BA 301 Research & Analysis of Business Problems: Industry Info
Research Tips
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?
Most library databases that provide Company Profiles will include the primary industry (and sometimes secondary industries) the company is in.
In Business Insights: scroll down a company profile to the industry section
In Mergent Online:
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:
Industry & Market Research Reports
- StatistaProvides statistics from over 18,000 free and proprietary sources on a wide range of topics such as business, media, and demographics.
- Business Insights: GlobalProvides company and industry profiles, including SWOT reports, market share reports, investment reports, articles, financials, and case studies.
- Business Source PremierProvides full text and citations to articles in various business publications; also includes company profiles, industry profiles, and country information.
- MintelMaintains market research reports and consumer demographic/lifestyle profiles covering U.S. and international marketplaces.
Industry/Trade Associations
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 the External Environment -> Assistance -> Non-government section.
Industry Classifications
Industry classification systems are created to promote data comparability. NAICS (current version) and SIC (older version) are the most widely used in the United States. You can search by codes to find information on industries or sectors in many databases and government websites. However, NAICS and SIC focus on broader industry activities and may not have a specific code for niche/emerging industries. Many databases (e.g., Hoover's) also have their own classification systems.
- NAICS (North American Industry Classification System)Standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. Updated every 5 years.
- SIC (Standard Industrial Classification)Older system (doesn't cover industries that emerged after 1987).