Industry Research

By: EconomyWatch   Date: 30 June 2010

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EconomyWatch

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Industry research is a vital tool for the survival of an industry in today's competition dominated market. Industry research is required to be carried out in order to increase sale of goods or products. Research pertaining to any industry encompasses the various means by which a company can enhance sales and retain the consumers. Industry research comprises of data related to growth, size, demarcations in the market and various other aspects. In addition, an industry research report also throws light on domestic and international markets in context related to industrial technology, information on patenting, Research and development, emerging technologies, industry trends, industry analysis, industry forecasts etc.,. In order to carry out a research, necessary data pertaining to the particular industry has to be gathered. Equal information is not always available owing to the differences in age, technological aspects, size etc., of a company within an industry.

Steps followed in industry research:

In order to carry out industry research, usually the following steps are followed in a majority of the cases.
  • Structure of the industry:
    This segment deals with the organizational structure of an industry. This part contains information on Standard Industrial Classification System or SIC. Explanations related to North American Industry Classification System or NAICS also finds place in this section of the industry research report. It only gives a generalized view and not any particular company.

  • Profile of the industry:
    This segment deals with the various industry trends and forecasts. Also included in this section is the profile of certain companies belonging to different industries.

  • Current developments in industries:
    Industry research report in this section highlights the industrial activities taking place in the industry currently. The industrial activities may include industrial snags, acquisitions, mergers, re structuring of industrial policies etc.,.Magazines, business journals, monthly articles are published pertaining to the same.

  • Statistical data of industries:
    Deals with statistical date relating to financial ratios, business ratios, importance of trade associations etc.,.The statistical data are obtained from various sources.




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