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Market Research: Industry

Get to know your industry

1- Brief Descriptions of SIC and NAICS codes

SIC: The Standard Industrial Classification System (SIC) “attempts to classify all business establishments by the types of products or services they make available. Establishments engaged in the same activity, whatever their size or type of ownership, are assigned the same SIC code.”  (Moss & Strauss, 2004)


NAICS:
On April 9, 1997, the Office of Management and Budget (OMB) announced the adoption of a new industry classification replacing the Standard Industrial Classification (SIC)” The objectives of the 1997 revision were to identify new industries and to recognize the system according to a more consistent economic principle, according to the types of production activities performed rather than the mixture of production-based and market- based categories in SIC.” (Moss & Strauss, 2004)

NAICS and SIC online

·         North American Industry Classification System (NAICS)
NAICS is a 5- or 6-digit code developed jointly by the U.S., Canada, and Mexico. The international NAICS agreement fixes the first five digits. The sixth digit, when used, identifies subdivisions of NAICS industries that accommodate needs of individual countries.
Databases that are searchable by NAICS are ABI/Inform, Business Source Premier  (Advanced Search option) 

·         Standard Industrial Classification (SIC) System Search
SIC codes are 4 digits. Some databases at AUB libraries utilize the SIC Industrial Classification system such as 
Lexis Nexis Academic (NAICS- SIC Directory)
You may also consult the SIC manual to check the SIC division structure  

·    NAICS/SIC Codes Lookup and Conversion Table

Source:

Moss, R. W., & Strauss, D. W. (2004). Strauss's handbook of business information: A guide for librarians, students, and researchers (2nd ed.). Westport, CT: Libraries Unlimited.