industry

(redirected from industrialisation)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia, Wikipedia.
Related to industrialisation: industrialization

Industry

The category describing a company's primary business activity. This category is usually determined by the largest portion of revenue.

Industry.

An industry is a subdivision of a market sector and includes companies producing the same or similar goods and services. These companies often compete with each other for customers and investors.

For example, within the consumer staples sector, companies that manufacture household appliances, such as dishwashers and refrigerators, are part of the same industry.

The fundamentals of any single company in an industry can be measured against the industry as a whole, revealing where the company stands in relation to its peers.

industry

a branch of commercial enterprise concerned with the output of related goods or services. For example, the beer/brewing industry might be defined as all those firms that produce bitter and mild ales, lagers, stouts and elders. However, beer production might be seen also as constituting part of a wider and bigger industry, the ‘alcoholic beverages industry'which includes the production of spirits and wines as well as beer. Thus, there are specification problems with respect to how widely or narrowly a particular industry is defined. Moreover, STANDARD INDUSTRIAL CLASSIFICATIONS typically group together products on the basis of their supply characteristics, such as the use of common raw materials and manufacturing processes. This may or may not coincide with how goods and services are grouped together to define MARKETS, which requires account to be taken also of how products are seen from the point of view of buyers (that is, their demand characteristics). Thus although men's and women's' shoes are produced using the same materials and manufacturing processes, and often by the same firms, they are not considered by buyers as close substitutes, and hence, from a MARKETING point of view, they must be treated as constituting separate markets. See STRUCTURE OF INDUSTRY.

industry

a group of related economic activities classified according to the type of good or service supplied. For example, the beer/brewing industry might be defined as all those firms that produce bitter and mild ales, lagers, stouts and ciders. However, beer production might be seen also as constituting part of a wider and bigger industry, the ‘alcoholic beverages industry’, which includes the production of spirits and wines as well as beer. Thus, there are specification problems with respect to how widely or narrowly a particular industry is defined. Moreover, INDUSTRIAL CLASSIFICATIONS typically group together products on the basis of their supply characteristics such as the use of common raw materials and manufacturing processes. This may or may not coincide with how goods and services are grouped together to define MARKETS, which requires account to be taken also of how products are seen from the point of view of buyers (that is, their demand characteristics). Thus, although men's and women's shoes are produced using the same materials and manufacturing processes, and often by the same firms, they are not considered by buyers as close substitutes, and hence, from a buyer's point of view, they must be treated as constituting separate markets.

Looked at dynamically, a typical industry will grow, reach maturity (see Fig. 158 (b) -PRODUCT LIFE CYCLE entry) and, in many cases, then decline (for example, the textile, coal and shipbuilding industries in the UK). See STRUCTURE OF INDUSTRY, CROSS-ELASTICITY OF DEMAND, MARKET STRUCTURE.

References in periodicals archive ?
He said, The PIEDMC CEO has also signed Memorandums of Understanding with Chambers of Commerce and Industry in Rahim Yar Khan, Vehari, Gujrat and Bahawalpur for industrialisation.
Our industrialisation strategy is designed with exactly this in mind as we recognise that skills and location are often intrinsically linked.
However, the continent has a dismal record on industrialisation.
We must also make sure that our industrialisation is not lop sided towards happening only in the urban areas.
To deliver quality architecture to the vast majority of people, the building industry should move to full industrialisation [2].
Hoshino attributes Mexico's shift from import substitution industrialisation (ISI) to neo-liberalism, and also to the economic crises of 1982, 1987, and 1994.
This consensus began to break down in the 1850s and 1860s as industrialisation took hold.
Vice Minister Xiangchen said there were several new measures that the Chinese government is finalising to further promote industrialisation and development of the African continent as a whole.
We find that historically, virtually no country becomes a high-income country without having a significant degree of industrialisation.
One does not have to be an economics genius to work out that indeed industrialisation offers the best prospects of sustained growth, job creation and improved standards of living.
Neither in China nor in Europe (vide some of the proto-industrialisation literature) did such growth necessarily contain within itself the seeds of industrialisation.
Industrialization and the Small Firm is about the role of small and medium enterprises (SMEs) in the industrialisation and economic development of developing countries.