All industries operate within particular macroenvironments that need to be generally understood as they can constrain or encourage any particular industry activity. Almost all new ventures will operate within a single primary industry that has a unique competitive environment that affects the ability of businesses in the industry to earn profits. Some firms may also operate in other related industries with their different competitive environments. Understanding both the macroenvironment and the industry or industries in which a venture will operate is one of the first tasks of new venture creation.
Macroenvironmental analysis is a critical tool for new ventures aiming to navigate the complexities of the broader business landscape. This strategic approach involves examining the external forces that can influence a startup's success, including societal, economic, technological, environmental, and political factors. For new ventures, understanding these macroenvironmental elements is essential for identifying opportunities and potential threats in the market. By conducting a thorough macroenvironmental analysis, startups can anticipate changes, adapt to emerging trends, and make informed strategic decisions. This proactive approach helps new ventures build resilient strategies that can withstand the dynamic and often unpredictable nature of the external business environment, ultimately contributing to long-term success and competitive advantage.
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Some library resources allow you to search SIC and/or NAICS codes. It is very helpful to know what your industry code is before starting your research in the Library and government resources.
The International Classification of Industrial Statistics (ICIS), North American Industry Classification System (NAICS), and Standard Industrial Classification (SIC) are critical tools in the creation and development of new ventures. These systems are used to group/classify similar companies into industries for the purposes of collecting, analyzing, and publishing statistical data related to the U.S. business economy. While NAICS has "officially" replaced SIC, many business directories and databases still use one or both of the systems. Therefore, it is important to know about both SIC and NAICS.
About ICIS
The SIC system was originally developed in the 1930s and was last updated in 1987. It consists of four-digit numbers that apply to a company based on the type of products or services it produces.
NAICS CODES
The NAICS system was first released in 2002 and is currently in use. The NAICS employs six digits to allow for a more detailed system of industry classification.
Statista provides statistical data on many topics including media, business, politics, society, technology and education. Sources include market reports, trade publications, scientific journals, and government databases.
If looking for a specific industry, click the Reports dropdown menu, and choose Industry Reports.
Business Source Elite is our newest business database. It is a mostly full-text, major business resource which includes access to market research reports, company profiles, SWOT analyses and Harvard Business Review.
The advanced search page allows limiting by Publication Type, and for market research we suggest using the Industry Profile type.
ProQuest Central is our most popular business database. It includes a sub-collection called Business Market Research:
Business Market Research Collection (1986 - current): contains company, industry, economic and geopolitical market research Hoover's Company Profiles, OxResearch, and Snapshots.
If you are researching marketing or market shares, there are a few options in Advanced Search that might help you find what you are looking for.
Document Type allows you to limit your results to specific types of documents. We suggest checking these options for market research:
You can also search by company or NAICS code.