Business Librarian
Introduction to Industry & Market Research
Industry and Market Research are distinct but connected components of product development and idea validation. In this phase of research, companies identify macro-level factors that impact their ability to enter a market through industry analysis and assess the needs and expectations of consumers through market research.
Industry Research looks at the broad environment in which a company operates, including the identification of major players and competitors, external trends that impact businesses within an industry and represent threats and opportunities for a business and its products or services.
Market Research focuses on the environment in which specific products and services are sold and purchased. This includes identifying the size of the market for a product or services, trends impacting that market, consumer behavior in the market, and the demographics, geographic location, and preferences and attitudes of consumers.
Market Research focuses on the environment in which specific products and services are sold and purchased. This includes identifying the size of the market for a product or services, trends impacting that market, consumer behavior in the market, and the demographics, geographic location, and preferences and attitudes of consumers.
- Industry Analysis: Overview & MethodsA short article from the Corporate Finance Institute defining industry analysis methods.
Industry Research Tools
Identify Your Industry
The North American Industry Classification System (NAICS) is the standard used by Federal agencies in Canada, Mexico and the United States to classify businesses based on their type of economic activity. NAICS codes are self-assigned by businesses.
Image Source: IBISWorld
FIND YOUR NAICS CODE: Search by keywords using the U.S. Census Bureau's NAICS Search
- IBISWorld This link opens in a new window
Provides in-depth analysis of over 700 U.S. industries at the national and state level. Global industry reports are particularly strong in the manufacturing sector.
- Trade Associations & PublicationsTrade associations and trade publications are sources of industry-specific insights and data that may be unavailable in other sources.
Market Research Tools
- Mintel Academic Access This link opens in a new window
Analyzes market drivers, sizes & trends, market segmentation, and consumer attitudes & purchasing habits for the US and European marketplaces. - Statista This link opens in a new window
Providing statistical data for over 170 industries in 50 countries. - Bizminer This link opens in a new window
Identify key financial indicators and major players and competitors within an industry and market area.
