Hi, What is the difference between Industry and Market? Industry vs Market? What is a market industry? What are the 4 types of Industry?
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Difference Between Industry and Market
Whenever we talk about the business, the two most common terms pop-out are – ‘Industry’ and ‘market.’ The purpose of the industry is to fulfill market demand; if it is unable to satisfy market demands, it fails.
So, the market and industry are dependent on each other. But there is a clear difference between the two terms, and here we will understand both the terms and figure out the Difference Between Industry and Market.
The industry can be defined as the collection of firms, which are more or less similar to one another in terms of business operations conducted by them. The firms engaged in producing a similar type of products or services are altogether known as an industry. The number of firms functioning in any specific kind of industry may differ, as per the business or industry structure.
The market in simple words can be defined as the place where goods and services are purchased and sold. When talking about the business, the market is not just a place, but it is much more than that, as it refers to a system where buyers and sellers meet and interact to fix the price and decide the quality and quantity to be transacted.
The market’s presence may not be physical, and it is also not necessary that there should be an interaction between buyer and seller. A transaction can be done through phone, emails, online, or through dealers. The four major components of the market are – buyer, seller, commodity, and price.
Difference Between Industry and Market
The industry is nothing but a collection of a particular type of firm which is engaged in similar business activities. In contrast, the market is the medium where transactions of products and services are executed between buyers and sellers.