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Industry Analysis Strategy and Performance Iasp - 20-21
Industry Analysis Strategy and Performance Iasp - 20-21
PERFORMANCE [IASP]
Professor Ranjan Das
Professor of Strategy, Innovation, Entrepreneurship & Leadership
• 20 Years in Industry [pre and post PhD Program at IIMA]
• IIM Calcutta [ October 1994 onwards]
• The Strategy Academy [January 2008 onwards]
• UPH University – Jakarta [Visiting Sept 2014 - 16]
• IIM Ranchi [ Visiting: 2014-15]
• IIM Trichy [Visiting: 2014-17]
• Indian School of Business, Hyderabad [Visiting: 2008-09]
• Hong Kong University of Science and Technology, Hong Kong [Visiting: 2005-06]
The Strategy Academy
A Prof Ranjan Das Creation
Live the NOVELTY│ Feel the DIFFERENCE │Make an IMPACT
www.thestrategyacademy.org
M: 09830052722;
EMAIL: rdas@iimcal.ac.in ranjandas@thestrategyacademy.org
Future is NOW...Shape it
IASP: CONTEXT & SCOPE OF THE
COURSE
1. CONTEXT
• One part of IASP is an important part of
strategy development process [viz.
Industry and competitive analysis -ICA]
and it also examines strategic choices
made out of such analyses and their
impact on performance
2. SCOPE
• As described in the schedule of
sessions
INDUSTRY ANALYSIS, STRATEGY AND
PERFORMANCE [IASP]: Course Objectives
– To learn analytical frameworks and tools for analysing industry and
competition and understand how competitive forces shape industry
attractiveness
– To discuss how the general analytical frameworks and tools for analysing
industry and competition can be applied for understanding industry
attractiveness in different types of industry setting such as traditional brick
and mortar industries, global industries, information and information intensive
industries, converging industries and technology intensive industries
– To understand how does an industry evolve over time and strategic choices
available to a firm for exploiting industry context prevailing during different
stages of evolution
– To examine a variety of competitive choices available to a business, given its
unique industry and competitive context [such as those mentioned above]
and strategic resources at its disposal, to achieve sustainable competitive
advantage, earn above normal returns and attract high valuation
IASP: CONTEXT OF THE COURSE
STRATEGY PROCESS
• STRATEGY DEVELOPMENT PROCESS
•STRATEGIC ANALYSIS
•DEVELOPMENT OF STRATEGIC
OPTIONS, EVALUATION AND
CHOICE
• STRATEGY IMPLEMENTATION
IASP: CONTEXT OF THE COURSE
STRATEGIC ANALYSIS
• STRATEGY DEVELOPMENT PROCESS
• STRATEGIC ANALYSIS
» Political, Regulatory, Economic, Social,
Technological Analysis [PREST]
» Industry and Competitive Analysis [ICA]**
» Resources and Capability Analysis [RCA]
» Organization and Culture Analysis [OCA]
» Stakeholder Expectations Analysis [SEA]
** it is a part of IASP Course
IASP: CONTEXT OF THE COURSE
FROM STRATEGIC ANALYSIS TO GENERATION OF STRATEGIC
OPTIONS TO EVALUATION & CHOICE
Stakeholder
Political,
SEA Expectation
Organization &
Analysis
Regulatory, Culture Analysis
Economic, Social [GOALS]
Technological
Analysis
FOCUS AREA
PREST OCA
[O&T] [S&W] Evaluation of
STRATEGIC strategic
FOCUS OPTIONS options &
AREA
Resources &
choice
Capability
Analysis
Strategy
Industry & ICA RCA Implementation
Competitive INPUTS
Analysis
[O&T] [S&W]
Business and
Financial goals
IASP: SCOPE OF THE COURSE SESSION-
WISE DETAILS
Topic
No.
