|This discussion is based on Case 7: Coach Inc. In 2012: Its Strategy in the “Accessible” Luxury Goods Market (page C-73), which students are required to read for Unit 3. Please select one of the following questions and respond according to the discussion participation guidelines. Your response must convey an understanding of the case as well as the ability to apply concepts covered in the assigned chapter readings. What are the defining characteristics of the luxury goods industry? What is competition like in the luxury goods industry? What competitive forces seem to have the greatest effect on industry attractiveness? What are the competitive weapons that rivals are using to try to outmaneuver one another in the marketplace? Is the pace of rivalry quickening and becoming more intense? Why or why not? What are the strengths and weaknesses of Coach Inc.? What competencies and capabilities does it have that its chief rivals don’t have? What new market opportunities does Coach have? What threats do you see to the company’s future well being? What recommendations would you make to Lew Frankfort to improve the company’s competitive position in the industry and its financial and market performance?