An industry development plan involves selecting and analyzing a specific industry to identify key issues and offer solutions for further development. Factors such as industry size, scope, trends, and players are studied to propose ways to improve deficiencies and add contingency plans.
An industry development plan refers to a constructive plan aimed at developing a particular identified industry. Considering the fact that there are many industries, the industry development plan would necessarily involve selecting a particular type of industry and conducting an analysis of that particular industry in order to identify key issues and offer solutions that lead to further development of the sector. Once the areas have been identified and the solutions for further development have been scaled up, the entire procedure will be put together in such a way that it serves as a master plan or model for implementing the development.
The first step in creating an industry development plan is for the plan makers to select the particular industry that will be developed. Assuming that the sector under consideration is tourism, a comprehensive analysis of this sector 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 will need to be clearly defined. Questions need to be answered, such as whether the scope of the tourism industrial development plan will be local, national or international. Once this is determined, industry trends will need to be studied in relation to how they relate to the development, or non-development, of the industry.
Other factors that will be studied include the different players in the industry, ranging from hotels to airlines and local gift shops. The dynamics of the relationship between vendors and customers or consumers will also play a key role in generating an industry development plan. Once this is concluded, the plan will propose ways to correct or improve the deficiencies identified in the sector under consideration. This may include a proposal for better regulations that guide activities in the sector and better integration or cooperation between different sector actors towards achieving a better sector. Another factor in the industry development plan would also include adding contingency plans or alternatives in case a set of parameters does not resolve as expected.
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