The naics/sic code program is used in which type of business-to-business segmentation?

Inhaltsverzeichnis Show

Do: Site Visit to Your Selected Business
Deliverable:
What categories are used to identify business to business market segments?
Which one is the method way to segment the market based on age *?
Why is it important to have segments that are measurable?
Which involves using an established brand name on goods or services that are not related to the core brand?

One way to investigate "the competition" is to determine other businesses which fall into the same classification as our business of interest. Buckner mentions Standard Industry Classification (SIC) codes in the readings. The North American Industry Classification System (NAICS) replaced SIC for the 2002 Economic Census and going forward (and correlates to codes used in Mexico and Canada—part of the North American Free Trade Association, or NAFTA). In your exploration of business classification, investigate NAICS and related topics:

Review the "Introduction" to the North American Industry Classification System (NAICS) on the US Census Bureau website.
Using the 2022 NAICS Search tool on the same page, identify the NAICS code for the business you select in the Do: Site Visit to Your Selected Business activity below.
The US Government discontinued use of the Standard Industry Classification (SIC) groupings in 1997. While SIC codes have been replaced by NAICS, you'll still find instances where knowing a SIC code, or how to find it, is valuable.
You may also reference the System for Award Maintenance (SAM) for additional information on NAICS, DUNS, and legal name for commercial entities doing business with the US Federal Government.
OPTIONAL: Returning to the 2022 NAICS Main page, locate the North American Product Classification System (NAPCS). Skim though NAPCS material until you can answer the following question—what is the value of NAPCS if we already have NAICS?

Do: Site Visit to Your Selected Business

Consider this activity our virtual class "field trip"—one which you'll do independently, however. You are selecting a site location, so choose something interesting; but with COVID-19 in mind, you are definitely not required to physically go to any retail establishment or store.

If you are performing a remote drive-by reconnaissance, make sure you have a way to take notes and photos with your smartphone or digital camera.

Note:

I recognize that much of this kind of research can, and is, now done online in our digital age.

Choose a nearby location of one of the following retailers (preferably one that you actually shop at!): Best Buy, Target, Albertsons Companies supermarkets, Bed Bath & Beyond, ACE, Lowe’s (or some other national retailer with which the class will be familiar).
Complete the sample "site evaluation form" in Figures 5-2 and 5-3 (Buckner, Site Selection, Chapter 5).
Add to the form comments about accessibility, "synergy," and safety/security from the reading.
Obtain images through a web search, take a picture of the site, or sketch a diagram/capture a map which illustrates a point you wish to make - likely about parking, signage, synergy/adjacency to other retailers.

Deliverable:

BRIEFLY summarize your results in a report or presentation.

Always include a cover page or title slide (not included in a page count)
3 or 4 slides or pages of content is appropriate
Include visualziations, images, or figures and cite properly. A useful citation reference is the Purdue OWL Citation Reference.
What has changed with malls or shopping centers? How would you describe spatial relationships of business locations?

Step 1

Your image (your sketch, a map clip of your location, or a digital photo) will help us visualize your site survey analysis. Please paste your image on slide or page 1.

Step 2

After your site visit, include the following comments:

name of store, and any distinctive store features ("SuperStore", two-level where most are one, special shop-in-shops such as Magnolia in Best Buy);
approximate location within your metro area (including any anecdotal information) with a brief, useful description —possibly suburb/urban core, characteristics of the geographic area, proximity to other retailers, human geogrpahy notations, etc.;
your NAICS classification of this store (type of business);
list three competitors to your business and any observations resulting from your search;
a summary of your evaluation of the site (don't cover every detail, but DO point out anything which stood out/surprised you).

Step 3

Please drop your PowerPoint in Canvas in the Lesson 4.2 - Your Local Business & NAICS drop box.
Due Tuesday night 11:59 pm (Eastern Time).

What categories are used to identify business to business market segments?

There are four main customer segmentation models that should form the focus of any marketing plan. For example, the four types of segmentation are Demographic, Psychographic Geographic, and Behavioral. These are common examples of how businesses can segment their market by gender, age, lifestyle etc.

Which one is the method way to segment the market based on age *?

Demographic segmentation separates your target market into specific, accessible groups of people based on personal attributes like geography, age, education, occupation, and income. By leveraging demographic segmentation, you can create personalized marketing campaigns for each slice of your target market.

Why is it important to have segments that are measurable?

Identifying viable segments Clearly defined market segmentation criteria not only ensure that customers are more likely to identify – and purchase – the product that is right for them; it also minimises wastage of resources, reducing the time spent marketing the wrong products to the wrong customers.

What Is Brand Extension? A brand extension is when a company uses one of its established brand names on a new product or new product category. It's sometimes known as brand stretching. The strategy behind a brand extension is to use the company's already established brand equity to help it launch its newest product.