Answered By: Elizabeth Stephan Last Updated: May 16, 2017 Views: 183
Industry research is often tied to other business questions like company and financial research. Industry research gives you some context to a more specific question. In order to do research on a company, like Coca-Cola, you need to have information on the industry it operates in: soft-drinks. Two great places to go for industry info: Industry reports and trade journals.
Before getting started, find the Standard Industrial Classification (SIC) code and North American Industry Classification System (NAICS) code for your industry. SIC and NAICS codes are used by the US government to classify industry statistics, and they are used my numerous business resources to organizes reports, articles, and financial information. The SIC was replaced by NAICS in 1997, but many resources still use SIC codes. The best bet it to find both.
- SIC (Standard Industrial Classification)
- NAICS (North American Industry Classification System)
- SIC-NAICS Correspondence Table (1997 SIC-2002 NAICS)
We have several resources that provide industry reports and information. Some of these will cover smaller industries while others will cover broader industries--the best thing you can do is look at both as both will give you a slightly different perspective and a broader--or more specific--view of an industry.
IBISWorld: Contains marketing industry reports for more than 700 US industries. Search by industry keyword, company name, or NAICS. This short video will show you how to locate industry reports in IBISWorld.
Business Source Complete: Business Source contains industry reports for both US and international industries. This short video will show you how to locate industry reports in Business Source Complete.
While industry reports are the natural place to start, also search for articles from trade journals in Business Source Complete. Trade articles may give you some statistics you can't find in industry reports. Also, they are a great place to go when looking for information on smaller industries that aren't covered in some larger industry reports.
For more resources on industry or general business research, see the Business & Economics Research Guide: http://libguides.wwu.edu/business.