MKT 425 (Professor Elmer) Consulting Project Research Guide

Identify the Competitors: Competition can be found in the form of other companies operating in the same industry as the focal company. To determine the industry, industry classification systems such as the North American Industry Classification System (NACIS) exist to provide a standardized method of defining an industry. However, industry classification systems may not provide a sufficiently thorough industry definition for certain companies. This can occur because a firm may operate across multiple industries or it may serve a niche market that differs from the traditional industry definition. (source: CFI)

Some Questions to Investigate:

1. Who are your client's direct competitors?
2. Which are your client's established competitors? Which are new or emerging competitors?
3. What do the competitors offer that the client doesn't?
4. What are each of the competitors' biggest strengths?
5. What are each of the competitors' biggest weaknesses?
6. What strategies are the client's competitors using to gain customers?
7. Is there anything that the competitors are doing that the client cannot?
8. Is there anything that the client can do that their competitors cannot?
9. What audiences are the client's competitors targeting?
10. What sort of content is each competitor producing?
11. What sort of social media presence (or digital marketing strategy) does each competitor have?

Identifying Competitors:

• Client interviews for direct competitors
• Business directories such as Reference Solutions: search for companies in the same industry. 
• Online searches may identify random competitors.

Research Industry and Competiton:

• Industry Reports (often behind the paywall, Library provides access to IBISWorld and First Research Industry Profile)
• Reports or analyses from Trade Associations.
• Business news on industry trends (e.g. Wall Street Journal)

To find First Research Industry Profile, conduct Keyword searches at the public website of First Research Industry Profile, and retrieve the title or NAICS industry code of the report. Navigate Mergent Archive-> First Research, and copy/paste the NAICS code from the website to do the search, or browse the industry list to find the report title. Scroll to the right and see the PDF document for downloading. The Industry Report follows the following structure:

• Industry Overview
  • Competitive Landscape (competitive advantages)
  • Products, Operations & Technology
  • Sales & Marketing
  • Finance & Regulation
  • International Insights
• Quarterly Industry Update
• Industry Indicators
• Industry Forecast
• Industry Drivers
• Critical Issues
• Business Challenges
• Business Trends
• Industry Opportunities
• Executive Insight
• Call Prep Questions
• Financial Information
  • Company Benchmark Trends (Quick ratio, working capital turnover etc.)
  • Company Benchmark Information (income statement, balance sheet, financial ratios)
• Industry Website

Reference Solutions (formerly ReferenceUSA): Search millions of private and public businesses for information on the competition, business demographics, and target markets. Reference Solutions step-by-step guides, webinars, and training materials are available to help you better understand how to use the search features and produce a strategy at home, on the go, or at the Library.

Ask the Librarian to get a group access card or Get A Chester County Library Card of your own.

Reference Solutions Competitor Heat Map Example for Air Conditioning Contractors & Systems in Chester County: