"Equity Investments": Introduction to Industry and Company Analysis
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Questions 1:
Unlike commercial industry classification systems, industry classification systems developed by governments most likely:
A 、are updated more frequently.
B 、are more transparent.
C、 include private companies.
Questions 2:
Which of the following statements concerning companies in different industry environments is most accurate?
A 、Companies in mature industries tend to focus on efficiency gains and gain market share through superior products.
B 、An industry’s experience curve declines with a decrease in the utilization of capital equipment and spreading overhead over a fewer number of units.
C、 Companies in fragmented industries would not be highly price competitive because they tend to think individualistically, making coordination difficult.
C is correct. Industry classification systems developed by governments do not distinguish between public and private companies, whereas commercial classification systems include only publicly traded organizations.
A is incorrect. Commercial industry classification systems are updated more frequently than government classification systems.
B is incorrect. Unlike commercial industry classification systems, most government classification systems do not disclose information about specific businesses
A is correct. Companies in mature industries are likely to pursue replacement demand rather than new buyers and are probably focused on extending successful product lines rather than introducing revolutionary new products. Therefore, they tend to focus on cost rationalization and efficiency gains rather than on taking a lot of market share. Furthermore, companies with superior products or services are likely to gain market share.
B is incorrect. An industry’s experience curve declines with an increase in the utilization of capital equipment and spreading overhead over a larger number of units.
C is incorrect. Companies in fragmented industries would be highly price competitive because they tend to think individualistically making coordination difficult.
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