INDUSTRY ANALYSIS AS A TOOL TO DEVELOP COMPETITIVE STRATEGY

  • Industry analysis enables a company to develop competitive strategy that best defends against the competitive forces or influences them in its favours.
  • The key to developing a competitive strategy is to understand the sources of the competitive forces.
  • By developing an understanding of these competitive forces the company can
  1. highlight the company’s critical strengths and weakness
  2. animate its position in the industry
  3. Clarify areas where strategic changes will result in the greatest pay off
  4. emphasis areas where industry trends indicate the greatest significance as either opportunities or threats.
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