IASP : Context & Overview
4 Presentation – 2 : [a] Analysis of Competition, [b] Market Signals and Competitive moves
[Chapter 3, 4 and 5 of Michael Porter’s book]
Case -2 : Coke vs. Pepsi – 9-706-447
5 Presentation – 3: Read: [A] MAPPING YOUR COMPETITIVE POSITION [HBR NOV 2007], [B]
Competitive pressure system mapping and managing multi-market contact [SMR 091]
Case [Consumer Durable Industry]-3: Diaper War: Kimberly Clerk vs P&G 92M003
6 Presentation – 4: [a] Structural Analysis within industry [Chapter7 of Michael Porter’s book]
and [b] Achieving and sustaining superior profits 9-797-039 and [C] Impact of Industry and firm
factors on firm profitability [UV 1099]
Case-4: Global Aircraft Manufacturing , 2002-11 KEL938
7 • Presentation – 5 : [A] How industries Change - HBR Oct 2004 plus [B] industry Evolution [
Chapter 8 Porter book]
Case-5 How autonomous vehicles will change industries and strategies N1484-PDF-ENG
SESSION-WISE DETAILS
No. Topic
IASP -Global industries
8 Presentation – 6: [A] Globalization of companies and industries [BEP 040] & [B] Global
gamesmanship - [strategic interdependence of markets] – HBR MAY 2003 & [C] [Chapter 13 of
Michael Porter’s book
Case-6 : Global Oil and Gas Industry TB0443
Case -7: TCS – Globalization of IT Services IB-79
9 Presentation -7: [A] INTRODUCTION TO GLOBAL STRATEGY [9-706-448] & [B] The New Rules of
Globalization [January- February 2014]
Case-8: Methanex [commodity/ global industry] W13238
IASP- Information and Information Intensive Industries
10 Presentation -8 : Indian Information Technology Industry – Past, Present and Future [students
to do research and also use article/ links in the schedule] ]
Case [ITES industry] – 9-In Class Group work -1: Indian IT Services Industry –PG0003
11 Presentation - 9: Future of Commerce – 4 articles [1] The future of Shopping HBR Dec 2011 [2] Omni- channel
retailing H03D7A-PDF-ENG, [3] Welcome to the New World of Merchandising R0110K-PDF-ENG[4] Five rules for retailing
in recession R0904E-PDF-ENG
Case-10: – In Class Group work -2: Carrefour China HKU 670
SESSION-WISE DETAILS
No. Topic
IASP - Information and Information Intensive Industries
12 Presentation -10: Online retailers 9-801-306 [ based on 6 articles and links mentioned in the schedule ]
Case-11– In Class Group work -3: Amazon.com 9-809-014
13 Presentation -11: Financial Services Industry [student researched presentation plus article/ links in schedule]
Case-12 – In Class Group work -4:ICICI Bank’s Credit Card HKU 935
14 Presentation -12 : [1] PORTER - HOW SMART CONNECTED PRODUCT & IMPLICATIONS FOR STRATEGY ..HBR NOV
14 3] DIGITAL UBIQUITY - HBR NOV 14
Case:-13 Appirio: New Venture on a Cloud BAB 694
IASP - Converging Industries & Industries Subject To Network Effects
15 Presentation - 13: [1] Six converging digital technology trends - KPMG-NASSCOM Report & [2] Convergence in
communication and content– The Economist Intelligence Unit 2004
Case -14-In Class Group work -5: TiVO- 2007 9-708-401
16 Presentation - 14: [1]industry Convergence And Transformation Of Mobile Communication System Of
Innovation, [2] Strategic management in Converging Industries [Research paper 1998] OR [3] Implication of
digital convergence on strategic management [research paper ]
Case -15-In Class Group work -6: iPod vs. Cell Phone – 9-707-419
17 • Presentation 15: Media convergence and business ecosystem, Global Media Journal, Fall 2011, vol 11, issue 19
Case-16 In Class Group work -7: Microsoft Search 709-461
SESSION-WISE DETAILS
No. Topic
IASP - Technology Intensive industries
18 Presentation – 16 : Group 9: Competency Destroying Technology Transition
CASE-17: Apple 2012 [ 9-712-490]
Case-18- In Class Group work -8: Sun Micro system 906M23
19 Case- 19- In Class Group work -9: Daktronics (A): Digital Signage industry
NA0232
20 Case -20-- In Class Group work -10: Intel Research 9-605-051
