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Innovation and design - Capstone Project _Week 1 Discussion

Innovation and Design - Capstone Project _Week 1 Discussion

Q DQ 3. What is an industry? Why is it important to include an “industry analysis” in a business plan?

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An industry can be regarded as the production of related services or goods within an economy. The indicator of the industry relevant is the chief revenue source of a company or group. In simple words, an industry can be regarded as a group of companies which are associated on the basis of chief activities of business ("Industry", 2019).. The significance of an analysis of an industry in a business plan is stated as follows: ? It is an essential component of any investment which is wanted to be made by an individual.