Industry Analysis on Square Inc.'s NAICS Code of Ethics

Industry Analysis Paper
Name
Institution
Abstract
The paper aims to describe the technology industry by focusing on Square, Inc. The paper will highlight that Square, Inc. has been operational since 2009 and has thrived in the industry. Based in California and assuming a new name Block Inc. Square, Inc. has established a business strategy that allows it to stay relevant in the industry.
The paper will also discuss that Square, Inc. subscribes to the NAICs code that governs various industries in North America. It will highlight the NAICs number it goes under in the technology industry which helps it to make legal decisions and not infringe the rights of others.
The paper will also go into an analysis of Porter’s Five forces to establish the strengths and weaknesses of Square, Inc. It will highlight how Square, Inc tackles the various challenges that it faces in the competitive industry.
Introduction
Square, Inc. was established in 2009 by Jack Dorsey and Jim McKelvey as a technology with the ability to offer mobile payments and merchant services into an easy-to-use service. Companies benefit from using Square as it helps them to track sales, obtain financing and make credit card payments. In 2021, the company changed its name to Block, Inc as a way to accommodate its exponential growth. Square, Inc.'s product line includes Cash App that enables users to receive and send money using a mobile application. Square Point -of-sale enables merchants to process their payments through their smartphones. It also has TIDAL which is a subscription streaming service. The company has offices in Canada, Australia, Japan, Ireland, and the United States.
Key Industry Segments
* Consumer Electronics
* Household appliances
* Telecommunications
* IT services
* Software
* Hardware
Source: Statista (2022)
NAICS code
The North American Industry Classification System (NAICS) is regarded as a standard that is utilized by Federal statistical agencies. It distinguishes business establishments to collect, analyze, and publish statistical data related to the U.S. business economy. NAICS was established under the Office of Management and Budget (OMB), and in 1997 it replaced the Standard Industrial Classification (SIC) system. (Oehlert et al.,2022). NAICS was used in conjunction with Statistics Canada, U.S Economic Classification Policy Committee (ECPC), and Mexico's Instituto Nacional de Estadistica y Geografia. It would allow comparability among countries in North America.
Industry
Square, Inc. falls under the technology industry which comprises companies that manufacture, distribute and design electronic devices like electronic components, computer services, and computer-related equipment. The technology industry makes it possible for clients to thrive in a digital world. Due to the high speed of innovation, companies in this industry conduct extensive research and development to stay relevant. It employs a large workgroup that can handle sales and promotion. The success of the product depends on the consumer's interest in the item.
Square’s NAICS code
Square's NAICS code is 511210 which falls under the software publishers. It comprises computer software publishing and reproduction...