GROUPS: 2 TYPES
1. For Presentations: 16 PRESENTATIONS [16 groups – 1 presentation each ]
2. For In-Class Group work on cases [ 10 groups; all 10 groups will participate in 10 IN-CLASS
EXERCISES during specific sessions as indicated]
15 0338/56 D V MADHUMITHA 3
24 0441/56 MD NAZIMUDDIN 4
25 0239/56 YUGESH KUMAR 5
48 0050/56 ROHIT 8
49 0353/56 JAYESH K NEWAL 9
95 0446/56 N VIGNESH 16
96 0126/56 NIKITA 16
97 0422/56 HANURAM T 16
1 0311/56 SRISHTI A
33 0338/56 D V MADHUMITHA D
59 0446/56 N VIGNESH F
60 0275/56 KAVERI RAKESH SHARMA G
73 0050/56 ROHIT H
78 0126/56 NIKITA H
79 0422/56 HANURAM T H
80 0121/56 MADARAM NIKHIL CHAITANYA I
81 0441/56 MD NAZIMUDDIN I
1. 5 forces - https://www.youtube.com/watch?v=XCWHSeDU-zk
[1.5]
2. 5 forces – how it shapes industry profits [with airlines ind as
example] https://www.youtube.com/watch?v=tRKl1QP-654
3. DO – Pharma example [ 2.02 mins]
https://www.youtube.com/watch?v=IhEsjpd5sT0
4. Do-pay tv https://www.youtube.com/watch?v=KRUJ8sPR5ZE
2.55
5. 5 forces – Netflix
https://www.youtube.com/watch?v=KRUJ8sPR5ZE [ 2.9 min]
Generic Competitive strategies
Competitive strategy :
• - Taking offensive or defensive action to create
defendable position in industry
• - To cope with 5 forces and yield superior ROI over
the years
Three Generic strategies ( Can be used alone or in
combination )
• Overall cost leadership
• Differentiation
• Focus
Combination of strategies is possible but
• Difficult to implement
• Potential risk of Dilution of objectives
VIDEO ON GENERIC COMP
STRATEGIES
• https://www.youtube.com/watch?v=inI47ezIL
oI brief overview of SCA and generic comp
strategy [2.58]
• Comp strategy -
https://www.youtube.com/watch?v=xUW6_N
be8d0 [2.5]
ANALYSIS OF
COMPETITION
ANALYSIS OF COMPETITION
Competition in an industry cannot be fully
appreciated by looking at the strategies of
individual players. Actions and relative power
of other 4 forces shape competitive dynamics
and firm level strategic choices
Developments in adjacent industries and
strategic choices made by customers,
suppliers, new entrants and companies
offering substitute products affect the rivalry
and relative power of various competitors
ANALYSIS OF COMPETITORS: KEY COMPONENTS
[ANALYSIS IS A MUST BEFORE DEVELOPMENT OF BUSINESS STRATEGY]
FUTURE
GOALS
COMPETITOR’S
CURRENT
RESPONSE ASSUMPTIONS
STRATEGY PROFILE
CAPABILITIES
ANALYSIS OF COMPETITORS: KEY COMPONENTS
[ANALYSIS IS A MUST BEFORE DEVELOPMENT OF BUSINESS STRATEGY]
58
Market Signals
Prerequisites for understanding market signals
62
Competitors Tactics Selected
Competitor have many feasible options
regarding prices and advertising levels, size of
capacity additions, specific product
characteristics
63
Divergence From Past Goals
Competitor’s move to shift from a well practiced
strategy of past
64
Divergence From Industry Precedent
Competitor’s move that diverges from
industry norms
65
Private Antitrust Suits
Mild Signal of displeasure/ delaying tactic
67
Competitive Moves
• Right competitive move:
– Outcome is quickly determined
– Outcome is skewed towards firm’s interests
Use of superior resources/capabilities
Competitors don’t retaliate heavily
• Types:
– Cooperative moves
– Non Threatening moves
– Threatening moves
– Defensive Moves
Commitment
• Competitors face uncertainty about a firm intention and
extent of its resources.
• Communicating commitment reduces this uncertainty
• Commitment that firm is unequivocally sticking with a move
its is making
• Commitment that a firm will retaliate and continue to
retaliate if a competitor makes a certain movies
• Commitment that a firm will take no action or forgo action
Communicating Commitment
• Building a credible commitment
– Mechanisms: Visible assets (e.g. strong
distribution network) & less visible assets
(un-introduced new product)
– Not only possess but also increase visibility
of assets.
