PEST Analysis, Competitive Analysis, Porter's Five Forces model provide insights into identifying external factors affecting an industry.
PEST Analysis is a tool used to identify external factors affecting an industry by analyzing Political, Economic, Social, and Technological factors. It helps in understanding the impact of these factors on business operations and strategy.
Competitive analysis is another crucial method to identify external factors. Examining the number, size, and quality of competitive firms in the target market provides insights into potential threats and opportunities.
Porter's Five Forces model is essential for analyzing industry profitability by evaluating the forces of threat of new entrants, bargaining power of buyers and suppliers, threat of substitutes, and competitive rivalry.
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