NAICS Code 541910-05 - Product Development & Marketing

Marketing Level - NAICS 8-Digit

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Business Addresses: 242
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NAICS CODE 541910-05
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NAICS Code 541910-05 Description (8-Digit)

Product Development & Marketing is a subdivision of the NAICS Code 541910 that involves the process of creating and launching new products or services into the market. This industry focuses on identifying consumer needs and preferences, developing new products or services that meet those needs, and promoting them to potential customers. Product Development & Marketing is a crucial aspect of any business that wants to remain competitive in the market and increase its revenue.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 541910 page

Tools

Tools commonly used in the Product Development & Marketing industry for day-to-day tasks and operations.

  • Idea management software
  • Product design software
  • Prototyping tools
  • Market research tools
  • Customer feedback tools
  • Social media management tools
  • Email marketing software
  • Content management systems
  • Analytics tools
  • Project management software

Industry Examples of Product Development & Marketing

Common products and services typical of NAICS Code 541910-05, illustrating the main business activities and contributions to the market.

  • Consumer electronics
  • Food and beverage
  • Cosmetics and personal care
  • Fashion and apparel
  • Home appliances
  • Automotive
  • Health and wellness
  • Sports and fitness
  • Toys and games
  • Software and technology

History

A concise historical narrative of NAICS Code 541910-05 covering global milestones and recent developments within the United States.

  • The Product Development & Marketing industry has a long history dating back to the early 20th century when companies began to focus on developing new products to meet the changing needs of consumers. In the 1920s, companies like Procter & Gamble and General Electric established research and development departments to create new products and improve existing ones. The industry continued to grow in the post-World War II era, with the rise of consumer culture and the increasing importance of branding and advertising. In the 1960s and 1970s, the industry saw the emergence of new research techniques, such as focus groups and surveys, which allowed companies to better understand consumer preferences and behavior. In recent years, the industry has been transformed by the rise of digital technologies, which have enabled companies to gather and analyze vast amounts of data on consumer behavior and preferences. In the United States, the Product Development & Marketing industry has experienced significant growth in recent years, driven by the increasing importance of data-driven marketing and the rise of e-commerce. According to a report by eMarketer, digital ad spending in the United States is expected to reach $129.3 billion in 2021, up from $83 billion in 2017. The industry has also been impacted by the COVID-19 pandemic, which has accelerated the shift to online shopping and increased the importance of digital marketing. Despite these challenges, the industry is expected to continue to grow in the coming years, driven by the increasing importance of data analytics and the rise of new technologies like artificial intelligence and machine learning.