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College of Management of Technology Master/Minor Program Chair MIR – Management of Network Industries Prof. Matthias Finger
It also offers an overview over the main concepts, tools, techniques, and methods allowing one to analyze industries or sectors, as well as to assess their evolution, their performance, and their dynamics. While the course focuses on the industry or the sector, the perspective of the course, i.e., the perspective from which industries and their evolution are being analyzed is the one of the firm and the managers of the firm. It is indeed important for managers to be able to assess the broader industry or sector in which they are operating or into which they plan to expand, as it is important to be able to assess the possible evolutions of these industries. In this sense, industry analysis constitutes the basic foundation of the firm’s competitive environment, its position within the industry, and its strategy.
Industry Analysis and Trends
Introduction
The globalization of formerly national economies, the pervasive role of the information and communication technologies, as well as the convergence of markets and sectors today affect most industries. Students of management of technology must understand how industries are structured, how they change, how they are affected by both technology and regulation, as well as how they interact with one another and evolve. In this context, industry analysis is about identifying the relevant environmental factors structuring an industry as well as about putting these factors into a logical framework. This will help one understand the market structure, the characteristics of an industry as defined by its degree and nature of competition, the various stakeholders, the benchmark firms, as well as how all this interacts and evolves.
Overview of content
In terms of content, the course will present the different approaches to industry analysis, as well as the different methodologies and tools which are generally used to perform such analyses. In this respect, Porter’s five forces framework, the techniques used to analyse competition, the environment, the value chain, and the strategic group, as well as other concepts and tools generally used to analyze industries will be presented. Furthermore, we will discuss future trends both from a theoretical as well as from a practical perspective. Particular attention will be paid to environmental changes and their subsequent impacts upon industry, such as regulatory and technological changes. Finally, we will also consider the issue of convergence across industries. The course is, in principle, open to all industries, but the cases presented will rather come from the infrastructures (communications, transport and logistics, energy), as well as from other regulated industries (such as pharmaceuticals, health and others more).
Course objectives
The purpose of this course is therefore to introduce the participants to the methods and approaches of analyzing industries and their trends. More precisely, the course will present and analyze different types of industries, discuss the question of business cycles, industry performance, industry evolution, as well as the influence of endogenous factors such as technology, economics (such as inflation, interest rates, labour markets, growth), public policies and regulation.
-- 2 -course, participants are expected to read one of them. • Bensoussan, B. & G. Fleisher (2003). Strategic and Competitive Analysis: Methods and Techniques for Analysing Business Competition. New Jersey: Prentice Hall. Grant, R. (2002). Contemporary Strategy Analysis: Concepts, Techniques, Applications. Fourth edition. Cambridge MA: Blackwell Business. Porter, M. E. (1980). Competitive strategy: Techniques for Analyzing industries and Competitors. New York: Free Press.
Course methodology and structure
The course takes place during thirteen sessions over a period of seven weeks. Each session is divided into two hours of lecture and one hour of group work/seminar, during which students will analyze and present the progress of their work. More precisely, the course is structured into five sections, preceded by an introductory session: • Sessions 2 to 4 will present the main tools for industry analysis as they can be found in the current literature, focusing, in particular, on an industry’s environment. Session 5 will then translate this analysis into a firm’s strategic and competitive behaviour. Sessions 6 to 8 will address the dynamics of industry development and present corresponding tools for analysis. Sessions 9 to 11, in turn, will analyze more precisely particular impacts upon industries, notably regulation and technology, as well as future issues (e.g., convergence). Finally, sessions 12 and 13 will be devoted to the students’ presentations.
