Industry and Market Research are distinct but connected components of product development and idea validation. In this phase of research, companies identify macro-level factors that impact their ability to enter a market through industry analysis and assess the needs and expectations of consumers through market research.
The North American Industry Classification System (NAICS) is the standard used by Federal agencies in Canada, Mexico and the United States to classify businesses based on their type of economic activity. NAICS codes are self-assigned by businesses.
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