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There are a number of marketing tools that are used to analyze the overall industry and its competitive trends. The basic tool used is environment analysis, that consists of analysis of the external and internal environment. PEST analysis is also an important tool for industry analysis that deals with the political, Economic, Socio-cultural and Technological trends in the industry. In addition to that companies often indulge in SWOT analysis that analyzes their strengths, weaknesses, Opportunities and Threats in relation to those of competitors.
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