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Course pedagogy and cases
While the course offers substantial conceptual input, the presentation of specific industries will be used by the Professor in order to illustrate the main concepts and approaches of industry analysis. At the beginning of the course, participants will be required to select a particular industry as the topic of their research. The gathering of data, the analysis and the presentation of the findings should reflect the overall application of the concepts and techniques needed to perform an accurate industry analysis presented in the course. The following industries are suggested, but the participants are free to propose other industries: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. The Banking industry The (re-)insurance industry The retail industry The Automotive industry The Food industry The Telecommunications industry The Pharmaceutical industry The Biotechnology industry The Energy industry (electricity, gas, oil) The transport industry (railways, public local transport, air transport) 11. The water industry (water distribution, sanitation, bottled water)
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Three guest speakers will provide their own perspectives stemming from the postal sector and the mobile telecommunications industry (Orange). The course will be taught on Thursdays (13h15 – 16h00) and Fridays (9h15 – 12h00) from March 16th to April 28th. Due to rescheduling, there will be classes on May 4th, May 11th, and June 1st.
Course readings
Students will be given one compulsory reading per session, as well as a detailed bibliography and useful websites on industry analysis. Below, please find a list of three relevant textbooks. During the seven weeks of this
-- 3 -12. The logistics industry (postal services, maritime freight, air freight, rail freight, etc.) 13. The audiovisual industry (radio, TV) 14. The consulting industry 15. Natural resources (wood, agricultural products, fisheries) 16. The higher education industry 17. The military industry
-- 4 -Structure by sessions The course is structured into 13 separate sessions, each of which is again subdivided into a 90’ lecture and a 45’ seminar. The lecture is given by the professor, while the seminar‘s purpose is to help participants to elaborate and apply the concepts of industry analysis. Session 1 – March 16th 2006, 13-16: Introductory lecture
Main session (90’) Introductory exercise and lecture: 1. Industry analysis, its history, its context 2. Why perform an industry analysis? 3. The course’s approach to industry analysis Definition of and agreement on the participants’ work No reading for the first session
Seminar (45’) Reading for this session
Additional readings: OECD (2004). Understanding Economic Growth: A Macro level, industry level and Firm Level perspective. Paris: OECD, pp.28-48. http://new.sourceoecd.org/vl=1486526/cl=26/nw=1/rpsv/ij/oecdthemes/99980088/v2004n3/s1/p1l Yuskavage, R. &. E. Strassner (2003). Gross Domestic Product by Industry for 1987-2000: New Estimates on the North American Industry Classification System (NACIS).8 pages. http://www.bea.doc.gov/bea/ARTICLES/2003/05May/0503GDPbyIndy.pdf
Session 2 – March 17th 2006, 9-12: Overview of Industries and Industry classifications
Main session (90’) 1. An overview of the various types of industries 2. Industry and sector classifications: presentation of taxonomies - Common classification: High and low tech industries - Innovation Literature: Technological regimes - International trade analysis: Factor intensities - Industrial performances - Qualification of competition Definition of students’ work; research approach and methodology Porter, M. (1980). Competitive strategy: Techniques for analyzing industries and competitor. New York: Wiley. Appendix B: ‘How to conduct an industry analysis’, pp.368-383
Seminar (45’) Readings for this session
Additional readings: Peneder, M. (2003). Industry Classifications: Aim, Scope, and Techniques, Journal of Industry, Competition and Trade, 3, March-June, pp.109-129. OECD (2001). Science, Technology, and Industry Scoreboard. Benchmarking Knowledge Based Economies. Paris: OECD, p.137.: ‘High tech lists by sectors’. Eurostat: Definition of the term ‘industry’ according to the European Union (RAMON) http://forum.europa.eu.int/irc/dsis/coded/info/data/coded/en/gl006879.htm http://europa.eu.int/comm/eurostat/ramon/search/index.cfm?TargetUrl=DSP_SEARCH_LABEL &table=N_STATMANUALS&nom=STATMANUAL&code=6000&IntPcElmtKey=4447284&I ntKey=4447285&IntCurrentPage=1 US Census Department: Examples of two US industry classifications: SIC, NAICS http://www.census.gov/
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Session 3 – March 23rd 2006, 13-16: Techniques to audit and to assess the macroeconomic environment
Main session (90) Identification of macro environmental influences: introduction to some techniques 1. The STEEP analysis 2. The PEST framework 3. Scenario analysis 4. BCG strategic Industry Matrix The electricity and gas industry (Finger) Fleischer, C. & B. and Bensoussan, B. (2002) Strategic and competitive analysis. Prentice Hall, Chap. 17: Macroenvironmental analysis (STEEP), pp. 269-283. Sanchez, R. & A. Heene (2004). The New Strategic Management: Organisation, Competition, Competence. New York: John Wiley, pp.123-132.
