BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -An industry analysis consists of three major elements: the underlying forces at work in the industry; the overall attractiveness of the industry; and the critical factors that determine a company’s success within the industry.

Detailed explanation-2: -At the macro level, there are five factors – technological, social, macroeconomic, demographic, and governmental. When it comes to the competitiveness of the business environment, we can employ Porter’s five forces, along with life cycle and business cycle analyses, and the industry’s position on the experience curve.

Detailed explanation-3: -It involves five elements: competitive rivalry, new entrants, power of buyers, power of suppliers, and threat of substitutes.

Detailed explanation-4: -A competitive analysis should examine your competitors’ features, market share, pricing, marketing, differentiators, strengths, weaknesses, geography, culture and customer reviews. This article is for new and established small business owners who want to analyze their competition to improve their products or services.