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Why is identifying a company’s industry a tough call in many instances? What should you do...

Why is identifying a company’s industry a tough call in many instances? What should you do if your firm operates in more than one industry

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Answer #1

There are two ways a firm’s industry can be defined, either narrowly or broadly. There is the possibility that a firm may operate in more than one industries as well and in such cases, it's hard to find out what exact industry that company actually operates in.

If your firm operates in more than one industry, you should:

  1. Identify all the possible industries for the firm.
  2. Conduct an industry analysis for each of the possible industries which can go with the firm's business.
  3. Do a full analysis of the primary industry in which the firm operates.
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