There are also many specialized terms used in IBISWorld. One term not defined in the glossary but heavily used in reports is sector. Take a look at this definition of sector from Investopedia.
From IBISWorld via and email exchange in Dec 2021: A sector can then be designated as either primary, secondary, tertiary or quaternary.
With each additional digit added to a NAICS code, the scope of the group of businesses narrows, leaving the most similar companies classified into industries with the longest codes. At the four-digit NAICS code level, companies receive the designation of industry group, which is subsequently further broken down into specific industries as additional fifth and sixth digits are added. An industry is the narrowest classification in NAICS and comprises companies operating in the same business sphere of the economy, with the most similar attributes.
People conduct business research for many reasons including personal interest, school projects, professional needs and sometimes simple curiosity. Most people have no experience doing business research and tend to rely on free web tools and basic searches.
Students at RIT have access to premium, fee-based business research tools with company profiles, market research, industry overviews and financials. Students at RIT also have access to an experienced business librarian who can coach business research skills, strategies and techniques. Learning which resources are appropriate for each project along with learning how to search and make the most of a resource takes practice and time.
Effective business research requires:
The library subscribes to a few of the premium resources available for market and industry research. You must access them through library links. A few things to keep in mind:
Note that different market research resources offered through the library cover different audiences and different geographies. For b2c use Mintel and Passport and the databases listed for b2b. For b2b use IBISWorld, NetAdvantage, Investext and First Research.
Market research is extremely expensive because of the expertise and time that goes into gathering, analyzing and presenting information. We buy access to a lot of research but not everything. You will discover on the web many other resources we cannot afford which is exactly the same situation that happens when running a business.
The library does not at this time subscribe to Statista or IbisWorld. These are two sources that many students find via Google searches due these vendors' excellent use of SEO. Try the products listed on this page instead.