I googled around for a few minutes with no luck. After probing around my system, here is where I found my crontab file:
Macintosh-2:mls TAmoyal$ sudo ls /usr/lib/cron/tabs/ Password: TAmoyal
I found it by checking the crontab man page:
man crontabWhere I saw a “FILES” section:
FILES
/usr/lib/cron/cron.allow
/usr/lib/cron/cron.denyAnd that lead me to probe around the /usr/lib/cron directory. Note that you can view your crontab my with:
crontab -lbut I wanted to view the actual file for debugging purposes.
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Free Market Research Methods Part 1 – Analyzing Public Filings
Last week I attended a Market Research workshop presented by Dr. Dean Chang, Director of Mtech Ventures and Education. Instead of the general advice given at many market research presentations, Dr. Chang put himself in the shoes of a founder and walked us through some motions. This article will cover his take on analyzing public SEC filings.
Why should you bother doing market research?
What is a 10-K SEC Filing?
Every publicly traded company is required to file an annual 10-K report. This document may have information on a company’s biggest competitors, distribution channels, sales figures, supply chain, and more. Some companies have their 10-K on their company website but we’ll just go to the SEC website and search for it. I use the search option “Company or fund name, ticker symbol, CIK (Central Index Key), file number, state, country, or SIC (Standard Industrial Classification)”.
*Note: While “Annual Reports” may seem to have the information we are looking for, they usually contain lots of marketing fluff and less of the data we are interested in analyzing. Make sure you see something like the following at the top of the report:

Three questions we should answer
(Financials, Product Differentiation, Market Strategy, Sales Channel, Resources, Investors)
The Mock Company
Dr. Chang’s mock company was interested in the video game controller (peripheral) industry. We will answer some of the questions/sub-questions listed above by analyzing a competitor, Logitech’s, 10-K filing. If you search for “Logitech”, a number of filings come up but we are only interested in the 10-K.
Enough introduction, let’s get started.
What does the video game peripheral industry look like?
The 10-K has some information that helps us feel out the industry. We see the following paragraph in the “Industry Overview” section (page 6):
Logitech believes that video game platforms will continue to improve, increasing the size of the video game peripheral market. This may not be ground breaking news but certainly good to hear from a market leader. Continuing to the “Digital Home Environment” section on page 7, we see this sentence:
Again, not groundbreaking given the peripherals already out on the market, but it does say that Logitech thinks highly interactive peripherals with feedback are the future.
What competing products and companies should we be aware of?
Skipping ahead to page 12 of Logitech’s 10-K, we can see that Logitech lists their major video game peripheral offerings. We should probably glance over these to make sure we are aware of what they have produced.
While we may already be aware of Logitech’s product offerings, we may not be aware of Logitech’s largest competitors in the Gaming market. On page 16, we find the following:
Obviously we will need to look at those companies if we haven’t already.
How big is our market?
Going back to the “Marketing, Sales and Distribution” section on page 13, we see that Logitech’s 2009 revenue was around $2.2 billion ( $2,208,832 in thousands ). This is great information but we need to find out what portion of that is gaming. Note that the revenue is also broken down by geographic region which is important for marketing purposes.
If we probe around for more financial figures in the 10-K, we find a very useful statement on page 42. We are given Logitech’s net sales broken down by product family. We see that for Retail – Gaming, the net sales is about $127 million. Now we know that we have at least a $100 million dollar market but probably much more since the industry was described as highly competitive and we already noted multiple competitors.
You have probably noticed that Logitech’s 2009 gaming sales decreased from their 2008 sales figure, $146 million. Continuing in this section, we see the following explanation for this decrease on page 43:
One piece of information we can grab from this section is that units decreased almost double the amount of sales which probably means customers are willing to pay a high premium for highly interactive peripherals.
What does our sales channel look like?
Skipping back to the “Sales and Distribution” section on page 14, we see:
From this information we know how they reach consumers and who their leading distributor is.
Supply Chain
Although not vital to our market research, there is good information about manufacturing in the 10-K which is important to our business strategy. On page 15, we see the following:
Here we are creating a gaming company and probably need to understand a production strategy. We may need the aforementioned hybrid model of in-house manufacturing and third-party contract manufacturers to supply our products. The above information should also raise a few questions. Is Suzhou, China the best place in the world to develop video game peripherals? If so, why is Suzhou the best? Maybe Suzhou is just really cheap, or maybe manufacturers in Suzhou specialize in these devices. I’m not sure the reason but it’s worth looking into.
Acquisitions
Another thing to look for in a SEC filing is acquisitions. Getting your technology bought out by the market leader for a large sum of money is obviously a nice exit strategy. Access to an exhaustive list of acquisitions conveniently starts on page 83 of the 10-K. You may want to read a little about the companies to understand what types of companies Logitech is interested in acquiring.
Conclusion
The purpose of this blog post was to demonstrate that 10-K’s can provide a good starting point for your market research. Much of the information is basic, but it is all free information and held to a high standard with regards to accuracy.
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