Seminar Reading for this session
Additional readings: Duncan, R.B. (1972). Characteristics of organizational environments and perceived environmental uncertainty, Administrative Science Quarterly, vol.17, No 3, pp.313-27. Eurostat yearbook 2004: http://epp.eurostat.cec.eu.int/portal/page?_pageid=1334,1457135,1334_1457140&_dad=portal&_ schema=PORTAL European structural indicators: http://epp.eurostat.cec.eu.int/portal/page?_pageid=1133,1406352,1133_1406373&_dad=portal&_ schema=PORTAL Shell International (2001) Energy needs, choices and possibilities: scenarios to 2050 http://shell.com/static/royal-en/downloads/scenarios.pdf
Session 4 – March 24th 2006, 9-12: The firm’s (industry) environment: the key forces
Main session (90’) 1. Porter’s five forces model 2. Strategic group analysis 3. Value Chain Analysis The air transport industry (Finger) Porter, M. (1980). Competitive strategy: Techniques for analyzing industries and competitors. New York: Wiley; chap. I: ‘The structural analysis of industries’, pp.3-34. Fleischer, C. and Bensoussan, B (2002) ‘Strategic and competitive analysis’, pp.60-73 , Chap. 6: Industry analysis
Seminar (45’) Readings for this session
Additional readings: OECD (2004). Understanding Economic Growth: A Macro level, industry level and Firm Level perspective. Paris: OECD, pp.52-62. http://new.sourceoecd.org/vl=1486526/cl=26/nw=1/rpsv/ij/oecdthemes/99980088
-- 6 -Session 5 – April 6th 2006, 13-16: The Identification of key opportunities and threats: the firm’s strategic competitive position
Main session (90’) 1. SWOT analysis 2. Industry analysis in the strategy formulation process 3. The firm and its environment The water industry (Finger) Fleischer, C. and Bensoussan, B. (2002) Strategic and Competitive Analysis. Chap.7: Strategic Group Analysis, pp. 74-91 Chap.8 SWOT Analysis, pp. 92-103
Seminar (45’) Reading for this session
Additional readings: OECD (2004). Understanding Economic Growth: A Macro level, industry level and Firm Level perspective. Paris: OECD, pp-70-85; http://new.sourceoecd.org/vl=1486526/cl=26/nw=1/rpsv/ij/oecdthemes/99980088
Session 6 – April 7th 2006, 9-12: Industry life cycle
Main session (90’) Guest speaker (45’) Reading for this session 1. Presentation of the industry life cycle 2. Characteristics of an emerging industry Mr. Rajiv Srivastava, Head of Strategy, Orange Porter, M. (1980). Competitive strategy: Techniques for analyzing industries and competitors, Wiley. Chap.8: Industry evolution, pp.156-184
Additional readings: Klimenko, M. (2004). Competition, matching, and geographical clustering at early stages of the industry life cycle, Journal of Economics and Business, 56, pp.177-195. Yuskavage, R. & Y. Pho (2004). Gross domestic product by industry for 1987-2000, Bureau of Economics Analysis, 21 pages; http://www.bea.doc.gov/bea/ARTICLES/2004/11November/1104GDP-by-Indy.pdf
Session 7 – April 13th 2006, 13-16: Development of an industry
Main session (90’) Seminar (45’) Reading for this session Characteristics of a growth industry Discussion of the students’ cases Porter, M. (1980). Competitive strategy: Techniques for analyzing industries and competitors. New York: Wiley, chap.11: Transition to industry maturity, pp. 237252
Additional readings: McGahan, A.M (2004) ‘How industries change’, Harvard Business Review, 82, No10, pp.87-94 Deans, G, Kroeger, F. and Zeisal, S. (2002), ‘The consolidation curve’, Harvard Business Review, 80, No12, 2 pages.
