Environmental Analysis - Answer-Demographic, Sociocultural, Political/Legal,
Technological, Economic, Global
industry analysis - Answer-Understand the structure of the industry in which the firm
competes in and the underlying reasons why that structure is what it is
FIVE FORCES components to an industry analysis - Answer-Threat of New Entrants -
Customer Power - Threat of Substitutes - Supplier Power
Threat of New Entrants - Answer-Economies of Scale, Product differentiation, capital
requirements, switching costs, distribution channels, cost disadvantage,
Customer Power - Answer-Number of buyers - volume of purchases - switching costs -
availability of substitutes buyers can vertical integrate
Threat of Substitutes - Answer-Products from industries that serve similar needs
Supplier Power - Answer-Substitutes and relevance of suppliers' products, switching
costs, forward integration (define) by suppliers, importance of industry for suppliers
strategic group - Answer-a collection of firms in an industry that follow the same or a
similar strategy
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