Understanding the nature and attractiveness of any opportunity requires an examination of the external environment, including the markets to be served and the industry of which the firm is a part. In turn, this examination involves a look at broad macro issues like environmental trends that are driving or constraining market demand and the structural characteristics of the industry as a whole, as well as specific aspects of the firm and what it brings to the party. It is also necessary to examine the management team that will be charged with implementing whatever marketing strategy is developed to determine if they have what it takes to get the job done. Chapter 3 provides a framework for examining these issues, and dramatizes how different the attractiveness of one’s market and one’s industry can be; an insight that is easily (and often) overlooked