1. In this double-spaced paper, you will be conducting the equivalent of a situation analysis for this industry and will ultimately consider how you (the “product”) can best be positioned given the changing industry dynamics.

 Part 1- Industry Analysis: You should use the first few chapters of the book to guide you as to what important information to gather about your industry (see Chapters 2 & 3 in your book for how to conduct a proper environmental analysis). At the minimum, you should describe:

•   The state of the economy as related to the industry you have chosen. You should briefly comment on how the overall state and health of the economy might impact the health of industry you hope to get a job in.
•   You should consider whether changes in the political/legal environment might also impact this industry. Have there been any significant changes or are there any proposed regulatory changes that might impact this industry?
•   What technological changes or advancements pose a threat or opportunity to this industry? Is there anything that will really “shake up” the future of this industry?
•   What is the general competitive state of the industry? Who are the main competitors? What are the differences among the main competitors? Where is the most growth occurring?
•   As discussed in Ch. 2, it is very important to understand the characteristics of the society in which you will do business as well as the values and beliefs of the people who live in that society. What demographic or psychographic changes in the segments of customers for this industry are important? What changes, if any, do you expect because of a changing customer base? Based on the consumer segments in this industry and their changing demographics/psychographics, do you think there will be consistent demand for this industry? What facets of business might change because of changing consumers?
•   This part of your paper should be approximately 2-3 pages long and should include a summary table (counted as part of your 2-3 pages) where you clearly fit each of these major trends/findings into one of five elements of the external environment: technological environment, political/legal/regulatory environment, sociocultural environment, competitive environment, and economic environment.