![]() It provides knowledge about what trends are going on in the industry in terms of demand and supply, state of competition, future prospects, technological changes and other external factors that influence the industry. It is basically a market assessment tool that helps to know the competitive dynamics present in an industry (Corporate Finance Institute, 2019). ![]() ![]() before starting the business and during the business operations. This analysis can be done at any instant i.e. The major focus is to analyze the various economic pieces of marketplace which may help the company to acquire competitive advantage. Industry analysis can be understood as an activity performed by the business owners or managers to access the current business situations. In order to remove those limitation, Woolworths needs to focus on innovation and differentiation in its products. However, it is facing difficulties due to bargaining power of customers as there are some competitors that provides products at lower prices. Further, the five force analysis of Woolworths shows that it has relatively strong position in the market due to increased market share. There are various tools of industry analysis but Five force model is most famous as it explains the competitive advantage and disadvantage to the companies by analyzing five factors related to industry. The above analysis provides that every business needs to do industry analysis in order to know its current position and the future scenario. ![]()
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