As an Amazon Associate I earn from qualifying purchases.

Industry Definition and Explanation PDF Download

Learn Industry definition in marketing with explanation to study “What is Industry”. Study industry explanation with marketing terms to review marketing course for online MBA programs.

Industry Definition:

  • A group of firms that offer a product or class of products that are close substitutes for one another.

    Principles of Marketing by Philip T. Kotler, Gary Armstrong



Industry Explanation:

Mechanical advertising regularly includes focused offering. This is where a buying association attempts to get products and enterprises from appropriate providers. Because of the high estimation of certain buys (for instance purchasing another PC framework, producing hardware, or redistributing a support contract) and the multifaceted nature of such buys, the acquiring association will look to get various offers from contending providers and pick the best advertising. A whole calling (vital acquisition) that incorporates tertiary preparing and capabilities has been worked around the way toward making significant buys. In light of the noteworthy estimation of numerous buys, issues of fidelity emerge. Associations look to guarantee that granting an agreement depends on "best fit" to the concurred criteria, and not gift, debasement, or ineptitude.

Keep Learning Marketing Explanations

What is Prospecting?

Prospecting is the initial phase in the business procedure, which comprises of recognizing potential clients, otherwise known as prospects. The ...

What is Customer Perceived Value?

It is a concept commonly used in marketing describes the satisfaction level of customer with a product or services provided ...

What is Warehouse Club?

It is a retail location where client can purchase products at the pace of distributor. Distribution center clubs are at ...

What is Sales Promotion?

A business amount is an objective deals reps are set for a particular period (month, quarter, year). Deals standards can ...

What is Marketing Control?

Advertising control is the way toward checking the proposed plans as they continue and altering where vital. In the event ...

What is Competitive Marketing Intelligence?

Competitive market intelligence describes that how companies gather and analyze information based on market survey. Information can be collected for ...