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Apply the five forces model to the industry in which your company is based.  What does this model tell you about the nature of competition in the industry?
Identify changes taking place in the macro-environment that might have an impact, positive or negative, on the industry in which your company is based?  What are these changes, and how are they affecting the industry?
Identify strategic groups that might exist in the industry.  How does the intensity of competition differ across these strategic groups?
In what stage of life cycle is the industry in which your company is based?  What are the implications of this for the intensity of competition both now and in the future?