Gerald is planning on setting up a burger joint in his hometown.He finds out the NAICS (North American Industry Classification System)code for his business.From this information, he is able to understand that his immediate area contains virtually no competitors and has the potential to do very well.In the context of the critical steps involved in conducting an external analysis, Gerald is ________.
A)starting to develop an understanding of his competitive advantage
B)drawing a set of competitive maps
C)defining the industry in which he is competing
D)examining and developing insights about substitutes

Question

Quizplus · Accepted Answer

Gerald is defining the industry in which he is competing by identifying the NAICS code for his business. This is the first critical step in conducting an external analysis. The other options are not relevant to the information given in the scenario.

Gerald Is Planning on Setting Up a Burger Joint in His