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What Is an Industry Development Plan?

Esther Ejim
Updated May 17, 2024
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An industry development plan refers to a constructive plan that is targeted toward the development of a particular identified industry. Considering the fact that there are many industries, the industry development plan would necessarily involve the selection of a particular type of industry and the conduct of an analysis of that particular industry with a view toward the identification of key issues and the proffering of solutions that will lead to a further development of the industry. After the areas have been identified and solutions for further development expanded, the whole procedure will be put together in such a way that it will serve as a master plan or blue print for the implementation of the development.

The first step in the creation of an industry development plan is for the originators of the plan to select the particular industry that will be developed. Assuming the industry under consideration is tourism, a comprehensive analysis of this industry will follow, leading to the identification of its key areas. The size of the industry will be assessed in its application to tourism, the scope of the development plan for it will have to be clearly defined. Questions must be answered, such as whether the scope of the tourism industrial development plan will be on a local, national or international level. Once this has been determined, the trends in the industry will have to be studied in relation to the manner in which they relate to the development, or lack of development, of the industry.

Other factors that will be studied include the different players in the industry, ranging from hotels to airlines and local souvenir shops. The dynamics of the relationship between sellers and the customers or consumers will also play a key role in the generation of an industry development plan. Once all of this has been concluded, the plan will propose ways in which the identified lapses in the industry under consideration can be fixed or improved upon. That may include a proposal for improvements in regulations guiding the activities in the industry and a better integration or cooperation between the different players in the industry toward the attainment of an improved industry. Another factor in the industry development plan would also include the addition of contingency plans or alternatives in case one set of parameters fails to pan out as expected.

About Mechanics is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Esther Ejim
By Esther Ejim
Esther Ejim, a visionary leader and humanitarian, uses her writing to promote positive change. As the founder and executive director of a charitable organization, she actively encourages the well-being of vulnerable populations through her compelling storytelling. Esther's writing draws from her diverse leadership roles, business experiences, and educational background, helping her to create impactful content.
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Esther Ejim
Esther Ejim
Esther Ejim, a visionary leader and humanitarian, uses her writing to promote positive change. As the founder and...
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