ENI 3102: Product-Service Design for New Ventures.: Industry Research

Industries are classified into one or more classification systems. The two main classification systems are SIC and NAICS. Many business databases allow you to search by these codes, so it can be very helpful if you know how to find them. 

• North American Industry Classicication System (NAICS) this system is a newer expanded version of SIC that uses up to 6 digits. 
• Standard Industrial Classification (SIC) 4 digit classifcation standard that is used to classify industry areas. While it's older than NAICS, many agencies and databases still use this system.

Companies will be assigned more than one industry code if they are operating in more than one line of business. 

IBISWorld is our most comprehensive source of industry level data.  You can search for industry information by classification code, industry description or company name. 

It also includes "Business Environment Reports" that offer short summaries of data and analysis on over 250 economic drivers, categorized in seven “environments” that surround the economy.

Look for articles on your industry in some of our key business article databases.

Discover - As a high-concept pitch, Discover is the "Google search for library databases."  You will get a lot background articles about your business start-ups from databases with different disciplines. 

The amount of information that's available on any given industry will vary depending on the age and size of the industry, among other factors.

If you can't find information on your industry consider the following strategies:

• Try looking for a broader industry category. Sofware publishing instead of smartphone apps, for example.
• Look for information on related, or similar industries.
• Find out who the main companies are in your industry and base your analysis on that information.
• Combine information from multiple industries. This can be particularly helpful for younger, emerging industries such as e-book publishing.