what is a industry analysis and develop a strategy
Industry analysis as a tool to develop competitive strategy. Industry analysis enables a company to develop a competitive strategy that best defends against the competitive forces or influences them in its favour. 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: Highlight the companyâs critical strengths and weaknesses (SWOT analysis) Animate its position in the industry.
Full Answer. Industry analysis is one major element of a strategic analysis process. Industry includes an overall assessment of the sector in which the business operates. A movie rental store would evaluate the size of the movie rental market, current competitors, target markets and market trends.