Why Does External Analysis Usually Start with the Macro- Environment

Why does external analysis usually start with the macro- environment and proceed to industry analysis?

A) Because knowledge of the wider environment facilitates a more grounded interpretation of the operating environment as the wider context shaping the industry is understood better.
B) This is just a convention that has developed over time. It does not matter what order the analysis is done in.
C) Because managers know about the operating environment already but need to study those issues they do not interact with on a daily basis such as PEST factors.
D) Because it is important that the data on the operating environment data is very up- to- date so this should be collected last.