For all those people who are planning to build their own business. We must know how to classify what type of Industry our Business belong. But first of all let’s define the word “Industry”.
What do you mean by the word Industry?
Dictionary defines Industry as a commercial production and sale of Goods. A specific branch of manufacture and trade. The sector of an economy made up of manufacturing enterprises: government regulation of industry. A systematic work or labor. Trade or manufacture in general.
They also refer it to be the production side of business activity. It is a business activity, which is related to the raising, producing, processing or manufacturing products. The products are consumer’s goods as well as producer’s goods.
One of the best example of Consumer goods are goods, which are used finally by consumers are the following:
- Food grains,
- textiles,
- cosmetics,
- VCR, etc.
And these are the following examples of Producer’s Goods that are used by manufacturers for producing some other goods:
- Machinery
- Tools,
- Equipments,etc.
The market that represents the supply side of it was the expansion of trade and commerce depends on industrial growth.
On our Economic Sector. It composed of Three-Sector hypothesis.
- PRIMARY SECTOR : raw materials
- SECONDARY SECTOR : manufacturing
- TERTIARY SECTOR : services
- QUARTERNARY SECTOR : intellectual activities
- QUINARY SECTOR : decision-making
SECTORS BY OWNERSHIP
- Business Sector
- Private Sector
- Public Sector
- Voluntary Sector
TYPES OR CLASSIFICATIONS OF INDUSTRY SECTORS
There are various types of industries. These are mentioned as follows:
PRIMARY INDUSTRY
This is the Primary Sector of the economy. This type of industry are one of the most common Industry which concerns with the production of goods with the help of nature. It is a nature-oriented industry, whcih requires very little human effort.
- Agriculture Industry
- Farming Industry
- Forestry Industry
- Fishing Industry
- Mining Industry,
- Horticulture, etc.
- and extraction of Oil and Gas
MANUFACTURING INDUSTRY
For this type of Industry it is more engaged in transforming raw materials into finished product with the help of machines and manpower. The finished goods can be either consumer goods goods. Manufacturing is the production of merchandise for use or sale using labor and machines, tools, chemical and biological processing, or formulation. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale. Such finished goods may be used for manufacturing other, more complex products, such as:
- Textile Industry
- Chemical and Petroleum Industry,
- Sugar Industry,
- Paper Industry,
- Transportation Industry, etc.
SERVICE INDUSTRY
At present times this type of industry plays an important role in developing any nation. The main industries, which fall under this categories are:
- Hotel Industry
- Tourism Industry
- Entertainment, Arts and Recreation Industry,
- Financial services,
- Maid Service,
- Restaurants,
- Hospital occupations,
- Lawn care,
- Landscape and Gardening Services
- Tourism (Travel agencies)
- Advertising Services,
- Rental and Leasing services,
- Truck transportation,
- Messenger Services and Warehousing,
- Information Sector Services,
- Securities,
- Professional Services,
- Scientific and technical Services,
- Administrative ans Support Services,
- Waste management and Remediation,
- Health Care and Social Assistance
- Commodities and other Financial Investment services,
- Housekeeping, etc.
GENETIC INDUSTRY
Genetic industries are engaged in re-production and multiplication of certain spices of plants and animals with the object of sale. The main aim is to earn profit from such sale.
- Plant Nurseries,
- Cattle Rearing,
- Poultry,
- Cattle Breeding, etc.
EXTRACTIVE INDUSTRY
Extractive industry is concerned with extraction or drawing out goods from the soil, air or water. Generally products of extractive industries come in raw form and they are used by manufacturing and construction industries for producing finished products.
- Mining Industry,
- Coal Mineral,
- Oil industry,
- Iron ore,
- Extraction of timber and rubber from forests, etc.
CONSTRUCTION INDUSTRY
Construction industries take up the work of
- Construction of Buildings,
- Bridges,
- Roads,
- Dams,
- Canals, etc.
This industry is different from all other types of industry because in case of other industries goods can be produced at one place and sold at another place. But goods produced and sold by constructive industry are erected at one place.
In General, these are the following types of construction:
- Residential building construction
- light commercial construction
- Multi-family construction
- Health-Care Construction
- Environmental construction
- Industrial construction
- Commercial building construction
- Institutional construction
- Heavy civil construction
Each type of construction project requires a unique team to plan, design, construct and maintain the project.
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