Companies need to have a strong grasp of their industry and competitive environment. In fact, if a company is publicly traded, it will need to record this information in Electronic Data-gathering, Analysis and Retrieval system (EDGAR), which is available from the Securities and Exchange Commission (www.sec.gov). This is the government agency that regulates public companies.

When performing a search, look for the latest 10-K form, which is a company's annual report, and then use the find feature to search for "industry". You should quickly find a good description of the company's industry. Keep in mind that the information is often from third-party research companies, which can be safely considered trustworthy sources. There will also be a write-up on some of the major trends and challenges in the industry. Looking at annual reports can be a quick way to get accurate information, as well as a smart way to get access to data that may require subscribing to a paid service.