A service type business provides intangible products (products with no physical form). Service type firms offer skills, labor, expertise, and other similar work in return for professional or talent fees.
Examples of service businesses are:
• Business services, such as accounting, advisory, taxation, advertising, engineering, legal, research agencies, computer programming, etc.
• Personal services, such as laundry, beauty salon, photography
• Automotive repairs, car rental, car wash, parking spaces
This type of business buys products at wholesale price and sells the same at retail price. They are known as "buy and sell" or "reseller" businesses. They make profit by selling their goods at prices higher than their purchase costs.
A merchandising business buys a product and sells it without changing its form. Examples include all distribution and retail stores such as: department store, grocery, hardware, clothes and accessories shop, consumer electronics, home furniture, appliance stores, drug stores, etc.
3.Manufacturing Business
Unlike a merchandising business, a manufacturing business buys products with the intention of using them as raw materials to make a new product. Thus, there is transformation of the products purchased.
A manufacturing business combines raw materials, labor, and overhead costs in its production process. The goods produced are then be sold to customers.
Examples include:
•Food processing, such as producing canned meat, frozen goods, dairy products, bottled drinks, also bakeries and oil mills
•Fabric mills and textile production from cotton, wool, polyester; and also clothing factories that use textile as raw material
•Wood and metal works, such as in building cabinets, tables, chairs
•Oil refineries, chemical labs, plastic and rubber production
•Ship builders, aircraft manufacturers, car makers
Answers & Comments
Answer:
1. Service Business
A service type business provides intangible products (products with no physical form). Service type firms offer skills, labor, expertise, and other similar work in return for professional or talent fees.
Examples of service businesses are:
• Business services, such as accounting, advisory, taxation, advertising, engineering, legal, research agencies, computer programming, etc.
• Personal services, such as laundry, beauty salon, photography
• Automotive repairs, car rental, car wash, parking spaces
• Fitness facilities, amusement parks, bowling centers, golf courses, theatres
• Hospitals and clinics, schools, museums, banks
• Hotel and lodging, and more.
2. Merchandising Business
This type of business buys products at wholesale price and sells the same at retail price. They are known as "buy and sell" or "reseller" businesses. They make profit by selling their goods at prices higher than their purchase costs.
A merchandising business buys a product and sells it without changing its form. Examples include all distribution and retail stores such as: department store, grocery, hardware, clothes and accessories shop, consumer electronics, home furniture, appliance stores, drug stores, etc.
3.Manufacturing Business
Unlike a merchandising business, a manufacturing business buys products with the intention of using them as raw materials to make a new product. Thus, there is transformation of the products purchased.
A manufacturing business combines raw materials, labor, and overhead costs in its production process. The goods produced are then be sold to customers.
Examples include:
•Food processing, such as producing canned meat, frozen goods, dairy products, bottled drinks, also bakeries and oil mills
•Fabric mills and textile production from cotton, wool, polyester; and also clothing factories that use textile as raw material
•Wood and metal works, such as in building cabinets, tables, chairs
•Oil refineries, chemical labs, plastic and rubber production
•Ship builders, aircraft manufacturers, car makers
•and many other producers and factories
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