-- 7 -Session 8 – April 27th 2006, 9-12: Mature industry
Main session (90’) Seminar (45’) Reading for this session 1. Characteristics of a mature industry 2. Decline or rejuvenation The railway industry (Finger) Porter, M. (1980). Competitive strategy: Techniques for analyzing industries and competitors. New York: Wiley, chap.12: Declining industry, pp. 254-274
Additional readings: Bikker, J. & K. Haaf (2002). Competition, concentration and their relationship: An empirical analysis of the banking industry, Journal of Banking and Finance, 26, pp.2191-2214. Heracleous, L. & J. Murray (2001). Case study: the Urge to Merge in the Pharmaceutical Industry, European Management Journal, vol.19, No 4, pp.430-437. Pryor, F. (2001). New trends in US Industrial Concentration, Review of Industrial Organization, 18, pp.301-326.
Session 9 – April 28th 2006, 9-12: The impact of regulation on industry structure
Main session (45’) Characteristics of Network Industries : Historical perspective The role of Regulation at the National and supra national levels Regulation of firms and industries Patrick Mollet, PhD candidate, Swiss Post Hulsink, W. & E. Wubben (2003). New entrants, monopolists, and regulators in transforming public utilities across the Atlantic, Working paper ERS-2003051-ORG, Erasmus University, 33 pages.
Guest speaker (45’) Readings for this session
Additional readings: Economides, N. (2001). The Microsoft Antitrust Case, Journal of Industry, Competition and Trade, 1, pp. 7-39.Micco, A. & T. Serebrisky (2004). Infrastructure, Competition Regimes, and Air Transport Costs: Cross-Country Evidence. Washington: World Bank, Working paper 3355; 36 pages http://econ.worldbank.org/view.php?topic=15&type=5&id=36995 Otsuka, Y. & Braun B.M. (2003). Price Cap Regulation in the Cable Television Industry: Why was the demand stagnant?, Journal of Industry, Competition and Trade, 3, pp.41-55. Stoffaes, C. (2003). Towards European Regulation of Network Industries. Report by the discussion group, Initiative For Public Utility Services in Europe, Paris, July, 67 pages. Brock, J. (2000). Industry Update: Airlines, Review of Industrial Organization, 16, pp.41-51. Stewart Smith, M. (1995). Industry structure and regulation. Washington: World Bank, Working paper 1419; http://econ.worldbank.org/view.php?topic=15&type=5&id=305 Narayan, K. (1998). Technology acquisition, de-regulation and competitiveness, a study of Indian Automobile industry, Research Policy, 27, pp.215-228. Bel, G. & F. Trillas (2005). Privatization, Corporate Control and regulation reform: The case of Telefonica, Telecommunications Policy, Article in Press, 27 pages.
