To receive full credit, you must identify specific examples provided in the articles above or found in your own independent research. Select ONE of the prompts below and answer fully.

$1.$Discuss the impact of external factors on the vaping industry by conducting a PESTEL analysis. Highlight $3$ key factors that influence the industry's dynamics and identify which PESTEL components are represented. Do these examples represent threats or opportunities to the industry as a whole?

$2.$ Alternatively, explore the competitive forces within the vaping industry through Porter's Five Forces analysis. Analyze the bargaining power of buyers and suppliers, the threat of new entrants, the intensity of competitive rivalry, and the threat of substitute products. Overall, do you think this industry is favorable or unfavorable? Explain why.