Communicating Commitment
• Strong intention to carry out the commitment
– Pattern of consistent behaviors
– Show preparedness to retaliate
• Inability to withdraw
– Long term contracts and significant fixed cost
indicate embedded stakes
• Ability to detect compliance/non-compliance
COMPETITIVE THREATS AND OPTIONS
SUBSTITUTION – B&N SUBSTITUTED BY AMAZON
IMITATION – AMAZON ITSELF GETS ATTACKED BY
IMITATORS
POSSIBLE RESPONSES TO SUBSTITUTION:
▪ NO RESPONSE [extreme option]
▪ HARVESTING [extreme option]
▪ FIGHTING [remain focused and fight substitution ]
▪ SWITCHING [ exit from the present and switch to substitution]
▪ STRADDLING [ do both present and substitution]
▪ RECOMBINING [ do both but get the best practices and
resources from the present mode to substitution item]
COMPETITIVE THREATS AND OPTIONS
IMITATORS WILL HAVE TO OVERCOME ADVANTAGES OF THE
INCUMBENT:
Brand name
Ability to offer industry-first products
Superior infrastructure
Customer loyalty and retention
Entry barriers built by the incumbent such as long term contracts with
suppliers and customers
Access to privileged resources
Ability to reduce prices to stop imitators
Scale economies and economies of scope
Marketing spend
Tacit knowledge of the business
Ability to step up investments thereby making cost of imitation
higher
COMPETITIVE THREATS AND OPTIONS
• SOMETIMES, INCUMBENTS WHO MAY NOT BE
THAT MUCH AFECTED BY IMITATORS CAN
FACE PROBLEMS OF SUSTAINABILITY
RESULTING FROM:
• Substitution - threat of being displaced by different business
model rather than being imitated by look-alike imitators
• Hold up - diversion of value to complementors and business
associates and also key employees leaving the organization with
knowhow
• Slack – persistent sub optimization by employees who spend time
on issues not related to customer value creation
HOW DOES AN INDUSTRY EVOLVE? THINGS TO
UNDERSTAND
• Long term changes
• DEMOGRAPHICS,
• LIFESTYLE AND SOCIAL CONCERNS,
• TRENDS IN RELATION TO SHIFTS IN CUSTOMER
NEEDS
• EMERGENCE OF SUBSTITUTE AND
COMPLIMENTARY PRODUCTS
• Changes in adjacent industries/ buyer segments/
learning by buyers
HOW DOES AN INDUSTRY EVOLVE? THINGS TO
UNDERSTAND
• Reduction in uncertainty/ diffusion of proprietary knowledge
• Accumulation of experience
• Innovations across value network – product and process
• Changes in government policies
• Entry and exit
• NOTE: Definition of INDUSTRY DRIVERS that helps an industry grow or
decline
– Developments in an industry that trigger one or more of the following
three items at least in short and medium term:
• Change in basic need
• Need is same but the process of delivering the need has changed
• Need and process of delivering the need is same but cost of
delivered product or service has sharply got reduced due to
technological or process innovation
Key Relationships in Industry Evolution
Potential
Entrants
Firms Producing
Substitute Products
Firms can Influence Industry Structure
If ‘RIGHT’
choices are Success in
Strategic made, it will Achieving
Analysis of Sustainable
Choices – make the business
business Competitive
answers to business look and
context Advantage
Q1, 2 & 3 and perform financial
DIFFERENTLY goals
& SMARTLY
CHANGING
BUSINESS
CONTEXT
RE-INVENT RE-ENERGISE
OPERATIONAL CUSTOMER
EXCELEENCE INTIMACY
Dimensions of Competitive Strategy
[Come under the 3 questions]
Strategic dimensions Description
Specialization Focus on the width of its line, target customer segments and
geographic markets served
Push Vs. Pull Using distribution channels for sales or directly developing
brand identification with the end customer
Relationship w/ Parent Nature of relationship with parent firm influences the objectives
Company of the firm, resources available etc.
