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Market and industry are economic terms that refer to two related concepts. Industry refers to aspects like services and goods, sources of raw materials, sources of labor, technology, machinery, people, and the companies that drive the industry. As such, the relationship between industry and market analysis is that the industry analysis is geared toward a study of the factors representing the industry, while the market analysis is a study of the market, which is an offshoot of the industry.
Without the industry, there can be no market. The people, companies, goods and services drive the industry, while the industry drives the market. When conducting an industry and market analysis, due consideration must be given to the people who comprise the market labor. The analysis must also include a careful study of the various companies that make up the industry. For instance, manufacturing and construction are industrial sectors on which an industrial analysis may be conducted. An analysis of the manufacturing industrial sector includes a study of the various segments that make up the sector, focusing on different types of manufacturing companies, products and the people who are responsible for manufacturing the products.
The study of the industry during an industry and market analysis also includes researching the working conditions and the use of technology to reduce labor costs. It should also focus on the different types of machinery used in the different manufacturing plants and the effect of the industry on the environment. An example of the way a manufacturing industry affects the environment can be seen in the pollution of the air and water through the discharge of various industrial wastes and as a result of the industrial manufacturing process.
The study of the market during an industry and market analysis includes a study of factors like the size of the market, the reach of the market, the various consumer demographics and their spending habits, the different types of government policies, and the manner in which such polices affect the various markets. The market analysis also includes a study of the driving force behind the spending habits of consumers, the effect of technology on the market, and the type of supply chain in place in the market. Another factor to be included in a market analysis is a study of the competition. This study includes aspects like the amount of competition, the strength of the competition, and the effect of the competition on the market.
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