BA 311 Marketing Management: Industry
There are three main sources for industry information:
- Industry reports/profiles through Library databases: relatively comprehensive overview (e.g., size, forecast, main players, current issues). A very new or niche industry may not have a dedicated report.
- Industry associations: may provide unique data and analysis not available elsewhere and some information may be free on the website.
- General media: newspapers, business magazines, trade publications, industry blogs. Use them to be informed of current developments related to an industry. They are especially useful if one cannot find a dedicated industry report. Use library article databases or do a Google search.
Which industry does your company operate in?
Two tips on finding out what industry or industries a company operates in:
- Most library databases that provide Company Profiles will include the primary industry (and sometimes secondary industries) the company is in. For example, in Business Insights:
- In IBISWorld, type in your company's name (or a main player's name if your company doesn't yield good results) to find relevant industry information:
An industry association is established to advocate for the industry and associated companies. They collect and provide unique data/articles/reports. Sometimes these sources are on their websites for free.
To find the industry association websites:
- Do a Google search with keywords followed by "association".
- Industry profiles in library databases may have a section for related associations. For example, in the IBISWorld report, look under "About this Industry", then "Additional Resources".
If you don't find market share information in secondary sources such as databases and websites, you may calculate an estimated market share. Divide your company's sales (if your company has only one type of product) or your product's sales (if your company has multiple products) by industry revenue (available in the Economic Census) or industry profiles.
Industry Profiles & Market Research Reports
Market research reports databases like IBISWorld, Mintel, Passport, and Statista may have information on market size.
However, it's not always easy to find size information on a narrow/niche or emerging markets. When that happens, search for Business Source Premier and Nexis Uni to see if the info is mentioned in articles. Industry associations often provide estimates. Google is great at picking up news, blog posts, and press releases that may mention specific numbers.
You may also need to infer from broader market data and come up with your own estimates, esp. for new products/services that don't exist yet. Below are tutorials tutorials on how to size a market: