Question

Complete number 5 please and thank you

DISCUSSION QUESTIONS 1. Think of a recent purchase you have made and 4. Describe how derived demand might affect a college campus bookstore. describe the actions you took at each stage of the consumer decision-making process. Did you skip . Pick a company that you or someone in your fam- any of the stages? Which stage do you think should be most important to marketers? Does it depend on what type of product is being marketed? ily has worked for. Then go to the NAICS website at http://www.census.gov/eos/www/naics/ and figure out the full six-figure NAICS code for that company. What are two other companies with the same code? How can this information be valuable to a smallbusiness marketer? 2. Which of the situational influences described in this chapter influence your buying decisions most? Explain your answer. List two high-involvement purchases you have made in the past year. What made them high involvement to you? 3.

Answer 1

I have opted FACEBOOK company and find's its NAICS code.

facebook's NAICS code is 518210.The code 518210 gives the information that the company is related to data processing,hosting and related services.The NAICS code gives us the information about the platform of a particular company in which they are servicing.

i also found that the companies GOOGLE and TWITTER has the same NAICS code because these all companies are under same category.these all came under data processing,hosting etc so that these companies have same NAICS code.

HOW THIS CODE IS VALUABLE TO MARKETERS?

Every savvy marketer knows that “Industry” is a very common data point to segment on, however the challenge with the industry information available is not reported consistently since each company defines them differently. The most reliable way to identify a company is with SIC or NAICS codes.

Most marketers don’t understand why these codes are so much more than just a random assortment of numbers--however, a majority of business databases and other research tools use these codes to classify and organize industries. This blog will cover what these codes mean and how to use them for effective B2B marketing.

First, let’s start with what they mean.

NAICS

This code stands for the North American Industry Classification System, which includes the United States, Mexico, and Canada. It’s the Census Bureau’s organizational structure for classifying business establishments. This system is hierarchical with broader industries at the top of the numerical range, and more specific industries have more numbers. The Primary code (underlined in example) indicates a company’s primary line of business. This code is determined by a code definition that generates the highest revenue for that company at a specific location annually.

Here’s an example:

23 Construction

238110 Poured Concrete Foundation and Structure Contractors

NAICS codes array the economy into 20 sectors, which are separated into 99 3-digit sub-sectors. These are then broken up into 311 4-digit industry groups, which are further subdivided into 709 5-digit industries, and finally dis-aggregated into 1057 6-digit U.S. industries.

How B2B marketers can use these codes to their advantage

These codes can help you identify specific buyers within your target market. For instance, there are many words that can apply to different things--like instrument.

These codes help decipher what type of instrument.

• Scientific instrument, like a calculator
• Musical instrument
• Measuring device used for vehicle or aircraft
• Etc

A company whose target market is musical equipment is not going to want to market to National Instruments. To prevent this, use siccode.com to see a list of companies in each category. By searching each of your target industry codes, you’ll find details for companies in your niche and use market segmentation. From there, you can further refine your target buyer organizations through detailed information about a company’s product offerings, contact information, blog posts, and other collateral.

With all this given information, you can then target related industries by going back up. After this, you can then go adjust your lead-qualification criteria once you identify the most appropriate targets for your marketing campaigns. This will help create more qualified leads for follow up--which will hopefully turn into customers!

Primarily use the NAICS code as it was developed to eliminate the inconsistent logic used in the SIC system. However, many companies still use the SIC code if they already have established marketing plans based market-oriented structure of the SIC code.

Conclusion

The bottom line is, these codes can significantly help you in defining your target market. It is important to understand what they mean, how to research them, and how to use them to your advantage. As your company evolves, these codes become a guide to customers and prospects to help curate more specific content geared towards them.

Because data like SIC and NAICs code are not readily available to most but need to be reliable for segmentation and personalization efforts, ReachForce enriches our customers data the codes and will do custom ranges so that you can use the codes in a way that makes sense to your business.