Definition
Provides very specific classifications of the industry in which employed individuals work (e.g., Software Publishers, Hospitals, Full-Service Restaurants, General Merchandise Stores).
Why It Matters
Offers granular insight into the precise economic activities and specialized business clusters within a community. It reveals niche markets, specific business needs, and the detailed industrial landscape.
Specific Relevance for Professionals:
Marketers
Enables hyper-targeted B2B marketing for products and services tailored to very specific industries (e.g., POS systems for Full-Service Restaurants, cybersecurity for Software Publishers).
Researchers
Fundamental for highly detailed economic analysis, studying industry-specific trends, labor market dynamics within niche sectors, and the economic contribution of specific industries to a region.
Consultants
Crucial for highly specialized business development, advising clients on market entry into niche industries, and assessing the precise industrial composition of a region for very specific business needs.
Public Policy Workers
Important for informing highly targeted economic development policies, cluster-specific support programs, and understanding the detailed industrial structure of a region for economic planning and resource allocation.
