A sector is a subset, or group, which shares similar components. For our purposes then, a market sector is a subset or grouping of companies which share similar components, such as technologies or products.
Keep in mind that sectors can be part of a broader industry, or operate within multiple industries. Since most library resources are created at the industry level, you will have to extract information relevant to your sector. If the word "industry" or "sector" is being used by itself, then it's generally safe to take either word to mean the same thing. A sector is considered to be the broader of the two. Sectors slice the economy into big chunks -- each of which is home to multiple industries. Here's the kicker: The two terms are sometimes reversed.
Example: Sports Business is an industry. Sport Marketing Firms could be a market sector.
If you are searching library databases such as Business Source Premier or IBISWorld, you can search by North America Industry Classification System (NAICS) or Standard Industry Classification (SIC code), which use industry classification systems. It may be helpful to write these codes down as you find them when starting your research, as they may be useful if you hit a roadblock along the way.
NAICS is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. It is scheduled to be reviewed every five years for potential revisions (the last time was 2017) so that the classification system can keep pace with the changing industry. See the NAICS Update Process Sheet for more information.
The SIC Manual was last revised in 1987. It provides 4-digit numerical codes for identifying industries. It has been replaced by the NAICS, but is still used by some reference sources. See the SIC Division Structure for more information.
Overviews may contain revenue analyses, market share and segmentation, and forecasts.
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