Before exploring our e-databases it is important to know in general something about what an industry is and some factors essential to analysis.
What is an industry ???
Business entities are wide-spread, numerous, and range from a "mom & pop" pizza shop to a large corporation or manufacturer; they are easily recognizable by name or what they do. Such businesses are of many sizes, formats (companies, proprietorship, public, private, corporations), and satisfy many consumer needs and wants.
But what is meant by an industry? Likely definitions or explanations are many and varied; in essence, an industry is a broader, higher contextual framework of categories in which to look at a company or business in terms of what they are about and their role in a society.
One explanation of an industry offered by the International Encyclopedia of the Social Sciences (2008), [v.3, p 622] is: "Industry refers to the organization of an economy around a particular set of products or related activities. For practical purposes, researchers may wish to compare the structures of different product or country markets either simultaneously or over a defined time period."
Key to any company's (or any business entity's) long-term survival is that of understanding its standing relative to its like peers that offer similar products or services. Industry analysis is a proactive commitment to identifying and understanding multiple forces [i.e., labor, political/legal, resources inputs, consumer demand, etc.] at play in a business environment, and it is also an important tool of effective strategic planning. Business endeavors, to be competitive, continually respond to threats and opportunities and yet refine/develop unique capabilities and offerings for competitive advantage and long-term survival.
What about Industry Size and Type???
Prior to starting research, think about an industry you've identified; factors of type and/or size; competitive dynamics; and how much information you'll likely find. For some areas you might have some general ideas; other areas will be satisfied through investigation. Some findings might be surprising. Large or established industries [i.e., chemicals, telecommunications, pharmaceuticals] for example will be well researched, monitored and documented in business writing. In contrast, the amount of information for industries new, small, geographically focused, or niche specialized may be less voluminous or fragmented across standard business reporting sources. Other contextual factors to ponder might be:
Though the business world is clearly international there is varying coverage of information in terms of quality or depth about industries in other countries and as documented and reported in our business content sources. Coverage of U.S. Industry information will be more robust or consistent whereas needed international industry information maybe lacking or irrelevant and require more effort to obtain.
Industry Analysis using Classification Codes
Finding industry information is best accomplished by using one of two standard classification code number schemes, NAICS or SIC in your search to target a particular industry activity. Respectively they are: North American Industrial Classification System or Standard Industrial Classification both of which use defined code numbers to represent specific industries. Most industry data capturing and reporting resources use these schemes to track and compare industry performance within the U.S. economy. While our e-resources allow searching by industry keyword(s), the use of code numbers is the preferred search convention in business research/analysis and they are standard in terms of use in the real corporate world. Get "cozy" in understanding what they are about.
To learn more brief background about these codes and links to find them go to the appropriate tab found in this guide.