What are the 5 steps in industry analysis

1. Define the industry/sector/subsector clearly. Apply model at right level. 2. ID the actors behind each of the 5 forces. Who are competitors, suppliers, buyers, substituters, complementers, potential entrants. 3. Determine the underlying factors and total strength of each force. 4. Assess attractiveness of the industry / or which parts are more attractive. / Which competitors are most powerful, ref the 5 forces. 5. Determine strategy (positioning and how-to-win actions) with reference to the 5 forces. What can you do to exploit weak forces, mitigate strong forces, change industry structure.