What is the first step in conducting an industry analysis?

5 Forces & VRIO Analysis

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Business
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University
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Hard
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1.
FLASHCARD QUESTION
Front
Back
Determine the industry
Answer explanation
2.
FLASHCARD QUESTION
Front
What is the second step in conducting an industry analysis?
Back
Establishing the nature and strength of the five forces
3.
FLASHCARD QUESTION
Front
What is the third step in conducting an industry analysis? Options: Identify drivers of industry change, Profit margins, Marketing strategies, Competitor weaknesses
Back
Identify drivers of industry change
4.
FLASHCARD QUESTION
Front
What is the fourth step in conducting an industry analysis?
Back
Synthesize to determine if it’s a good industry to be in
5.
FLASHCARD QUESTION
Front
What is the fifth step in conducting an industry analysis?
Back
Consider how the firm should compete
6.
FLASHCARD QUESTION
Front
What allows suppliers to exert bargaining power?
Back
Threatening to raise prices or reduce the quality of goods and services
7.
FLASHCARD QUESTION
Front
When do suppliers have high bargaining power? Options: When only a few firms dominate the industry, When buyers have high switching costs, When suppliers sell to several industries, All of the above
Back
When only a few firms dominate the industry
Answer explanation
Think Walmart
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