The purpose of conducting an industry analysis is to generate insights that will suggest opportunities for the firm.

Question

Quizplus · Accepted Answer

The main purpose of conducting an industry analysis is to identify opportunities and threats that can impact the firm's performance and competitiveness. The analysis can help the firm to understand the market structure, key competitors, customer needs, trends, and other factors that can influence its strategic decisions and actions. By gaining insights from the industry analysis, the firm can identify potential areas for growth, innovation, and differentiation that can enhance its market position and profitability. Therefore, answer A is correct as conducting an industry analysis can suggest opportunities for the firm.

The Purpose of Conducting an Industry Analysis Is to Generate