Think tanks produce industry reports by conducting in-depth research on specific industries for their clients. These reports can be expensive but provide valuable information for companies looking to expand. Analysts use their knowledge and surveys to predict industry trends.
Everyone has heard the phrase “think tank,” but not everyone realizes what the people are doing there. As the name indicates, people who work in think tanks sit and think, mostly on topics relevant to their industrial or commercial clients. The primary product produced by a think tank or research organization is industry reports.
Industry reports can contain very detailed information about a particular industry, including the market and sales opportunities surrounding that industry and what the growth potential might be. It is standard procedure in business to research an industry thoroughly. Obviously, a team of people would spend a lot of time preparing such research. These research organizations and the reports they produce provide a useful shortcut to these activities.
A company considering expanding into a different area, for example, may rely heavily on industry reports to determine whether or not its plans are viable. Because the information contained in these industry reports is often very specialized and in-depth, it can be expensive, sometimes several thousand dollars. However, they present significant value to the customer by providing them with the valuable research information they need. Without the report, a company would have to spend a great deal of resources compiling the same information.
Research organizations employ analysts who prepare these reports for general consumption by their clients, although they can also create customized industry reports to meet the needs of just one individual client. The press is another major user of industry reports; analysts who create industry reports are often mentioned in related news articles.
When creating industry reports, analysts can rely on their individual knowledge of a particular industry, as well as the surveys they conduct. Analysts can personally interview hundreds of managers in a particular industry in order to spot trends and predict what that industry’s future might hold.
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