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Market Research

What is Market Research?

Market Research refers to the study of the entire market and consumer behavior within that market. It blends consumer behavior and economic trends to confirm and improve your business idea. It is getting information about place- customer, competition and the industry in general such as market statistics about consumer needs, preferences, interests, market trends, latest fashion and so on. 

Conducting Market Research

Research Resource
Industry or industries your product or service is a part of? NAICS Code
Research your business industry, market and competitors Library databases and journals, trade periodicals
Sources that cover your industry Market research reports, news sources, blogs written by industry experts, customers
Find data/statistics Government agencies and associations websites, surveys, interviews with experts

Use NAICS Code to Identify your industry

Use the NAICS Code to determine/identify which industry (or industries) your business (product or service) is a part of.  NAICS (pronounced Nakes) stands for North American Classification System, and is the standard used by Federal statistical agencies to classify business establishments for statistical and comparison purposes.  NAICS is a two- through six-digit hierarchical classification system, offering five levels of detail..

NAICS Sector Codes and Titles:
First two digits - economic sector
Third digit - subsector
Fourth digit - industry group
Fifth digit - NAICS industry
Sixth digit - U.S. industries.

Example:
51 = Information
511 = Publishing
5111 = Newspaper, Periodical, Books, etc.
51111 = Newspaper Publishers
511110 = Newspaper Publishers

Video: Finding an Industry NAICS Code