Question

Briefly describe what is meant by the industrial market structure (IMS). Why is an understanding of the IMS so important for companies in their strategic management process

Answer 1

Answer is given below:

Step-by-step explanation:

• Industrial market structure is a systematic representation of different organization based on the level of competition for these products or services
• the nature and nature of these products or services in the market.
• Industry market is structured is important in a company's strategic management process for the following reasons

1. Clearly assess business objectives
2. Knowing how much competition there is in the market.
3. Get details of your competitor's business development.
4. Competing in the market