这道题的考点？

问题如下：

When conducting company analysis, which of the following is least relevant to determining a company’s business model?

选项：

A.

Company annual report describing the firm’s product lines

B.

Comments by management about competing products and substitutes

C.

Industry white papers regarding the company’s product pricing strategy

解释：

B is correct. Competing products and substitutes are analyzed in Porter’s Five Forces. This analysis is usually performed to better understand a company’s industry and its competitive positioning. Management comments are unlikely to guide the analyst to better understand the company’s business model.
A and C are incorrect, because both are relevant sources for an analyst in determining the company’s business model.