In this first part assignment we were told to create a petal diagram of our company industry landscape.
For the data I have used the 5 main market segments in our industry, which are :
- Strategy Consulting
- Human Resources Consulting
- Technology Consulting
- Financial based Consulting
- Operations Consulting
From there I researched the top consulting firm in each particular group. Forbes in partner with Statista came up with a ranking for each category from 1-5. I have kept all companies that scored a five. Below is the diagram from this research.
For information, below is the Statista estimated market share of leading consulting firms worldwide in 2018. From this table I can see the market is not saturated with only high market share. It shows they are a multitude consulting company out there. As from my interview research and this data, it confirms that there are not much of competitive advantage in this industry and barriers of entry are low, However competition is fierce. Which in my opinion will play in favor of Mom & Pop Consulting. High competitive environment can be a great motivator for new entrants and innovations.
Another factor that will be positive for new entrant in this category is the constant growth of the industry this past few years. Even though 2020 saw a decline due to the pandemic, It is projected to bounce back to 2019 level in 2021
this petal diagram along with the data graphs are really impressive. the five groups you used in your petal diagram looked good. for me, that was probably the hardest thing to find since I didn’t really know how to categorize and what to categorize initially. your post really outlined all your steps with detail and motive behind everything you did, which I have to compliment you on.
Hi Fabrice,
I like your diagram and the your insight using the above different group . I am impressed by the graph and data you added it to so we can better understand your findings.
I love your thorough research into the market. I did not know IBM was such a powerhouse in the consulting industry. Were you able to find any data specifically mom and pop consulting agencies? I had a difficult time not focusing on the biggest names in the industry myself and was wondering if you found any data closer related to our target market.
Hi Fabrice,
you have a nice detailed petal diagram, you did a good job categories companies the top consulting firms and pictured how your company will come into play. you also provided additional statistics to support your industry landscape, which is good.