Mark is setting up his new business.He has defined the industry in which he is competing and has also defined his customers.In the context of conducting an external analysis, which of the following should be Mark's next step?
A)Mark should examine and develop insights about substitutes.
B)Mark should draw a set of competitive maps.
C)Mark should research the industry.
D)Mark should develop an understanding of his competitive advantage.

Question

Quizplus · Accepted Answer

The next step for Mark should be to research the industry he is competing in. This would involve understanding the market size, growth potential, major players, trends and drivers in the industry. This information would then assist him in identifying the opportunities and challenges in the industry and developing a strategy accordingly. Examining substitutes, drawing competitive maps, and developing an understanding of competitive advantage are steps that would come later in the analysis process.

Mark Is Setting Up His New Business