Session 10 – May 4th 2006, 9-12: The impact of information technologies on industry structure
Main session (90’) Seminar (45’) Reading for this Technological change and industry structure The “knowledge industry” (Finger) OCDE (2002). The internet and Business performance. Paris: OCDE, pp.1-51;
-- 8 -session Additional readings: Panopoulou, M. (2002). Technological and Structural change in the European Banking Industry. Tokyo: United Nations University. Working paper WP 02-13. http://www.intech.unu.edu/publications/eifc-tf-papers/eifc02-13.htm Harris, L. & A.M. Coles (2004). The Impact of the Internet on Marketing Priorities in the Financial services Industry, Strategic Change, 13, pp.11-18. McIvor, R., O’Reilly, D., & S. Ponsonby (2003). The impact of internet Technologies on the Airline Industry: Current Strategies and Future Development, Strategic Change, 12, pp-31-47. Kwoka, J. (2001). Automobiles: The Old Economy collides with the New, Review of Industrial Organization, 19, pp.55-69. Orsenigo, L., Pammolli, F., & M. Ricccaboni M. (2001). Technological Change and Network Dynamics: Lessons from the Pharmaceutical Industry, Research Policy, 30, pp.485-508. http://www.oecd.org/dataoecd/9/26/2731209.pdf
Session 11 – May 5th 2006, 9-12: Key issues and the future of industry analysis
Main session (45’) Seminar Reading for this session Additional readings OCDE (2002). Global industry restructuring. Paris: OCDE, pp.1-52. http://www.oecd.org/dataoecd/59/47/1947035.pdf Porter, M. & J.W. Rivkin, (2000). Industry transformation, Harvard Business Review, July, Note # 7010008, 14 pages. Maitland, C., Bauer, J., & R. Westerveld (2002). The European market for mobile data: Evolving value chains and Industry structures, Telecommunications Policy, 26, pp.485-504. Li, F. & J. Whalley (2002). Deconstruction of the Telecommunications industry: from value chains to value networks. Telecommunications Policy, 26, pp.451-472. The future of industry analysis Converging markets Discussion of students’ presentations Slater, S.F. & Olson E.M (2002). A Fresh look at Industry and Market analysis, Business Horizons, 45, Issue 1, pp.15-22.
Session 12 – May 11th 2006, 9-12: Students’ presentations Session 13 - June 1st 2006, 13-16: Students’ presentations
Course requirements
Students will work individually on a project. Teams of two are allowed. Students will be graded (collectively) on the basis of a written document (75% of the grade; see below) and an oral presentation during sessions 12 and 13 (25% of the grade). The written document will be approximately 15 pages long (Times Roman 12; single space) and cover the techniques and concepts taught during the class. Ideally it should be structured as follows: • A problem statement: why is the industry studied relevant and interesting (approx. 1 page) • The presentation of an industry and its evolution (approx. 5 pages) • A short discussion of the relevant conceptual elements presented in the course and relevant in the case of the student’s work (approx 2 pages)
-- 9 -• • • An analysis of the industry chosen and its challenges according to the conceptual elements (approx. 4 pages) Conclusion (1 page) Sources, references
This written document should be submitted (via email or uploaded on the course’s website) at the latest on June 3rd 2006 midnight. Each group will present their final work during a 15 minutes oral presentation.
Bibliography and other references
Books Bensoussan, B. & G. Fleisher (2003). Strategic and Competitive Analysis: Methods and Techniques for Analysing Business Competition. New Jersey: Prentice Hall. Carroll, G.R &. M. T. Hannan (2000). The Demography of Corporations and Industries. Princeton: Princeton University Press. Grant, R. (2002). Contemporary Strategy Analysis: Concepts, Techniques, Applications. Fourth edition. Cambridge MA: Blackwell Business. Grimm, C.M. & K.. G. Smith (1997). Strategy as Action: Industry Rivalry and Coordination. Cincinnati: South Western College Publishing. McGahan, A. (2004). How Industries Evolve: Principles For Achieving and Sustaining Superior Performance. Cambridge: Harvard Business School Press. Porter, M. E. (1980). Competitive strategy: Techniques for Analyzing industries and Competitors. New York: Free Press. Porter, M.(1998). On Competition. Cambridge: Harvard Business School Press. Porter, M., Schwab, K.S, Salai, I., Martin, X. & C. Lopez (2004). The Global Competitiveness Report 2004-2005. New York: Palgrave Mac Millan. Scherer, F.M. & D. Ross (1990). Industrial Market Structure and Market Performance. Boston: Houghton Mifflin.
