Question: Steps to undertake 5 forces analysis: Define: Define the relevant industry by both its product scope and geographic scope. Its useful to cite the relevant

Steps to undertake 5 forces analysis: Define: Define the relevant industry by both its product scope and geographic scope. It’s useful to cite the relevant NAICS (The North American Industry Classification System) Code. As you search the various databases, be sure to check the code and apply a consistent industry definition that corresponds to the NAICS code. This will help you specifically place rivals and substitutes. Identify: Identify the players constituting each of the five forces; where appropriate, segment them into groups. Assess: Assess the underlying drivers of each force. Which are strong? Which are weak? Why? Further, it is also important to step back and assess the overall industry structure. Which forces control profitability? Which firms are substantially more profitable than industry averages? Why?

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