What are Industry Reports ?

Everybody's heard the phrase "think tank," but not everyone realizes what people do there. As the name indicates, people who work at think tanks sit around and think, mostly about topics that are relevant to their industrial or commercial c lients. The main product a think tank, or research organization produces, are in dustry reports. Industry reports may contain very detailed information about a given industry in cluding the market and sales opportunities surrounding that industry and what th e growth potential may be. It's standard procedure in business to research an in dustry thoroughly. Obviously, it would take a team of people quite a long time t o prepare such research. These research organizations, and the reports they prod uce, provide a useful shortcut for these businesses. A company considering expanding into a different area, for example, may rely hea vily on industry reports to determine whether or not their plans are feasible. S ince the information contained in these industry reports are often very speciali zed and thorough, they may be expensive, costing sometimes several thousands of dollars. Nonetheless, they present a significant value to the client, since it p rovides them with the valuable research information they need. Without the repor t, a company would have to put a great deal of resources towrards compiling the same information. Research organizations employ analysts who prepare these reports for general con sumption by their clients, although they may also create customized industry rep orts to service the needs of only one individual client. The press is another la rge user of industry reports; analysts who create industry reports are often quo ted in related news articles. In creating industry reports, analysts may rely on their own individual knowledg e of a given industry, as well as surveys they conduct. Analysts may personally survey hundreds of managers in a particular industry in order to spot trends, an d predict what the future of that industry may hold.