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Defining inter-and intra-industry heterogeneity is central to the study of industrial economics, sociology, and strategic management. It is fundamentally about understanding the structure and structuring of economic activities, at levels of input, process, and output, and has a wide range of implications, such as technological evolution, industry convergence, competition from expected and unexpected places, market creation, under-valuation and under-exploitation of resources, diversification and M&A, and misguided strategic decisions. In this panel symposium, we aim to stimulate a rich discussion regarding different perspectives on boundaries vs. relatedness within and among industries and markets. This heterogeneity has been defined through various terms, such as strategic groups, niches, segments, categories, or submarkets, and from the perspectives of a range of economic actors, including managers, entrepreneurs, customers, regulators, industry associations, consultants, media, equity analysts, etc. After briefly going over what we have learned so far on theories of intra and inter-industry heterogeneity, we will draw on these different research fields in order to bridge established theories in these fields, and aim to come up with a further research agenda to inform both of these fields in their shortcomings.