“Industry”, “Business” and “Sector”.

  Define “Industry”, “Business” and “Sector”. How are these related? How can Porter’s five-forces model aid in strategic decision making? Describe how “Risk of Entry”, “Bargaining Power of Buyers”, “Bargaining Power of Suppliers”, and industry competition (“Threat of Substitutes”) affect the external threats a company faces. Provide examples of each. Describe the industry life cycle, what strategic groups are, and what mobility barriers are.