Discuss the factors affecting the industry such as product, technical innovation, regulation, economic cycles.

Other external factors can also affect an industry, such as product innovation and technical advancements, regulations, economic cycles, or other influences. Pricing strategies, availability of alternatives and product-related factors can influence the demand for products and services. Technological innovation is often the catalyst for changes to production processes, which can increase productivity as well as reduce costs. This in turn impacts competitiveness on the market. Regulations imposed by government or other entities can also limit certain activities and require companies to comply with certain standards, which may impact the operations of businesses.

The last factor to consider is economic cycles. They refer to major changes that occur in the global economy, such as recessions and inflation. This has a significant impact on businesses across industries. Businesses can minimize risk and remain profitable in times of economic uncertainty by considering these factors when making business decisions.