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INLab@HCC (Dale Mabry): Industry/Market Research

A guide to help you research your INLab topics.

Research your industry and markets

What is an industry analysis?

An industry analysis essentially describes your competitors. An industry is a group of business that make or sell similar products and services. Some key components of an industry analysis are:

  • Key players: Key companies or businesses in your industry. Which are the biggest ones? What are their major products and services? What are their business models?
  • Growth: Is your industry expanding or shrinking? In your business plan, consider including past sales data as well as predictions for the future.
  • Trends: What's trending in your industry? For example, the restaurant sector has trended towards more take-out and curbside pick-up. Another example is the book industry and the rise of e-readers and smartphones..
  • Competition: Who are your major competitors? Are they using strategies similar to yours? What sets you apart from them?

Source: Industry Research Versus Market Research from Bplans.

Web resources

Library databases 

May require an HCC log-in.

What is a market analysis?

A market analysis essentially describes who your customers are and how your company is going to meet their needs. Some key components of a market analysis are:

  • Size of the market: Different than the size of your industry, size of the market is how many potential customers you could have. You might consider everything from your total addressable market (TAM) to your share of the market (SOM).
  • Demographics: Who are your customers? Demographics are details about your target market's age, gender, educational level, occupation, etc.
  • Psychographics: Different than demographics, psychographics help explain your target market’s personality and lifestyle. How will your product fit into their lifestyle?
  • Geographics: Where are your customers? Are they in a specific city or other location? Are they in rural or urban areas?
  • Behaviors: How do your customers shop for and buy products like yours?
  • Trends: Are your customers changing their behavior? How will these trends impact your sales? 

Source: Industry Research Versus Market Research from Bplans.

Web resources

Library databases 

May require an HCC log-in.

Additional resources at other area libraries

Tampa Public and USF libraries also offer business, entrepreneurship, and finance research tools - refer to the Company Info page.

Credit

This page was inspired by Lakeland Library's research guide for Business.