Many industry resources use the NAICS and SIC codes to organize their information. Most companies have primary and secondary classifications--pay attention to all of them. Sometimes a company's secondary industry classification will be more important to your project than their primary classification.
North American Industry
Classification (NAICS)
Created by the Census Bureau in 1997, NAICS replaced the SIC. Each industry is assigned a unique number is a code used to identify and describe North American (US, Canada, and Mexico) industures. It is hierarchical and classifies
each industry by broad group and then subdivides each into smaller, more
specific classifications.
Standard Industrial
Classification (SIC)
SIC system used to describe the structure of
American industries. A hierarchical system, industries are organized into broad
industry groups and then subdivided into smaller groups. Each industry carries
a unique four-digit classification code ranging from 0100 to 9999. The SIC was
replaced in 1997 with the North American Industrial Classification System but
many sources still use the SIC.
These sources will help you complete the following part of your assignment:
Industry research, like company research, includes looking at different aspects of an industry: major companies, market trends, market share, ratios, finances. We have several resources that will help you get an overview, but you will need to use multiple sources to get a full view of an industry.
Many of the resources used for company research are used for industry research. Industry and company research go hand in hand--you can rarely do one without the other.
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