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Industry Research Versus Market Research: What’s The Difference?

Writing a business plan? You’ll need to analyze your market and industry. But, what’s the difference between industry analysis and market analysis?

If you’re writing a business plan, you’ve probably encountered the sections for industry analysis and market analysis. These sections are where you present your research on your market and your industry, but they can be confusing. Lots of people aren’t sure what goes into each section and why they’re different.

An industry is a group of businesses that make or sell similar products and services. The easiest way to think about your industry is to think about who your competitors are. For example, if you’re starting a restaurant, your competition is other restaurants. So, you’re in the restaurant (or food service) industry.

An industry is a group of businesses that make or sell similar products and services. The easiest way to think about your industry is to think about who your competitors are. For example, if you’re starting a restaurant, your competition is other restaurants. So, you’re in the restaurant (or food service) industry.

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