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An industry is a grouping of firms at a particular stage or level in a marketing channel. An industry is composed of firms on only one side of a market, buyer or seller. The firms in a specific industry are rivals and competitive relationships exist among them.
An industry is the most detailed category available in the North American Industrial Classification System (NAICS) to describe business activities. NAICS provides hundreds of separate industry categories, unique categories that reflect different methods used to produce goods and services. Statistical agencies use industry categories to classify, collect, process, publish, and analyze business statistics. Concerns primarily engaged in the same kind of economic activity are classified in the same industry regardless of their types of ownership (such as sole proprietorship, partnership or corporation).
A basic category of business activity. The term industry is sometimes used to describe a specific business activity (e.g. semiconductor manufacturing) or a more generic business activity (e.g. production of consumer durables). If a company participates in multiple business activities, it is usually considered to be in the industry in which most of its revenues are derived.
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