business classification:

... the result of organizing an index or grouping of commercial, industrial, and or professional operations into segments reflecting commonality; a catalogue of types of enterprises ordered in a taxonomy by a set of attributes related to an economic system. Business classifications are somewhat like industry classifications. (Wikipedia has an article about industry classification.) A definition of business taxonomy might imply that it has the same meaning as business classification system but more often it refers to a list of individual enterprises that are perhaps organized by name within a classification system. See the PDF document titled What are business taxonomies? / Why Use them? for more information.

Classifying is the act or process of organizing a system to reflect lines of business across a broad spectrum of industries. Business.com offers a business classification systems document. Access the document and scroll down the page to an article subtitled: Learn about business classification systems and industry codes.

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What are business classification systems?

Page up to Enterprise and Economic Development Glossary definition of business classification. There you will see comments about industry classification—the glossary also has a definition of industry classification. Business.com has a definition of business classification system (FYI: Business.com is listed as a resource in the Enterprise and Economic Development Library where you will also find an article about business and industry classification). Search phrases are suggested below to help further with the formulation of an answer to the question. The suggested text is in italics for you to copy to the search engine provided. It's your choice as to whether or not to use the quotation marks.

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