It is important for managers to draw industry boundaries in a way that enables them to understand the dynamics of competition.

Question

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By defining clear industry boundaries, managers can identify their competitors, relevant market trends, and customer needs. This understanding is crucial for making strategic decisions, identifying opportunities, and staying competitive in the market. Without a clear industry definition, managers may struggle to allocate resources effectively or assess the competitive landscape accurately.

It Is Important for Managers to Draw Industry Boundaries in a Way