NAICS Classification
North American Industry Classification System (NAICS) is a classification system for the business establishment for collection, analysis and publishing of the statistical data related to United States, Canada and Mexico. NAICS majorly used for contracting and administrative purposes.
Importance of NAICS:
• For the identification of customers by industry codes
• Categorizing businesses with others having similar methods of products, as NAICS is production oriented rather than products.
• Easier identification of Government contracts through NAICS description
• Recognition of the structural and technological advancement in the economy.
• Companies understand market in better way for future marketing campaigns
• For identification of Public and Private sector competitors.
Importance of NAICS:
Classification Level | Digit | Example |
---|---|---|
Sector | Two | 42 – Wholesale Trade |
Subsector | Three | 423 – Merchant Wholesalers, Durable goods |
Industry Group | Four | 4232 – Furniture and Home Furnishing Merchant Wholesaler |
International Industry | Five | 42321 – Furniture Merchant Wholesaler - International |
National Industry | Six | 423210 - Furniture Merchant Wholesaler - Nationalchant Wholesaler - International |
Example: Johnson & Johnson
Classification Level | Digit | Example |
---|---|---|
Sector | 32 | Manufacturing |
Subsector | 325 | Chemical Manufacturing |
Industry Group | 3254 | Pharmaceutical and Medicine Manufacturing |
Industry | 32541 | Pharmaceutical and Medicine Manufacturing |
US Industry | 325412 | Pharmaceutical Preparation Manufacturing |
Why Sanvill
• Techno-savvy: Up-to-mark established technology gives advantage to Sanvill to provide accurate work within lesser time frame
• Understanding: Well experienced team of professionals of various sectors, provide deepening knowledge of industries for better classification.