Articles Bernoroider, E.W. (2003). The Austrian software industry: market structure and segments, external and internal environmental analysis, Wirtschaftinformatik, 45, Issue 1, pp.17-28. Brock, J. (2000). Industry update: airlines, Review of Industrial Organization, 16, pp.41-51. Chen, M-J. (1996). Competitor analysis and interfirm rivalry: toward a theoretical integration, Academy of Management Review, 21, pp.100-134. Economides, N. (2001). The Microsoft antitrust case, Journal of Industry and Trade, 1, pp.7-39. Ferrier, W.J., Smith, K.G., & C.M. Grimm (1999). The role of competitive action in market share erosion and industry dethronement: a study of industry leaders and challengers, Academy of Management Journal, 42, pp.372-389. Filson, D. (2001). The nature and effects of technological change over the industry life cycle, Review of Economic Dynamic, 4, 2, p.460-494. Fuetelsaz, L., Gomez, J., & Y. Polo (2003) Followers’ entry timing : evidence from the Spanish banking sector after deregulation, Strategic Management Journal, 23, Issue 3, pp.245-264. Hawawini, G., Subraman, V., & P. Verden (2003). Is performance driven by industry or firm specific factors, Strategy Management Journal, 24, Issue 1, pp.1-16. Klepper, S. & E. Graddy (1990). The Evolution of new industries and the determinants of market structure, Rand Journal of Economics, 21, p.24-44. Klimenko, M. (2004). Competition, matching and geographical clustering at early stages of the industry life cycle, Journal of Economics and Business, 56, pp.441- 465.
-- 10 -Kwoka, J. (2001). Automobiles: The old collides with the new, Review of Industrial Organization, 19, pp.41-51. Heracleous, L. & J. Murray (2001). The urge to merge in the pharmaceutical industry, European Management Journal, vol.19, no 4, pp.430-437. Mao, W. & P. Zaleski (2001). The effect of industry concentration on free riding, Review of Industrial Organization, 19, pp.295-303. Martin, S. (2001). Competition policy for high technology industries, Journal of Industry, Competition and Trade, 1, pp. 441-465. McIvor, R., O’Reilly, D., & S. Ponsonby (2003). The impact of internet technologies on the airlines industry: current strategies and future developments, Strategic Change, 12, pp.31-47. McGahan, A. & M. Porter (1997). How much does industry matter really? Strategic Management Journal, 18, pp.15-37. Miller, D. & M.J. Chen (1994). Sources and consequences of competitive inertia: a study of the US airline industry, Administrative Science Quarterly, 39, pp.1-23. Namara, G., Vaaler, PM, & C. Devers (2003). Same as it ever was: The search for evidence of increasing competition, Strategic Management Journal, 24, Issue 3, pp.262-278. Park, J.H. & A. Zhang (2000). An empirical analysis of global airlines alliances: Cases in North Atlantic Markets, Review of Industrial Organization, 16, pp.367-383. Rudholm, N. (2001). Entry and the numbers of firms in the Swedish pharmaceutical market’, Review of Industrial Organization, 19, pp.351-364. Shankar, V. & B. Bays (2003). Network effects and competition: an empirical analysis of the home video game industry, Strategic Management Journal, 24, Issue 4, pp.375-384. Zajac, E.J. & M.H. Bazerman (1991). Blind spots in industry and competitor analysis: implications of interfirm (mis)perception to strategic decisions, Academy of Management Review, 16, pp.37-46.
