Legalization Of Marijuana  Introduction External Analysis aids a company in identifying threats a ...

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Legalization Of Marijuana  Introduction External Analysis aids a company in identifying threats and opportunities in the industry.All the concepts of industry life cycle and macroenvironments must be analyzed to identify environmental factors. Purpose The purpose of this exercise is to practice utilizing Porter’s Five Forces Model and the life cycle model of industry analysis. You will also identify relevant macro environment factors. You may also consider using the SWOT checklist table to identify some common environmental opportunities and threats. Instructions You live in Las Cruces, which legalized the sale of marijuana for recreational use. The change in laws has offered you an opportunity to open a business that sells marijuana and legal accessories. You have a group that is considering investment in your new company. They want to see that you understand an industry’s life cycle and that you have planned on how to manage your company as the industry moves through the Embryonic stage into the Growth stage. As one of the most crucial components of the business plan, your potential investors have requested an external analysis. Your external analysis aims to identify the opportunities and threats for this new industry and your new business.. Step 1: Create a company name and identify a short mission statement and your primary business goal. Step 2: Define the industry in which your proposed business will operate. Step 3: Identify potential market segments that will likely form in this industry. Further, the basic customer needs served by this industry and its segment must be identified. Step 4: Define the opportunities and challenges existing in the new New Mexico legalized recreational marijuana industry. Note: New Mexico legalized medical marijuana in 2021 and approved the Cannabis Regulation Act. Step 5: Identify the competitive forces operating in this embryonic industry. Step 6: Outline how you believe the competitive forces will change as the industry evolves to the growth stage. Step 7: Integrate the information from your analysis into a summary and make a recommendation on how: You      will overcome any barriers to entry into this industry You      will raise the entry barriers to this industry in order to reduce the      threat of new competition You      will modify the intensity of competition in the industry? Step 9: Prepare a PowerPoint. Include your decisions and the ethical considerations of operating within this industry