Industry+Overview+-+Grant

Industrial Overview

An industry is a group of buisnesses with a common interest, such as telecommunications, computers, retail, and grocery. Every buisness operates within an industry. To find opportunity in an industry you can start by looking at trends and patterns of change. A number of forces affect your ability to do buisness. By understanding these competitive forces can help plan a strategy to succeed. Also each industry has demographics or basic charcteristics. These include the number of companies, annual revenues, and average size of the companies by number of employees. One main characteristic is competition and you need market share which is a portion of the total sales generated bu all competing. To be competitive you must study the competition. Also you must understand the market positioning which is the act of indentifying a specific market niche for a product. One way to throughly understand the competition is the make a competitive grid which includes your competitive advantage. Threw all this you will be able to succeed in a certain industry by better understanding your competition and the target customers. There are four key industrial [|economic sectors]: the [|primary sector], largely raw material extraction industries such as [|mining] and [|farming]; the [|secondary sector], involving [|refining] and [|manufacturing]; the [|tertiary sector], which deals with services (such as [|law] and [|medicine]) and distribution of manufactured goods; and the [|quaternary sector], a relatively new type of knowledge industry focusing on technological [|research, design and development] such as computer programming, and biochemistry. A fifth [|quinary sector] has been proposed encompassing nonprofit activities. The economy is also broadly separated into [|public sector] and [|private sector], with industry generally categorized as private. Many developed countries (for example the UK, the U.S., and Canada) and many developing/semi-developed countries (People's Republic of China, India etc.) depend significantly on industry. Industries, the countries they reside in, and the economies of those countries are interlinked in a complex web of interdependence.