Industry’s Dominant Economic Features

&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;92 -->&NewLine;<div class&equals;"quads-location quads-ad1" id&equals;"quads-ad1" style&equals;"float&colon;left&semi;margin&colon;0px 0px 0px 0&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;<p align&equals;"justify">Identification of industry&&num;8217&semi;s dominant economic features is very important for analyzing a company&&num;8217&semi;s industry&&num;8217&semi;s and competitive environment&period; It also provides an overview of the over all landscape of industry&period; So basically it helps the organization to know the different kind of strategic moves that industry members are likely to employ&period; Some of the important industry&&num;8217&semi;s dominant economic features are given below&period;<&sol;p>&NewLine;<h3>&&num;160&semi;<&sol;h3>&NewLine;<h3>Market size and growth rate<&sol;h3>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">Market size refers to the total number of firms operating in the industry&period; It is also important to know whether the industry is growing&comma; static or declining&period; It depends upon the position of industry in the business life cycle i&period;e&period; early development&comma; rapid growth&comma; early maturity&comma; maturity&comma; stagnation&comma; decline&period; <&sol;p>&NewLine;<h3>&&num;160&semi;<&sol;h3>&NewLine;<h3>Number of rivals<&sol;h3>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">Organizations should also know whether the industry contains too many small rivals or is it dominated by a few large firms&period; Similarly they should also know about the various development in the industry such as mergers and acquisitions etc&period; <&sol;p>&NewLine;<h3>&&num;160&semi;<&sol;h3>&NewLine;<h3>Scope of competitive rivalry<&sol;h3>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;92 -->&NewLine;<div class&equals;"quads-location quads-ad2" id&equals;"quads-ad2" style&equals;"float&colon;none&semi;margin&colon;0px 0 0px 0&semi;text-align&colon;center&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;<p align&equals;"justify">Scope of competitive rivalry is an important factor for the organizations to know about the level of competition&period; Industry members must know about the nature of future competition&period; For example if a company realizes that its future success depends upon diversification&comma; product development and market expansion&comma; then it must start planning from the very first day&period; <&sol;p>&NewLine;<h3>&&num;160&semi;<&sol;h3>&NewLine;<h3>Buyer needs and requirements<&sol;h3>&NewLine;<p> &&num;160&semi;&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;92 -->&NewLine;<div class&equals;"quads-location quads-ad3" id&equals;"quads-ad3" style&equals;"float&colon;none&semi;margin&colon;0px&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;