Essay: North American Industry Classification System
According to Huffman (2004), there is four-digit North American Industry Classification System (NAICS) code, which aids the retailers to estimate the demand based on individual retails shop selling household items. Huffman further notes that,
“We first estimate consumer spending from the Bureau of Labor Statistics’ annual Consumer Expenditure Surveys that provide consumer expenditure information for hundreds of goods and services by households, but not by source” (Huffman, 2004, online). Demand estimation is very crucial for many multinational. This is because technology has made the world a global village and the changes in one corner affects whole industry. This therefore requires the market researchers to have all the information at hand in order to give concise market estimation that will have least variance with the original results. Toyota Kirloskar Motor just like Toyota Kirloskar Motor, most firms require sales managers to “have handled operations like demand estimation & dealer distribution” .