Conducting an industry analysis involves several steps: - Research: Gather information from industry reports, market research, and news articles. - SWOT Analysis: Identify the strengths, weaknesses, opportunities, and threats within the industry. - Porterâs Five Forces: Analyze the competitive forces that shape the industry, including the threat of new entrants, bargaining power of suppliers and buyers, threat of substitute products, and industry rivalry. - Benchmarking: Compare your business performance against industry standards and best practices.