Standard Industrial Classification

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Standard Industrial Classification (SIC)

A code system that designates a unique business activity classified by industry.

Standard Industrial Classification

A system of four digit codes used in business to classify the industry to which a company belongs. The SIC was created by the U.S. government in 1937 to facilitate communication within and between businesses and industries. For the most part, the SIC was replaced by the six digit NAICS in 1997, but the SEC still uses the SIC. For example, an oil and gas exploration company might file with the SEC under the code 1382.

Standard Industrial Classification (SIC)

a system which codifies and measures groups of economic activity at various levels of aggregation and disaggregation. In the UK, the Standard Industrial Classification comprises 10 major divisions, 60 classes, 222 groups and 334 activities. Activities, or their equivalent ‘industries’ (see INDUSTRY), are derived on the basis of their supply characteristics, in particular the use of common raw materials and processes of manufacture. Such a classification provides a useful source of information on industry structure and statistical details of employment, output and investment by the industrial sector. However, for purposes of MARKETING strategy, SIC data usually needs to be reinterpreted in order to provide more meaningful specifications of MARKETS, defined in terms of groups of products which are regarded by buyers as close substitute products. To illustrate, glass jars and metal cans are assigned to different industries by the SIC (Division 2, Activity ‘glass containers’, Division 3 ‘packaging products of metal’, respectively), but would be regarded by a user of packaging materials such as a coffee manufacturer as substitute products. See STRUCTURE OF INDUSTRY.

standard industrial classification

see INDUSTRIAL CLASSIFICATION.
References in periodicals archive ?
Firms were stratified by four-digit SIC code and 30 of the 148 qualifying fourdigit SIC codes were ultimately selected on a random basis for testing.
SIC codes are 7311, 7312, 7313, 7391, 7331, 7336, 7812, 8742 and 8743.
The NAICS codes are organized into industry groupings, descriptions of each industry, important reference information, industry cross-references, and an appendix that matches the old SIC codes to the new NAIC codes.
EPA is currently working on Toxic Release Inventory (TRI) reporting software to assist foundries with the completion and filing of their Form Rs for SIC codes 332, 3335, 3336 and 3339.
The reason is that plastics manufacturers are often listed under several SIC codes, and accidents can come up under any of them.
The data are for publicly traded firms in a variety of SIC codes.
The first change relating to SIC codes should benefit most taxpayers, the use of three-digit SIC codes would allow a more accurate classification of allocating research expenditures and reduce the allocation of research expenditures to income from unrelated products.
This provision reflects a much needed change from the 1977 regulations, which required the use of two-digit SIC codes.
New benchmarks and SIC codes for Establishment Survey With the release of data for August 1990, the Bureau of Labor Statistics introduced its annual revision of national estimates of employment, hours, and earnings from the monthly sample survey of nonfarm establishments.
Businesses searching for industries will more easily find the corresponding SIC Codes (business types) they seek due to the clarity in which the search results are displayed.
BRITVIC SOFT DRINKS LTD Previous Name (s) and Date (s) of Change Principal Activities SIC Codes Structure Brand Information Recent Developments FINANCIAL PROFILE Sales Profits Employees Balance Sheet/Ratios
However, if marketers know more about prospects, like their SIC codes, personalization can be even more targeted--and more effective.