Introduction of Market Research Tools
What we will do in this 40 min session:
What you will learn in this session:
The purpose of this 40 min session is to introduce you to four powerful market research tools: IBISWorld, Mintel, Business Source Complete and Factiva. These are proprietary, licensed databases (paid for by the SCU Library) used by thousands of companies worldwide because they provide industry and market research that would otherwise take hundreds of hours to compile in-house. The reports and articles in these databases provide companies with huge amounts of information, data and analysis that helps them understand the markets they are interested in. These are sophisticated tools use by professionals and require some initial training to use efficiently and effectively.
The learning outcomes for this session are:
Why You Need to Know About These Tools
According to the Guidelines for Case Discussion (course syllabus p. 6) your analysis of each of the nine cases must include current data about a company and industry, including data such as market share, market growth rate, revenue, etc. Finding this data using reliable sources you find for free on the Internet would take hours - assuming you could find reliable sources in the first place. Fortunately, you do not have to do this because there are research companies that will do it for you ... for a price.
Just as importantly, for most of you your jobs will require you to do research and you need to know that there are tools available besides the Internet that will allow you to do good market research. You may encounter these very tools, or similar ones, in the workplace. Knowing how to use these tools is an asset and should be included in your resume under research skills.
Exercise 1: IBISWorld
IBISWorld contains standardize industry reports for over 700 industries and is an indispensable tool for gaining an overall picture of how an industry operates. Find industry reports by searching for a specific company (for example, "general motors"), by keyword(s) (for example, "automobiles"), or by NAICS code.
Use the keyword "casinos" to find the industry report on Casino Hotels in the US and find the following data:
Market growth rate
Three “major players” based on market share
Revenue growth beginning from the year 2006
Exercise 2: Mintel
Mintel provides market research reports consisting of market data and analysis, competitive intelligence and product intelligence gathered by Mintel analysts located around the world. Reports combine these elements in an expert synthesis that generates insight and recommendation rooted in highly reliable data and information.
Use the keyword "hotels" to find the report Hotels - US - October 2014 and find the following information in this report:
Exercise 3: Business Source Complete
Business Source Complete provides access to articles from thousands of scholarly journals, for example, the Journal of Marketing. But it provides much more than journal articles: it also provides SWOT analyzes, industry reports, company reports and much more.
Exercise 4: Factiva
Factiva provides millions of articles from tens of thousands of business and trade publications and newspapers, for example, the Wall Street Journal, Forbes, Fortune, Business Week, New York Times. It also provide company reports.
Use the keywords "iphone 7" AND marketing strateg*" (that is an asterisk on the end of the word) to find articles on this topic. The default date range is the last 3 months, you may change this if you wish.
Please contact me with any follow-up questions about session, or if you would like assistance with finding sources for your business research projects or if you have any questions about University Library resources or services.