An industry other than the ones used in class: airlines, streaming services, cars, luxury clothing.
A specific company (American Airlines, Digital Ocean, Five Guys, etc.)
To work under the premise you are creating a new company in a specific industry for which you want to know how the environment looks like.
Once you have selected your approach, start researching the industry you selected.
Use Porter’s Five Forces to evaluate it
Is buyer power low or high?
Is supplier power low or high?
Which substitute products and services are perceived as threats?
Can new entrants easily enter the market?
What are the barriers to entry?
What is the level of rivalry among existing competitors?
What is your overall view of the industry?