Business: Industry Info

To understand a company an its competitors, you need to understand the industry of which it is a part. 

Getting started with industry research:

• Begin with an overview of the industry (market research, industry summaries)
• Look for articles on trends and industry forecasts
• Gather statistics from government agencies and trade associations
• Trade associations can be a source for additional information about an industry

Potential challenges of industry research:

• Each information tool uses its own industry groupings and covers different industries. Data from one source may not match another resource, both in terms of data and definition of an industry. 
• Small industries are often reported as part of larger industries in government data and other information sources. Look for targeted market research to address these markets
• Quality, availability and cost of association information varies widely. Some of it is only available to members, and some data can be free.
• Emerging industries can be difficult to research. Data may not be available and trends may not have been established.

Many business publications and databases use industry codes to organize data. American companies are grouped into industries according to their Standard Industrial Classification code (SIC), established by the Office of the Budget & Management (OMB). In 1997, OMB announced its decision to adopt the North American Industry Classification System (NAICS pronounced Nakes) as the industry classification system used by the statistical agencies of the United States.

Need help with your research? Chat live with a librarian 24 hours a day, 7 days a week with LRC Live.