Height of
Mobility
Barriers
Vulnerability
to
substitutes
Strategic Groups and a Firm’s
Profitability: Three Dimensions
• COMMON INDUSTRY CHARACTERISTICS
• Industry wide elements of structure that determine the strength of 5
forces and that apply equally to all firms; some examples of such common
elements are: rate of industry growth, overall potential for product
differentiation, structure of supplier and customer industries, aspects of
technology etc
• CHARACTERISTICS OF THE SPECIFIC STRATEGIC GROUP
• Height of mobility barriers protecting the strategic group
• Bargaining power of the strategic group vs. suppliers and customers
• Vulnerability of the strategic groups to substitutes
• Exposure of the strategic group to rivalry from other strategic groups
• FIRM’S POSITION WITHIN THE STRATEGY GROUP
• See the next slide
PositionofofFirms
Position Firm within
withinthe
theStrategy
Strategy
Group
Group
• High Competition • If EOS causes cost
affects Profits to reduce, small
firms have lower
profit potential
Degree of Economy of
Competition Scale & Cost
Within position
Firms Within
Strategy Group
Ability to
implement Cost of Entry
its Strategy
• Manage operations • Easy availability of
[order to delivery] skills and resources
• Superior • Time of Entry
Technology/ R&D
Strategic Groups and Cost Position
• Low cost within group may be crucial but low
cost position overall not sustainable
• If the difference between low cost strategic
groups and those competing on other areas
(such as differentiation, technology) is not large
enough, consumers may switch to other strategic
group
• Relative cost position among groups is key
variable
SOME BROAD CONCLUSIONS
• Firm’s skills, resources and successful history determine its position
• Strategic group with high mobility barriers have high profit potential
• Existence of multiple strategic groups usually means that the forces of competitive
rivalry are not faced equally by all firms in the industry.
• More the number of strategic groups, more the diversity or asymmetry among firms in
the industry along such parameters as risk taking, time horizon, price levels, quality
levels and so on. These differences will complicate each firm’s understanding of other
firms’ intentions implying chances of repeated outbreaks of warfare.
• Four factors determine how strongly the strategic groups in the industry will interact
in competing for the customers:
– The market interdependence among groups, or to which their customer targets
overlap
– The product differentiation achieved by the groups
– The number of strategic groups and their relative sizes
– The strategic distance among groups, or the extent to which strategies diverge
Strategic Group As An Analytical Tool
• Assess the height and composition of mobility barriers
• Research and identify the mobility barriers that protect each distinct
strategic groups from attacks from other groups.
• Collate the threats to various strategic groups and try to figure out any
probable shifts in position among firms.
• Identify Marginal Groups who do not belong to any clearly defined
strategic groups and hence may need to think about either exit or enter
another group with supporting actions
• Chart the Directions of Strategic Movement- the map can give insights on
current direction of strategic moves by different firms and probable shifts
by each in the future; arrows can be used to show the general direction of
movement of a strategy group or specific firms within a strategic group
• Identify and Analyze Trends – for example, one can ask questions such as
future viability of some particular strategic groups, directions of
movement of firms of such groups in the future, will the relative gaps
along traditional strategic variables will diminish over time, etc; can help in
predicting future industry evolution.
STRATEGIC CHOICES
STRATEGIC CHOICES INVOLVE:
▪ Positioning, based on company’s capabilities,
that helps in defending against competitive
forces[ all 5 competitive forces]
▪ Influencing the balance of forces trough
offensive strategic moves thereby improving
company’s positioning
▪ Anticipating shift in factors underlying the 5
forces and responding to them ahead of
opponents
STRATEGIC CHOICES
• POSITIONING vis-à-vis current five forces
is the business model of the firm that
and reflects choices regarding:
• TARGET CUSTOMERS
• TARGET COMPETITION
• VALUE PROPOSITION
• VALUE DELIVERY MODEL
STRATEGIC CHOICES
• Objective of POSITIONING is to either
defend against competitive forces or find
position in the industry where the forces
are weakest.
