What is the first step of an industry analysis?

A) assessing competitive forces in the industry
B) analyzing future changes in the industry
C) identifying standards of the industry
D) defining the industry

Competitive Forces

The external factors that affect a company's capability to compete in a market, including competitors, new entrants, substitute products, bargaining power of buyers, and suppliers.

Future Changes

Anticipated modifications or developments in a particular area or field over an upcoming period.

Standards of the Industry

Refers to the commonly accepted criteria, techniques, and practices that are used in a specific sector or industry.