Industry analysis involves reviewing the economic, political and market factors that influence the way the industry develops. Major factors can include the power wielded by suppliers and buyers, the condition of competitors, and the likelihood of new market entrants.
Such as when looking for land to build your company you must make sure you do and Industry Analysis, to be sure this is the kind of company you would like to enter into, make sure this is the type of work you can build a company in, are sales up, are sales down, can you make profit, can you hire employees.
You also will need to see how many other companies out there are like yours. This all goes into you industry analysis.
What does one do with the information? In other words how do the results of the analysis equate to strategy?