What is the importance of correctly identifying and choosing a firm’s industries and markets?

Submit a 3- to 5-page analysis of the influence of market selection in business strategy development. Your analysis should address the following:

• What is the intensity of rivalry—high, medium, or low—within the smartphone manufacturing industry? Explain your answer using the Rivalry Strategy Tool.
• What is the intensity of supplier power—high, medium, or low—within the smartphone industry? Explain your answer using the Rivalry Strategy Tool.
• What is the importance of correctly identifying and choosing a firm’s industries and markets? Justify your answer with at least one example.
• How does accounting for gaining and sustaining competitive advantage impact the success of business strategy development? Explain.