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 ?
8 billion industry actually stimulated nearly $90 billion of economic output in 2005, the latest year for which data are available.
I will also look at the evolution of the industry as a whole and what is going on in our customer base.
Because each Industry had its own separate management structure (up to and including an Industry Director), it was conceivable to have multiple lines of Industry management "touching" a single office.
Power producers face only local or regional competition, so they can pass higher compliance costs through to their customers while globally competitive industries, like the forest products industry, cannot.
metalcasting industry had 11 speakers (nine were representatives of AFS) provide statements on its behalf and three other representatives (including AFS President Chuck Kurtti) available to respond to questions before six commissioners of the ITC.
Traditional explanations for the consolidation of the defense industry based on decreased defense spending are not consistent with a long-term view of the industry.
STRIDE--Systems Targeting Resource Integration for Dairy Excellence--is designed to help the dairy industry avoid this path by proactively developing and implementing management systems that assure every business is consistently exceeding quality standards in the areas of animal health, animal welfare, food safety and the environment, which are all hot buttons targeting consumer confidence.
South Africa's forestry industry developed because the country has little in the way of natural indigenous timber reserves--just 1,158 square miles total.
Today, the Industry Specialization Program maintains these broad range goals.
However, its supremacy in the industry has been challenged by the rising power of several other Asian countries, which have received excellent government support in terms of policy.
The expansion and development of the industry beyond North America and Europe to Latin America.

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