The typical steps in Industry analysis
Define the relevant industry.
Identify the participants and segment them into groups, if appropriate: buyers and buyer groups, suppliers and supplier groups, competitors, substitutes, potential entrants.
Assess the underlying drivers of each competitive force to determine which forces are strong and which are weak and why.
Determine overall industry structure, and test the analysis for consistency: why is the level of profitabilioty what it is?, which are the controlling forces for profitability, is the industry analysis consistent with actual long-run profitability?, are more profitability players better positioned in relation to the five forces?
Analyze recent and likely future changes in each force, both positive and negative.
Identify aspects of industry structure that might be influenced by competitors, new entrants, or by your company.