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Why Is It Important for Firms to Analyze the Industry

question 65

Essay

Why is it important for firms to analyze the industry environment and how is Michael Porter's five forces model useful as an analytical tool.


Definitions:

Instructor Evaluation

A process of assessing the effectiveness, efficiency, and performance of educators by students or educational institutions.

Self-monitoring

The practice of paying close attention to one's own behavior and responses in different situations, often to improve or adjust them.

Spotlight Effect

Overestimating others’ noticing and evaluating our appearance, performance, and blunders (as if we presume a spotlight shines on us).

Self-serving Bias

A common tendency to attribute positive events to one's own character but attribute negative events to external factors.

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