Term Paper on "American Industry"

Term Paper 5 pages (1606 words) Sources: 6

[EXCERPT] . . . .

American industry within the past two decades has been enormous. Three industries in particular have grown at an unprecedented pace due to both economic and social factors. These industries, the health care industry, food industry, and homebuilder industry, have all benefited from the economic prosperity experienced in this country as well as the advent of nontraditional technology that has both enhanced and enriched their respective companies. In the below analysis we will look into how each of these industries act and how tradeshows in particular function as a method for sales and marketing within each sector.

The healthcare industry is specifically centered on goods and services that deal with the prevention, treatment, and management of illness, as well as the preservation of mental and physical well being. The organized provision of such services is often referred to as a health care system. On the world stage, the healthcare industry is by far one of the fastest-growing sectors. On average, health care represents over 10% of the GDP, and health care at its root can form a fundamental part of a country's economy. In the United States in particular, healthcare in relations to all of the different hospitals, physicians, nursing practices, laboratories, pharmacies, and medical devices, helped to make up over than 15% of our annual GDP. The above statistics give a validation to the relative size of this industry. One reason for its tremendous growth is the increasingly more complex technological solutions for age old maladies. Over 20% of the drugs on market today have been discovered in the past two decades, primarily through commercialized ventures, as a result, the focus of drug development and overall health has pushed the healthcare industry to its pinnacle.

Growth within this particular sector has increased exponentially through several factors. First, governmental focus on healthcare development has increased to new levels within the past two decades. On the world stage this means that nationalized healthcare is a reality in many countries, especially within Europe. This national level focus to healthcare means that the entire industry has received substantially more funding and revenue as a result of government subsidizing. Even in the United States, where we lack a universal healthcare system, the approval of established Medicare and Medicaid law have dramatically improved the healthcare industry's revenue and profitability. Another factor has been the increase in innovation and technology. Development within the healthcare sector has been at an all time high. This technology increase has not been just within the pharmaceutical industry, but rather permeates in all aspects of the healthcare system which has made it much more streamlined and profitable. At the same time, another significant factor lies in the increased income of domestic and international communities. With overall global wealth on the rise, this means that people have more money and focus on improving their health to a higher level than before, as a result of this focus, we are seeing much more demand than in previous decades.

The distinctive quality of the healthcare sector is that it is a consistently profitable market, because it deals with an essential human need. Therefore the healthcare industry is one of few industries that do not experience severe losses or problems due to economic fluctuations. This is especially true because of the increased role of government within healthcare. In application to tradeshows, these become an excellent opportunity within the healthcare industry to exhibit and sell their wears. Tradeshows are effective within the healthcare industry for several reasons. First, new medical technology are extremely sophisticated and as a result, not easily explained in advertisements or indirect sales. Tradeshows offer healthcare professionals to actually see the product and thus through direct sales develop a greater understanding of how products can impact their particular needs. Another important reason is that cost factors are significantly less important within the healthcare industry, because healthcare professionals have access to large budgets. As a result, tradeshows have much larger probability of making a direct, on the spot, sale than many other industries because healthcare professionals are less concerned about price as they are about quality. The greatest risk in operating within the healthcare industry is in relation to its competition. There are so many different operators within this field that many times only entrenched market players have an opportunity, therefore new entrants must have a very cohesive strategy for market penetration.

The food industry differs significantly from the healthcare industry in how it operates, but at the same time still holds several key fundamental principles. The food industry consists of a very complex and global collection of businesses that combines to supply the world's food energy. The entirety of the food industry contains many different sectors and divisions, including regulatory agencies, educational institutions, R&D, manufacturing, agricultural branches, food processing companies, marketing agencies, etc. The importance of the food industry has meant that of all industries it is relatively consistent. Government subsidies and influence over this industry is particularly strong because it deals with the current status of the world's food supply. The modern food industry is the result of many changes within the past hundred years. Modern industrial growth centers on technology, as time progresses, less and less of the population is engaged in agriculture and technology has replaced most manpower in the operation of agriculture on the global scale. With each new technological introduction, the process of growth in agriculture increases. However, the food industry, unlike other sectors is carefully monitored by the government to neither grow significantly nor decline significantly; this is to ensure the general stability of food prices and worldwide food supply. The influence of national and international level policies means that this industry is heavily monitored and regulated. The relative size of this industry depends upon the country in question. Overtime, agriculture, which is the traditionally dominant economic sector, has shrunk in importance because of technological changes. In the United States is represents less than 8% of the total GDP.

In terms of tradeshows, the food industry is much less receptive than the healthcare sector, and in general has much less of an effect. This is because the majority of food industry operatives have been players within the market for an extremely long time. Therefore brand recognition along with government regulation makes it so that the introduction of certain products as well as the general access to certain products is just not formidable within this particular sector. Tradeshows, which have the purpose of attracting professionals to new products as a showcase, has less of an impact because food industry professionals are much more rigorous in their inspection and trust of particular brands. Furthermore, regulation standards on a global basis make the introduction of new developments much harder within this sector than sectors such as the healthcare industry. The particular risk within this sector is that entrance within the market is extremely hard, even with vast resources. Therefore the problem of regulatory agencies and the new entrant costs make the risks imposing.

The homebuilder industry has faced extreme expansion especially in the 1990s, the increase in overall wealth within the United States and on the world stage meant that housing services and homes built in the United States increased exponentially. This is especially evident in the amount of speculation investment in real estate of the past ten years. Of the national GDP, homebuilder industry can be attributed to almost 12%, which was significantly higher than a decade ago. The special characteristic of the homebuilder industry is that while it encompass many different areas of homebuilding, from actual construction, to marketing, management, insurance, etc. Overall it is extremely easy to enter into this particular sector. Government regulations are much less stringent within this sector than the above two industries as a result entry into the market is also significantly… READ MORE

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