What is an industry?
In business, the term industry is used frequently, and it is important to understand what this term means when doing market research for your business. An industry is a broad grouping of businesses that operate in roughly the same product or service category. For example, fast food restaurants, bars, full service restaurants, food trucks, and hotels that serve food are all "sectors" of the overall restaurant industry. Even though all of these businesses are slightly different, they are competing with one another for prepared food expenditures, and they share common concerns, such as the changes in the price of produce or menu trends. The picture below is a snapshot of the overall restaurant industry in 2015 from a report from the "National Restaurant Association."
® 2012-2015 National Restaurant Association. All rights reserved.
What will researching my industry do for my business?
Understanding your industry can help you identify the trends affect your industry sector or your industry as a whole. This will allow you to adjust your business strategy to account for changes in regulation, technology, or consumer preferences.
Knowing your industry can help you network with other professionals in your industry and find all of the suppliers and service providers that your business may need by joining your industry associations or going to relevant trade shows.
Guides and Handouts to Finding and Using Industry Information