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The course focuses on external analysis, helping students to understand and investigate environmental forces (with a focus on digitalization) and the strategic opportunities that they create. The course provides an overview of the theoretical and practical approaches to digitalization and industrial dynamics, expanding on the role of competition, institutional change, industry structure, regulation as well as the emergence and diffusion of digital technology. Towards the end of the course, all these complementary perspectives are woven together by only looking at various cases and empirical illustrations. **Connection to Research and Practice** The objective of the course is to give students tools to practically conduct external analysis to inform strategic decision-making. The course is grounded in the forefront of academic research on digitalization and industrial dynamics with many research papers as course literature. Reflection on the advancements of research and on how different theories both complement and substitute each other are integral parts of examination. The relevance of these theories is made visible through project work where students act as analysts, via a take home exam, presentations and guest lectures. During examination students are asked to apply what they have learnt and try to draw conclusions and come up with recommendations in various real-world situations.