Firstly, get a general feel.

•Identify companies and industry sectors which are of concern?
•How has the company performed in the last few years/ historically? Good, very good, bad, very bad or ugly.
•How has the company progressed over a span of time? Which successful or failed strategies has it adopted/followed?
•What are your primary assumptions of the critical issues and alternatives facing the company? Company information in tables, related readings and annexures help here.

Environment Analysis
What external environment factors help the company succeed or fail? How can this macro environment modify so as to provide opportunities or give rise to threats?

Competitive Environment
What is the nature/number of competitors (direct or indirect)? How do they react to the companies strategies related to marketing, product, service etc.

Internal Analysis
Which Strategic Resources help provide competitive advantages?