Researching your competitors helps you understand the strengths and weaknesses of your idea. Use directories to identify competitors by industry, product line, etc. Find business environment risks and competitor strategies in corporate filings and annual reports and article databases. Explore patents to learn about competitors' products.
Top sources for company information are listed below. For more sources, consult the Company Research guide.
Investopedia.com defines market share as "the percentage of an industry or market's total sales that is earned by a particular company over a specified time period. ... This metric is used to give a general idea of the size of a company to its market and its competitors."
Market share information is not always readily available, especially for new products or emerging/niche industries. Combine a competitor's name or a comparable, established industry with the term market share in article databases, or check market research reports.
Knowing about your consumers is an important part of market research. You will want to research demographics (age, income, education), location, and behavioural information. You may use several kinds of sources, depending on your focus.
Top sources for Canadian and international consumer information are listed below. For more sources, refer to the Consumers page of the Industry & Market Research Guide.
For comprehensive, sector-specific industry & market research resources and strategies consult the following guides: