Industry standards are the socially accepted standards for products and services and dictate what is and is not acceptable. Name Brands, such as Chick-Fil-A, Sephora, and Gucci, are what is popular with the majority of the population. These brands often have fairly priced products for the quality of their products. 

It is expected that a more expensive brand, or product, with a good reputation, would be of a higher quality than something that is known to be of lower quality. On occasion, however, celebrities or influencers will release products that do not live up to the advertisements and will receive heavy criticism. Criticism allows sellers to change their products to be of an acceptable standard but also allows them to turn a profit. 

Industry standards allow for customers to mix and match different products, and create competition with similar products. Peers and competitors can work together to ensure similar quality standards, and help reduce costs.

These standards represent the majority of what the general public is willing to pay for specific services and goods, allowing consumers and sellers to work together to inadvertently negotiate a fair market price for their products.