Cases studies 301-080-1 204-027-1 9-304-104 204-112-1 204-068-1 203-0308-1 204-018-1 204-176-1 304-266-6 504-080-1 395-054-1 304-404-1 303-073-1 303-229-1 9-703-513 304-011-1 The internet and the Banking industry: The old world will be the new world, 2001, 16 pages. Outsourcing trends in the Global automobile industry, 2004, 9 pages Outsourcing IT: The global landscape in 2004 Comparative cost advantage and the American Outsourcing backlash, 2004, 9 p. Deregulating Electricity markets: The French Case, 2004, 21 pages The Indian Pharmaceutical industry: Opportunities and challenges, 2004 The Indian Telecom Industry, 2004, 17 pages. Telecom industry in China, 2004, 11 pages The Latin American Telecom Industry, 2004, 11 pages Pepsico’s new challenge: transformation into a health food company, 2004, 8p. The European food industry, 1995, 31 pages Kentucky Fried Chicken and the Global fast food industry, 2004, 29 pages The world airline industry- a European perspective, 2003, 15 pages Music industry: Battling online piracy, 2003, 10 pages The music industry and the Internet, 2003, 11 pages Technology and the changing shapes of music, 2004, 8 pages
Teaching and industry notes CRM 184 9BO1 MO52 UVA-ENT-0015 96110 303-114-6 A Deregulation and regulatory backlash in health care, 2000, 22pages Industry note: Biotechnology in Canada, 2001, 29 pages The organic food industry, 2001, 28 pages Electricity utilities: The argument for radical deregulation, 1996, 14pages Teaching Note on pharmaceutical industry regulation, 1991, 25 pages Note on the telematics industry- technical note, 2003, 33 pages
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Journals
• • • • • • • Academy of Management Journal Industrial and Corporate Change Review of Industrial Organization Research Policy Journal of Industry, Competition and Trade Long Range Planning Sloan Management Review
Academic actors • • • Institute for Strategy and Competitiveness, Harvard Business School , USA Copenhagen Business School, Department for Industrial Economics and Strategy, Denmark. Erasmus University, School of Management, Netherlands.
Useful websites • International Monetary fund publishes reports about the economic situation around the world. The World Economic Outlook: Advancing Structural Reforms (2004) presents economics as well as financial surveys. http://www.imf.org/external/pubs/ft/weo/2004/01/index.htm The Financial Times provides financial indicators as well as company informations; http://news.ft.com/industries Fortune is a magazine which provides a ranking of the Fortune 500 companies; http://www.fortune.com/fortune Forbes is a magazine which provides information about corporations as well as news of any types of industries; http://www.forbes.com BusinessWeekOnline provides reports, information about industries, corporations and recent news about the business world; http://www.businessweek.com The Economist is a magazine about the latest news occurring in the world. The magazine also has a good Research tool which provides a good definition about economics terms; http://www.economist.com/research/Economics Company’s websites are a good source of information. The annual report tends to describe the state of the competition, their market share in the industries and their future strategies. Company annual report can also be found at the US Securities Exchange Commission; http://www.sec.gov OECD http://www.oecd.org World Bank http://www.worldbank.org/ International Chamber of Commerce http://www.iccwbo.org The Mc Kinsey Quarterly provides reports on specific industries and research papers on specific topics http://www.mckinseyquarterly.com : INSEAD: School of Business and Management, Paris, France; http://knowledge.insead.edu/home.cfm Provide research papers, case studies on various sectors Gartner Dataquest provides information about the Information technologies industries. Click on advanced search and specify free research and the search terms of your inquiry; http://www.gartner.com/1_researchanalysis/research_overview.html
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-- 12 -• • • • UBS provides reports about markets and sectoral trends; http://www.ubs.com/1/e/media_overview/media_global/research.html UBS (2004) Outlook of the Swiss sectoral trends, 2004; http://www.ubs.com/1/e/ubs_ch/bb_ch/market_information/industries_outlook.html INSEE http://www.alisse.insee.fr/european_industry_statistics.html Eurostat: Entreprises and industries in Europe. This site provides information about European industries, the RAMON database; http://europa.eu.int/comm/enterprise/sectors_en.htm