Business and Management Research Guide

Sector - Your industry may fall under manufacturing, wholesale, retail, service, or a combination.

Classification - There are two systems of industry classification codes in the United States: SIC and NAICS. 

• NAICS: North American Industry Classification System
  North American Industry Classification System (NAICS)
  The standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.
• SIC: Standard Industrial Classification
  SIC:Standard Industrial Classification
  Four digit Standard Industrial Classification (SIC) codes were established in the US in 1937 and have been used to classify industry areas. In the US, the six-digit NAICS code has primarily taken the place of the SIC code, however, some agencies still use SIC codes.

Size - How many companies are operating in your industry? How many products are involved? Do public companies or private companies make up the majority of the industry? Is the parent company part of the same industry?

Geographic Scope - Is the industry local, national, or international? Does it rely on importing or exporting goods?

Target Market - Is the industry consumer-driven or business-to-business? Who is likely to purchase the product or service?

Regulation - How highly regulated is the industry? What agencies oversee regulations, if any? What types of permits, licenses, or professional accreditation are required in/of the industry?

Social and Environmental Factors - What world events, trends, or environmental conditions might have an effect on your industry?