This document discusses strategies for competing in different types of industries. It describes fragmented industries as having many small companies and low barriers to entry. Strategies for fragmented industries include franchising and mergers. Embryonic and growth industries are in early stages of development and strategies depend on attracting different customer groups. Mature industries are consolidated with interdependent companies trying to manage competition. Declining industries have shrinking demand, so strategies include focusing on niche markets or harvesting cash flow. The nature of an industry and a company's capabilities determine the best strategic options.