The best approach for defining an industry is:
A)through the eyes of its customers.
B)through the eyes of its suppliers.
C)through the eyes of its competitors.
D)through the eyes of its investors.

Question

Quizplus · Accepted Answer

Defining an industry through the eyes of its customers is the best approach as it focuses on the demand side of the market rather than the supply side. Knowing the wants and needs of the customers helps in developing suitable products, services, and strategies to cater to their demands. It also aids in analyzing customer behavior, preferences, and trends, which are essential in identifying market opportunities and gaining a competitive advantage. Therefore, understanding the customers' perspective is crucial for any company's success, and it is the most relevant approach to defining an industry.

The Best Approach for Defining an Industry Is