A research process that provides the entrepreneur with key information about other firms in the same line of business as his or her,the current situation and trends is known as:
A) SWOT analysis.
B) VRIO analysis.
C) value chain analysis.
D) industry analysis.

Question

Quizplus · Accepted Answer

Industry analysis is the research process that provides entrepreneurs with information about other firms in the same line of business, the current situation, and trends. SWOT analysis is a framework for analyzing the strengths, weaknesses, opportunities, and threats of a company. VRIO analysis is a framework for analyzing the resources and capabilities of a company to determine its competitive advantage. Value chain analysis is used to identify the activities and processes within a company that add value to its final product or service. While all of these analyses are important for entrepreneurs, industry analysis is the best choice for the provided scenario.

A Research Process That Provides the Entrepreneur with Key Information