STEP BY STEP PROCESS
1. Identify your industry.
(Keep in mind that some companies are involved in many industries).
2. Locate Industry Surveys, Overviews and Reports.
Industry Overviews - Use these sources to find information about a particular industry. Someone contemplating to purchase a fast-food franchise, for example, would need not only information about the financial well-being of the franchisor, but also information about the fast-food and restaurant industry in general. Depth of coverage for the sources below varies, but usually includes a review of the industry' past performance, a description of the current situation, and future projections.
3. Locate Leading Companies and their Competitors.
Use these sources to find who the industry leaders are. These databases will provide a list of leading companies and their competitors, worldwide company report, company ranking and market share.
4. Locate Demographic and Market Share Data and Other Industry Statistics
5. Porter's Five Competitive Forces.
The state of competition in an industry depends on five basic competitive forces - buyer power, supplier power, threats of new entrants, threats of substitute products or services, and rivalry among existing firms.
6. In-depth Articles about the Industry.
Articles published in leading business journals, magazines and newpapers provide additional sources of in-depth industry information. UCF Libraries subscribe to the following databases.
7. Industry Norms and Financial Ratios.
8. Industry Websites including Trade Associations.
Nearly every type of business has one or more trade or professional associations to promote its interests, share and collect information.