Review questions Chapter 3. Analyzing an Industry 1. What step in the prescribed strategic management process includes analyzing an industry/ 2. What is economic context of strategic industry analyses? 3. What are four business planning situations when a formal strategic industry analysis is especially useful? 4. What is the definition of an industry? 5. How does a global industry differ from a multidomestic industry? 6. What are three approaches for defining the target industry for a strategic industry analysis? 7. What industry definition approach is especially useful for analyzing an industry in a regional markets or for analyzing new or emerging industries? 8. What is the objective of reviewing an industry's history? 9. What is the problem with only looking at the past five years of industry events and history? 10. What is a common framework for examining macro-environmental factors? 11. What is the first step in analyzing resource availability? 12. In a strategic industry analysis, why do managers need to be especially sensitive to customer needs and actions? 13. What is the final step in analyzing industry forces? 14. What competitors should managers be very aware of and knowledgeable about? 15. How does an oligopoly industry structure differ from monopolistic competition? 16. What is the purpose of evaluating successful and unsuccessful firms in the target industry? 17. What is a strategic group map? 18. What are examples of competitive strategy dimensions that are generally useful in constructing a strategic group map? 19.