Define “Industry”, “Business” and “Sector”. How are these related?
A business is an organization where goods and services are exchanged for money. An industry is a category made of businesses that deal with the same or similar products or and services. For example, cell phone industry includes the different companies such as Apple, Samsung, Nokia, and so on, which deals with same phone product and services. These products and services serve the same purpose for customers. A sector consists of industries that are similar in what they produce and can be reliant on each other. Sectors within industries within businesses satisfy the customer’s needs through products and services. For example, the fashion sector which includes the clothing industry, color industry, footwear industry and accessories industry. Companies from different industries in a sector can become supplier to other needy companies. Companies from different industries in sector are rivals to each other as they produce the similar products.
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