• INFLUENCING goes beyond defending
and is offensive enough to alter the
relative power of 5 forces
STRATEGIC CHOICES
ANTICIPATING takes into account the future
changes in the power of 5 competitive forces
caused by developments in macro-economic
environment, technology, regulations, social
concerns, life style, innovations etc and their
impact on the future profit potential of the
industry [which can be very different from the
present one]
Such an anticipation goes beyond scenario
building and requires managers to build a Point
Of View [POV] on future industry evolution
STRATEGIC CHOICES
The key to survival and growth in an industry is to stake
a position that is less vulnerable to attack from head-to-
head opponents, whether established or new, and less
vulnerable to erosion from the direction of buyers,
suppliers and substitute goods
Establishing such a position can take many forms viz.:
▪ Building relationship with customers
▪ Product/service differentiation[either substantively
or psychologically]
▪ Integrating forward or backward
▪ Establishing technological leadership and so on
CONCLUDING REMARKS ON INDUSTRY
ANALYSIS AND COMPETITIVE ADVANTAGE
Industry economics and nature of competition
are influenced by the collective strengths of five
competitive forces
Development of sustainable competitive
advantage requires deep understanding of
industry and also the concept of customer value
and strategic options available to competitors
Sustainability of competitive advantage will
depend on uniqueness of positioning or
strategic posture that is ensured at any point of
time based on the underlying capabilities the
firm has put in place across the value network
INDUSTRY ANALYSIS REPORT
1. Definition of the industry selected [including subspaces] and logic used to
define the industry; specify other ways to define but not considered
2. History of development of the Industry as defined in 1 above
3. Regulatory and technological forces operating on the industry, pattern of
their past evolution and changes expected in the next 5 years
4. Analysis using Porter’s framework [during the year of analysis]
– Industry economics – Average of all industry players - EBITDA as % of
Sales, ROCE [ considering all players coming under industry definition]
– Bargaining power of suppliers [including consolidation of suppliers]
– Bargaining Power of Buyers [including customer buying processes,
consolidation of buyers, emergence of new channels of distribution
that are leading to re-segmentation of buyers and implications for
industry]
– Bargaining power of complements, considering value each
complement is brining to different players of the industry in terms of
creating competitive advantage
INDUSTRY ANALYSIS REPORT
4. Analysis using Porter’s framework [during year of analysis]
– Threat of Substitutes [to list important substitutes and their impact as already
visible]
– Industry Rivalry [to provide list of all possible players]
• Observations on intensity of industry-wide rivalry - covering impact on
prices, level of advertisement/ promotion, market share margins etc
• Generic competitive strategies – grouping of strategies made by different
players under 3 categories of generic strategies
• Strategy groups [identify at least 3 strategy groups] and mobility barriers
– Rivalry among competitors within each strategy group and also across
• Specific discussion on:
– Most Successful Companies and their strategy to deal with competitive
force [best 2]
– Least Successful companies and their strategy to deal with competitive
forces [worst 2]
– Any company or companies investing in areas that are likely to help
them build new capabilities or open new areas of value creation not
exploited till the year of analysis
INDUSTRY ANALYSIS REPORT
- Threat of New Entrants [to list type of organizations that are likely to
enter]
- Most Successful and unsuccessful Companies as on date and their
current strategies to respond to competitive forces
5. Analysis using Porter’s framework [subsections same as item 4]; time line
will be past 5 to 10 years; aim will be to identify key industry drivers that
shaped the industry evolution in the past till the year of analysis]
6. Analysis using Porter’s framework [subsections same as item 4]; time
line will be next 5 to 10 years; aim will be to identify key industry drivers
that will shape the future industry evolution particularly during the next
5 years beginning the year of analysis]
– Special focus on:
• Views on future industry drivers and pattern of industry evolution
as collectively held by most industry players & rationale thereof
• Any independent Point of View [POV] of any key player intending
to shape future industry evolution and rationale there of
INDUSTRY ANALYSIS REPORT
7. Strategic choices - during the next 5 years beginning the year of analysis -
in respect of following categories of companies:
- Which companies are likely to be most successful during the next 5 years and
what will be their future strategies for expansion and growth [ ref choice of
segments, segment—wise value propositions and segment—wise value
delivery model and possible organic/ inorganic growth model] to deal with
emerging nature of competitive forces ; to examine how the strategies likely
to be chosen by each will shape the future industry evolution or adapt to
future industry evolution or reserve the right to play in the future
– Which companies are likely to be least successful during the next 5 years and
why: what should be their strategies to survive and grow in the future
8. Analysis form Investors perspective (from fund manager's perspective on
the date of the report) - buy, hold, sell stocks in various types of
companies of the industry duly considering future industry evolution
during the next 5 years and relative strengths and preparedness of and
strategic choices made by [or likely to be made] different companies
9. References [detailed references will be needed]
CASE DISCUSSIONS
THAT FOCUSED ON:
• Brick and mortar industries
• Global industries
• Information and information intensive
industries
• Converging Industries & Industries Subject To
Network Effects
• Technology Intensive industries