industry


Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Idioms, Encyclopedia, Wikipedia.

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 classic literature ?
An oppressed class under the sway of the feudal nobility, an armed and self-governing association in the mediaeval commune; here independent urban republic (as in Italy and Germany), there taxable "third estate" of the monarchy (as in France), afterwards, in the period of manufacture proper, serving either the semi-feudal or the absolute monarchy as a counterpoise against the nobility, and, in fact, corner-stone of the great monarchies in general, the bourgeoisie has at last, since the establishment of Modern Industry and of the world-market, conquered for itself, in the modern representative State, exclusive political sway.
To the great chagrin of Reactionists, it has drawn from under the feet of industry the national ground on which it stood.
Subjection of Nature's forces to man, machinery, application of chemistry to industry and agriculture, steam-navigation, railways, electric telegraphs, clearing of whole continents for cultivation, canalisation of rivers, whole populations conjured out of the ground -- what earlier century had even a presentiment that such productive forces slumbered in the lap of social labour?
At a certain stage in the development of these means of production and of exchange, the conditions under which feudal society produced and exchanged, the feudal organisation of agriculture and manufacturing industry, in one word, the feudal relations of property became no longer compatible with the already developed productive forces; they became so many fetters.
For many a decade past the history of industry and commerce is but the history of the revolt of modern productive forces against modern conditions of production, against the property relations that are the conditions for the existence of the bourgeoisie and of its rule.
Modern industry has converted the little workshop of the patriarchal master into the great factory of the industrial capitalist.
The less the skill and exertion of strength implied in manual labour, in other words, the more modern industry becomes developed,the more is the labour of men superseded by that of women.
The lower strata of the middle class -- the small tradespeople, shopkeepers, retired tradesmen generally, the handicraftsmen and peasants -- all these sink gradually into the proletariat, partly because their diminutive capital does not suffice for the scale on which Modern Industry is carried on, and is swamped in the competition with the large capitalists, partly because their specialized skill is rendered worthless by the new methods of production.
But with the development of industry the proletariat not only increases in number; it becomes concentrated in greater masses, its strength grows, and it feels that strength more.
This union is helped on by the improved means of communication that are created by modern industry and that place the workers of different localities in contact with one another.
Further, as we have already seen, entire sections of the ruling classes are, by the advance of industry, precipitated into the proletariat, or are at least threatened in their conditions of existence.
It is true," cried Middleton; "we have wasted moments that are precious, and have the utmost need of industry.

Full browser ?