From the course: Building Business Acumen for Aspiring Professionals
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Analyze your company's industry
From the course: Building Business Acumen for Aspiring Professionals
Analyze your company's industry
When you start a new job, you'll hear a lot of talk about the company's industry. Your company is part of a complex network of organizations that exist to serve customers, sometimes working together and sometimes competing. In this lesson, I'll show you how competitors, suppliers and partners interact in an industry and why understanding these relationships is important to success in your new job. Let's start by understanding why industries exist. Industries form around customer needs, whether those customers are consumers or other companies that buy material or components to build a final product. Industries are grouped into broad sectors such as agriculture, manufacturing or services, and then subdivided into sub industries. One of the North American Industry Classification System’s 20 sectors is professional, scientific and technical services. I'll use that as an example. Under that grouping you'll find industries such as legal services, accounting services, architectural and…
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