industry

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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 ?
Agents and managers from LMSB's various Industries tended to be located together in cities where corresponding taxpayers had a strong presence; decisions on where to situate agents were heavily influenced by taxpayers' geographic distributions.
Industries include financial services, IT and human resources.
Like malleable iron, steel castings will become a niche product for heavy-duty industries like mining equipment and power generation.
Industries include automotive, computer technology arid telecommunications.
Metal industries and coal mining and production (Groups 10, 12, 14, 33 and 34).
This comprehensive, interdisciplinary conference is designed to address developments throughout the field of tire design, research and manufacturing in all allied industries, whether directly or indirectly involved in tiremaking.
Founded in 1989, the firm serves the automotive, food and consumer products industries.
During House deliberations, AFS wrote amendments and collaborated with the coke/coal industries in pressing for changes to the House Ways and Means package that modified coke provisions applicable to foundries.
Growth in the automation and electronics industry similarly influences other end-user industries such as consumer electronics and computers.
One of the largest and most developed industries in the world, the Japanese chemicals, materials, and foods industry has been aided by economic recovery and deregularization.
The evolution of technology in many other industries is dependent on development of specialty paper products.
While 12 diverse end-use industries consumed more than four billion pounds of polyurethanes last year, enduses within the construction, transportation and upholstered furnishings industries accounted for more than half of the total consumption, according to the findings of the 1994 Polyurethane End-Use Market Survey.

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