What is the importance of correctly identifying and choosing a firm’s industries and markets

Assignment: Market Selection & Five Forces Strategy Tool Michael Porter, a world-renowned strategy professor at Harvard, recognizes five forces that form the profit-making potential of the average organization. Porter’s Five Forces Analysis allows organizations to more closely examine external forces that may impact profitability and that are closer to the specific organization. Taken together, the results of these analyses provide a comprehensive picture of the external environment of the organization. To prepare for this Assignment, review “Nokia and the Smartphone Industry” on page 22 of Dyer, Godfrey, Jensen, and Bryce (2016), and complete a personal version of the Rivalry Strategy Tool provided on page 41 of the text. Be sure to consider the potential impact of the Five Forces as a tool for shaping industry competition and strategy development. By Day 7 Submit a 3- to 5-page analysis of the influence of market selection in business strategy development. Your analysis should address the following: • What is the intensity of rivalry—high, medium, or low—within the smartphone manufacturing industry? Explain your answer using the Rivalry Strategy Tool. • What is the intensity of supplier power—high, medium, or low—within the smartphone industry? Explain your answer using the Rivalry Strategy Tool. • What is the importance of correctly identifying and choosing a firm’s industries and markets? Justify your answer with at least one example. • How does accounting for gaining and sustaining competitive advantage impact the success of business strategy development? Explain. Note: Be sure to use the APA Course Paper Template (6th ed.), found in this week’s Learning Resources, to complete this Assignment. Also, refer to the Week 3 Assignment Rubric for specific grading elements and criteria. Your Instructor will use this rubric to assess your work. Please Note: For each page of your paper, you must include a minimum of two APA-formatted scholarly citations. Submission and Grading Information To submit your completed Assignment for review and grading, do the following: • Please save your Assignment using the naming convention “WK3Assgn+last name+first initial.(extension)” as the name. • Click the Week 3 Assignment Rubric to review the Grading Criteria for the Assignment. • Click the Week 3 Assignment link. You will also be able to “View Rubric” for grading criteria from this area. • Next, from the Attach File area, click on the Browse My Computer button. Find the document you saved as “WK3Assgn+last name+first initial.(extension)” and click Open. • If applicable: From the Plagiarism Tools area, click the checkbox for I agree to submit my paper(s) to the Global Reference Database. • Click on the Submit button to complete your submission. Grading Criteria To access your rubric: Week 3 Assignment Rubric

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