AREC 315 - Agribusiness Economics and Management

These strategies and resources may help you answer the following questions for your marketing plan:

• What is the nature of the industry? e.g., conduct an industry AND competitor analysis to assess the competitive environment, the growth trends and key driving forces of the industry, AREC 315 Business Plan Project Assignment Fall 2024 2/7 such as the demand and supply factors. Research and analyze both the national and local markets. [Ch.6]
• Use either SWOT analysis or the Porter Five Forces Model to assess the business, e.g., weaknesses and threats to address? Strengths and opportunities to capture? How will your business address them? [Ch.6]
• What are the competitive advantages of your business? How can your business survive in your industry? [Ch.6]

1. Think of keywords that you could use to describe your industry

Consider these industry characteristics as you develop your keywords: 

• Geographical focus
• Sub-industries (narrow) or sectors (broad)

2. Learn the industry's NAICS code (North American Industry Classification System)

You can search with this code as a keyword or filter in business databases to locate information specific to that industry. Learning how NAICS describes and situates the industry in its overall structure can also help you identify additional keywords to employ.

3. Create a search strategy

Review this search strategy tutorial for tips on developing a search strategy using Boolean operators.

Note: Some specialized business databases do not work well with this type of search, so be flexible. Alternate between trying a simple keyword and a Boolean search strategy and review the results to gauge which search worked better.

4. Use your search in library databases!

The steps below follow the search strategies outlined above. In this example, we will be researching animal feed stores in Arizona.

Step 1: Brainstorm search terms (synonyms, like terms):

• animal feed
• pet food stores
• farm supply
• ranch supply

Step 2: Find the NAICS Code

• In the top search box, type a keyword that describes your industry (e.g., animal feed retail).
• Browse the results to find the most relevant industry description.
  • If you do not get a match, follow the prompts to expand your search and browse the 2022 NAICS Structure (link provided in prompts that appear) for your closest match.
  • For our example we browsed until we found Pet and Pet Supply Retailers near the bottom of the NAICS table.
• Click the industry title to see its full definition, code, and related industries. This is a good place to gather more potential keywords.
• For our search our code is 459910 - Pet and Pet Supply Retailers.

Tip: If you’re not sure of the exact keyword or keep receiving zero results, use the “NAICS 2022 Code Drill-Down Table” to browse codes by sector.

Step 3: Search business databases:

EX1: IBISWorld:

• Search 1: animal feed. This search did not produce good results
• Search 2: Farm Supply. This produces better results, but only has a U.S. level report. This could still be a good starting point.
• Search 3 Pet Stores ​​​​​​. This yields a state-level report that can be combined with the information found in the farm supply report in search 2.

TIPS

• If your first search does not work, consider using the NAICS code or other keywords and phrases.
• Try using only one keyword or phrase at a time. Apply filters like country and report type to narrow results as needed.
• You will likely need to combine information from more than one report to gather all the information you need.
• To browse State Reports, go to the main ribbon of IBISWorld and open Products, then select State Industry Reports.

Now you try -- follow these steps to search for your own industry using the recommended resources below.

These databases are good places to start as you begin conducting industry research at a more regional or local level.

Still can't find what you need? Find more industry research databases and strategies on the business research guide. Keep in mind that other databases may only have data at the U.S. or global level.