Types of Businesses
Manufacturing
HP
Apple
manufacturing business help boost the GDP drastically
manufacturing business are the oldest type of business
A manufacturing business takes raw, fresh resources/materials and turns them into a product (good) you can sell.
must have skilled workers
keeping up with trends
Need a lot of money to begin
creating jobs
innovation
higher profit
Merchandising
increase customer satisfaction + loyalty
Walmart
Amazon
features of this business: packaging, branding and labeling
visuals matter a lot in merchandising
the process of promoting/highlighting goods
higher sales
Attracts customers
A merchandising business is a company that buys products and resells to the public, which could be online or in person. Merchandising businesses focus more on goods rather than services.
competition
Subtopic
space limitations
expenses
high demand on certain products
Non-Profit
Greenpeace
Women's Refugee
most non profit don't have to pay taxes to ensure they don't have to pay income tax on revenue
main goal is to serve the community (charitable or social problem)
A non-profit organization is an organized group of people working together knowingly, without gaining income
employee benefits
can exist forever
protected from any liabilites
no profit
time and money to begin
overworked, heavy labour employees
Disadvantages
E-Commerce
Examples!
Shopify
Alibaba
e-commerce is expected to earn 5.42 trillion USD in sales each year
this industry is growing by 23% year after year
estimated that 95% of the future purchases will be made online by 2040
eBay
An ecommerce business is the trading/selling of products (goods and services) online
price comparasions
online scam
cost of shipping
security risks online
technical difficulties
Many competitors
large target audience
increased sales
convenient
Efficient buying process
Advantages
Service Business
Personal Gym Trainer
Travel Agencies
86%, good customer service turns one-time clients into long term brand champions
provides services to customers to make their lives easier
Extra Information
Hair Salons
Examples!
A service business provides a professional service, or labour composed of an expert team that works together to complete a task.
Adaptability to trends in the market & customer demand
Customer relationship
Disadvantages
Manual Labour
Relies on human resources
Competition
Labour Costs
Cost efficiency
Advantages
