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Insights into industry

October 22, 2020 by Harrison Kopp

Insights into industry

Looking around on social media, I’ve got the impression that the best and worst thing about university is that no one tells you what to do. That’s a bit of a misrepresentation though – assessment-wise, there’s plenty telling you what to do.

At a base level, uni students don’t really have any trouble knowing what’s expected. It’s step two that can occasionally leave you a bit confused. The groundwork for assessments can be where the most difficulty is found. Thankfully there are some really great resources out there that you’ll come across at uni. Some you might even delve into multiple times. Especially ones that give you an insight into your chosen field – enter IBISWorld.

What is IBISWorld?
IBISworld is a database that provides detailed reports on industries and the companies in those industries. It has an incredibly wide and comprehensive range of information.

Here’s a recent example of how I’ve used IBISworld:

An assessment in my Digital Marketing unit required us to create an e-marketing plan for our chosen company, Sanity Entertainment Pty Ltd. The e-marketing plan involved writing a section on both the company’s industry situation and their target market. IBISWorld had both, and more. Typing the company’s name into the search bar (or even just ‘Sanity’) spilled out loads of good company info, including company details and history, key personnel, financial information, and growth rates and their competitive environment.

You can also examine an industry. We’ll use Sanity for consistency. First of all, IBISWorld tells us that Sanity is a part of the cumbersomely-named DVD, Video Game and Recorded Music Retailing in Australia industry. Typing this industry name into IBISWorld’s search function yields an entire report on that industry. We’ve got the industry at a glance, its overall performance, the outlook, the products and markets, the competitive landscape and the major companies.

Half the references our assessment were from this database, and it’s not hard to see why. There is a wealth of valuable information available, it’s all in one place, it’s easy to find and understand to boot, and it’s always up-to-date. IBISWorld even has the latest impacts of COVID-19 on industries.

Don’t hesitate to give this database a look, it’s of value to any student. After all, if you’re at uni you’ll want to keep up with what’s happening in your field.

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