While knowing a lot about the company you are applying to is key, you should also have an understanding of the industry(ies) in which the company operates. This will help you put the company into context.
Start by taking a look at industry reports for an overview, keep up with industry news, and learn about market share information (or what percentage of a specific market a company has).
Industry reports, available in databases, print resources, and websites, contain valuable analysis of an industry's operating conditions, driving forces, competitive landscapes, and more.
Be aware that many do not cover smaller niche industries and always check the date to see how current the information is.
Supplement these reports with information found in newspapers and trade publications.
Accompanying image is from the IBIS World database.
Finding up-to date industry information and news can be really important when working on research projects, networking, and job hunting. Use the following resources to help.
Many databases offer alert services. Look for any button or link that says alerts or save search or something similar. Most databases will first require you to sign up for a free account.
For further information about setting up alerts, RSS feeds, and other ways to get up-to-date company news more quickly, refer to the following guide.
Market share is the percentage of sales (by value or volume) that a brand or company has for a specific product or category.
Note: Market share calculations can range from specific products (i.e. Vanilla flavored ready to drink iced coffee) to extremely broad industries (i.e. food and beverage). Be sure you are aware of which industry segment(s) a report includes.
Above is an image from IBIS World (an industry database) that shows the market share of the Car and Automobile Manufacturing Industry report.
Often, when looking up market information in search engines like Google, you will find all sorts of reports. However, you'll also find that most of the reports cost hundreds-thousands of dollars to access. We typically do not have access to these types of reports at Pitt, but it can be helpful to read the table of contents or preview they provide to help steer you in the right direction for additional information.
