How to Do Industry Research
This guide was created to help students and others develop a strategy for doing industry research and to suggest some selected resources available at Conant Library and/or on the World Wide Web.
Companies do not operate in a vacuum; each is affected by conditions in its industry and the actions of its competitors. If you are writing a business plan, seeking employment, researching a particular company, or making a marketing, management, or investment decision, having an understanding of the related industry can be extremely important.
Research Strategy
In order to do a thorough analysis of an industry you will want to:
1. Identify Appropriate Classification Codes (SIC/NAICS)
2. Locate Industry Surveys and Overviews
4. Explore Industry Trade Associations' Websites
5. Find Current News and In-depth Articles About the Industry
Identify Appropriate Classification Codes (SIC/NAICS)
Classification code numbers are used by the government and many other resources to identify and organize information by industry. Since the 1930s, for example, the Federal government has classified manufacturing and service industries according to a Standard Industrial Classification (SIC) code number. In 1997, a North American Industrial Classification System (NAICS) was instituted so as to provide common industry definitions for Canada, Mexico, and the United States. Some databases (such as Business Source Elite) allow you to search for articles about companies and industries by NAICS numbers; other databases (such as General Business File) allow you to search for articles about companies and industries by SIC numbers. SIC codes are 4 digit codes, NAICS are six digits or more.
Use OSHA's Standard Industrial Classification (SIC) System Search at http://www.osha.gov/pls/imis/sicsearch.html and NAIC's search page at http://www.naics.com/search.htm to find the appropriate code(s) for your industry.
Locate Industry Surveys and Overviews
Encyclopedia of American Industries [REF HC 102 .E53 2008]
Includes brief reports on manufacturing industries as well as service and non-manufacturing industries in the United States. Each report includes a brief snapshot of the industry (recent developments, key players, etc.), as well as details on the structure and history of the industry and a short list of references for further reading. See also Encyclopedia of Global Industries [REF HD 2324 .E528 2007] and Encyclopedia of Emerging Industries [REF HC 102 .E54 2007].1
Standard & Poor's Industry Surveys from S&P NetAdvantage
Provides basic analyses of 30-40 major industries with many subject breakdowns within each industry. Each survey is divided into 2 sections; statistics and discussions on the industry. Analysis includes prospects, trends, problems, statistics, tables and charts, and comparisons. Statistical information includes sales, profit margin, P/E ratios, and capital expenditures. Indexed by industry and company name. To access, click on 'Industries' tab at top of NetAdvantage homepage and then use pull down menus.
Value Line Investment Survey (Available at Circulation Desk)
Provides financial data and business descriptions for 5000+ companies, with rankings on 5,000 stocks and analysts' commentaries and estimates on 1,700 stocks. Comes in three parts: Part I, the weekly Index is used to locate the page number of industry reports. Part II, Ratings and Reports examines companies by industry. The industry page that precedes reports on the stocks in that industry highlights current trends and offers forecasts. (Statistics in italics are estimates or forecasts.) Part III, Selections & Opinion, provides analysis of current economic conditions plus analyses and advice.
Industry Reports, Economic Census from American Factfinder [http://factfinder.census.gov/]
The Economic Census (from the U.S. Census Bureau) profiles American business every 5 years, from the national to the local level. Industry reports include: number of establishments sales, receipts, revenue, shipments, or business done, annual payroll, and number of employees. Reports are available in a form that can be manipulated from American Factfinder (Click on 'Data Sets' button on left side>>> select 1997 and 2002 Economic Census tab.)
Find Industry Statistics
Ratios [http://stocks.us.reuters.com/stocks/lookup.asp]
Use the search box to search for companies.
Industry Norms and Key Business Ratios [REF HF 5681 .R25 I521]
Arranged by SIC code, this reports 14 ratios for more than 800 SIC categories. Includes balance sheets and income statement ratios based on a sample of Dun & Bradstreet credit reports. Coverage includes previous year.
S & P NetAdvantage
See Above.
Almanac of Business & Industrial Financial Ratios. [REF HF 5681 .R25 A45 2006]
50 performance indicators for 192 industries. Provides competitive norms in actual dollar amounts, average operating costs in percent of net sales, and ratios (including quick and current)on an industry-wide basis. Also provides trends for each industry over a 10-year period. (Accompanying CD-ROM is available at Circulation Desk.)
Explore Industry Trade Associations' Websites
Every industry has one or more trade associations which undertake research and promotion for their membership. These associations can be great sources of data which can sometimes be found in their trade magazines and sometimes on their websites.
Encyclopedia of Associations [REF HS 17 .G334 2004]
Detailed information on thousands of associations and non-profit organizations organized in separate national and international and regional/state/local volumes. Often includes web addresses.
If you can't find an association name in this print resource names can sometimes be found by doing a Google search using the appropriate industry name and the words association or council.
Find Current News and In-Depth Articles About the Industry
To search for articles on current and recent news about your industry see,
Business Source Elite
Citation, abstract and full text coverage of scholarly business, management, marketing and economics journals. Also company profiles (including SWOT analysis). [Profiles are in PDF format, requiring Adobe Acrobat Reader.]
General Business File ASAP (1980 - present)
This indexes over 9,000 general business and finance magazines, trade journals, and local business journals, with full text for 460 titles. 'Company Profiles', a directory of 180,000 public and private companies, and over 50,000 investment reports are also included.
LexisNexis
Full-text coverage of business and financial news and analysis, company news, editorials, regular columns and special reports from national and international newspapers and trade magazines.
Wall Street Journal 1984-present.
Full-text coverage of business and financial news and analysis, company news, editorials, regular columns and special reports.
Forbes.com [http://www.forbes.com]
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