In Practice, Drawing the Boundaries of Industries and Markets Is

Multiple Choice

In practice, drawing the boundaries of industries and markets is:

A) A matter of personal preference on behalf of top managers
B) Almost impossible to carry out with rigor because it requires many "rules of thumb" and approximations
C) Largely a matter of judgment and experience contingent on the purpose of the analysis
D) Critical to the output of the analysis and therefore should only be undertaken with the help of an academic or consultant