MKTG 513: Pioneering Innovation: Industry
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 classification codes to find information on industries or sectors in many books, 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 also have their own classification systems.
Common Challenges & Research Strategies
- Issue #1: Information availability depends on the specific industry. Not every industry is covered in all databases. There may not be a report on an emerging or niche industry in any database. Reports found via Google may not be available through the Library.
- Strategy: Broaden your search (e.g., instead of the "buttons industry", find information on "clothing accessories") or look up information in related/competing industries. Think about your target customers and what else they may like to do then research that market (you will need to make some educated assumptions). Do article/Web search. Look up Form S-1 or 10K of a public company in the same industry.
- Issue #2: Different databases may call the same industry differently. Even NAICS codes can be different as they are assigned by the research firms that produced the reports/data.
- Strategy: Brainstorm synonyms, be flexible in your search, or search by company name (main players) or prominent brand names.
- Issue #3: Even on the same industry, numbers from different databases may not be the same, due to difference in scope, time period, source, or methodology.
- Strategy: Make sure you understand how a particular report defines the industry, and what the numbers mean (e.g., production vs. retail sales). Get information from a few different sources and come up with your own estimate.
- Issue #4: Most databases provide industry/market information on the national level rather than local.
- Strategy: Make educated assumptions, consult Census industry data by state, do article/Web search for info on local markets.
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".
Sizing the Market
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:
Select Reference Books on Specific Industries
Industry Profiles & Market Research Reports