Introduction
Industry refers to the group of firms that produce similar or identical products. For example, film industry, tourism industry, food industry etc. On the other hand, market refers to a place that facilitates buyers and sellers to perform economic activities (buying and selling of goods and services).
Difference Between Industry And Market
The main dissimilarities or difference between industry and market can be studied as follows:
1. Meaning
Industry: It is a group of producers or companies that manufacture similar types of products.
Market: A place that offers varieties of products and services to the customers. It is a sum total of vendors and shoppers.
2. Types Of Goods
Industry: It deals with or produces similar or substitute goods only
Market: It deals with different varieties of goods and services
3. Physical Existence
Industry: Industries or manufacturing companies exist physically in a certain location.
Market: Market may exist physically like vegetable market, grocery shop, supermarket etc. and virtually like internet marketing and online shopping.
4. Competition
Industry: Competition exists among the producers
Market: Competition exists between different sellers and buyers.
5. Related To
Industry: It is related to production of goods
Market: It is related to exchange of goods and services
6. Technological Effect
Industry: It is highly affected by the change in technology
Market: It is less affected by the change in technology.
Industry Vs Market (Comparison Chart)
Basis | Industry | Market |
Introduction |
Group of manufacturing companies |
Place that offers goods and services to the final customers |
Types Of Goods |
Similar type |
Various types |
Physical Existence |
Yes |
May or may not be |
Competition |
Between producers |
Between sellers and buyers |
Related To |
Production |
Sellers and buyers |
Technological Effect |
High |
Less |
Distinction Between Industry And Market In Short
- Industry is a collection of firms that offer particular types of products or services. But market is a place that offer varieties of products /services to the buyers.
- Industry is related to production of similar types of goods. Market is related to selling of different types of goods/services.
- There is high technological effect in industry. But market is less affected by technological changes.
