligence gathering required to flourish. For instance, the overall global revenue generated from the market is projected to hit US$ 1.6 Trillion in 5 years, with a portion of this going into aerospace and defense market assessment and strategy. This growth result from aircraft increase in demands by both the civil aviation subsector and military defenses of governments and improvement in aeronautical technology, increased competition and rapid entry of new airline players, etc. But it's also a sector that's susceptible in terms of risks, losses, and liability. It was one of the worst-hit in the pandemic's heat, registering a loss of $314 billion in April alone.
The New-Comer Syndrome
It's not a sector for the feeble-minded, even if you already have a large cash cow in your stable (no pun intended). Those already in the industry still need to carry out comparative analysis and competitive assessment activities from time to time, just as in other industries like energy, power, etc. It even gets more challenging for new players, especially as you're hiring Aerospace and defense strategy consulting services for the first time. There are many risks to watch out for. Many existing businesses and new players are always in the dark about this core part of their business, consulting the best market strategists on the current trends.
FAQs about Cherril Consulting Aerospace and Defense Market Assessment and Strategy
Like airplanes, market trends change from time to time, and one needs to do maintenance and upgrade of the data, information, policies, etc., on these shifting trends. The ideal consultants guide you about assessment and strategy, and most futuristically, the next era of Aerospace and defense. Any serious business owner should be curious about how these trends shift. We've highlighted the common questions to market assessment and the aerospace industry and answered them painstakingly here.
- What are Market assessment and strategy for Aerospace and DOD?
Every new business needs a plan for its entry into the market. An understanding of how the market works helps to strategize and deliver on your products and services. The market assessment is a process of evaluating the size of the market, the clientele and customer base, regulatory framework, actual demand and purchasing habits, and competition among the key players. In Aerospace and DOD, the concept isn't so much different, except for the size of the market, volume, complex regulatory framework, and competition. For this, you need to work with the best consultants to guide you with your assessment.
- What does your analysis entail that's different from other consultants?
Good question. We cover all the necessary aspects of a conventional business plan and strategy, such as evaluating the market, consumer needs, existing competition and competitiveness, barriers to market entry, reach, and penetration. We then proceed to the more complicated stuff such as strategy, execution, competitive intelligence, and market capture. But where we make the most difference is our ability to follow and weigh market trends, which proves useful for existing industry players.
- How has Covid-19 impacted assessment and strategy?
These are very unusual times. As mentioned earlier, the pandemic has left the aerospace and defense sector devastated. Any current successful market analysis will consider the pandemic's impact, even though it's ebbing away. So when you hire any consulting services, do well to ensure that any business plan or strategy, you're drawing takes cognizance of that.
- So how has your company responded to the pandemic?
Many consultants go the easy way and advise their clients to take the traditional solution in the heat of a crisis: downsize! Painfully, this is always inevitable, but it's not always the best or the only solution. We advise our client by adopting a three-pronged approach that evaluates your competitive advantage in the market and focuses them on protein rail assets. This could lessen the blows of a crisis, examine the value chain to stabilize the cost structure, and finally, do the opposite of retrenchment. We advise you to shorten the distance and alienation that's often occasioned with any major crisis.
Human Resources are still the best resources with or without a crisis, so you need to focus on instilling morale and high spirits in them. This will go a long way in your survival. Contact Cherrill Consulting Group for the best thinking, processes, and tools to solve your toughest business intelligence, strategy design, capture pipeline, and portfolio management challenges: +1 (763) 208-9682.