Introduction of Market Research Tools
What we will do in this session:
What you will learn in this session:
The purpose of this session is to introduce you to four powerful market research tools: IBISWorld, Mintel, Business Source Complete and Factiva. IBISWorld contains over 700 industry reports giving an overview of how an industry operates and who the major players. Mintel provides information about consumers. The information, statistics, data and analysis provided by these two databases for just one industry or product would take hundreds of hours to compile in-house These are sophisticated, licensed research tools use by thousands of companies worldwide and require some initial training to use efficiently and effectively.
By the end of this class you will know how to:
Why You Need to Know About These Tools
According to the Guidelines for Case Discussion (course syllabus p. 6) your group case discussion must include current data about a company and industry, including data such as market share, market growth rate, revenue, etc. Most of this information is not available for free using Google and the information that is available for free would take hours to compile. Fortunately, there are research companies that will do it for you ... for a price.
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 and who the major players in the industry are. 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 - July 2017 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 and Accommodations - US - May 2017 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 publications and newspapers, for example, the Wall Street Journal, Forbes, Fortune, Business Week, New York Times. It also provides company reports.
Use the keywords "iphone x" and "marketing strateg*" (put an asterisk on the end of "strateg") to find articles on this topic. The default date range is the last 3 months, you may change this if you wish.