It is not critical to know what industry- and firm-specific factors affect a firm to understand its competitive position.

Question

Quizplus · Accepted Answer

Understanding industry- and firm-specific factors is crucial in assessing a firm's competitive position. These factors can include market size, competitors, regulatory environment, technological advancements, and financial performance, among others. Without studying these factors, one cannot fully understand a company's strengths or weaknesses in relation to its competitors.

It Is Not Critical to Know What Industry- and Firm-Specific