5 Types of Business

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5 Types of Business

Merchindising

A merchandising business are companies that sell products manufactured by other companies and are sent to them to be sold

Examples of merchandising businesses are Walmart, Costco, and Loblaws

Advantages of merchandising companies are increased sales, pricing display.

Disadvantages of merchandising companies are, cost of getting products to sell and ship to all the stores either internationally or across the country

Non-Profit

A non profit organization is an organization that usually donates all the money it brings in to charities

Examples of non profits are Red Cross and Unicef

Advantages of being a Non-Profit Organization is that you get to help the less fortunate and you are able to aid others and save lives

It is hard to keep the company running, as funds are usually raised from donations or from other fundraisers. Also, they operate in dangerous places including war-torn countries and areas that have been hit by catastrophic natural disasters

Service

A service is a commercial enterprise that provides work performed by an individual or team in an expert manner for the benefit of its clients. The standard service business includes intangible goods such as services such as accounting, finance, consulting, cleaning, landscaping, education, insurance, care, and transport.

Examples of services are Uber, U-Haul Skipthedishes

An advantage of a service is unique selling propositions, and another is full scalability.

A disadvantage of a service is that unlike products, services are intangible. Many services are created to complete the needs of one person or many people.

E-Commerce

E-commerce (electronic commerce) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. These business transactions occur either as business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer or consumer-to-business.

Examples of E-commerce businesses are Amazon, E-Bay, Kijiji

An advantage of e-commerce is that they are convenient for people, and they attract new customers with search engine.

A disadvantage of e commerce companies are, customers can't try clothing on before buying the clothes, shipping costs and impatient customers

Manufacturing

A company that makes their own products and then sells them through their own retail stores or send them out to be merchandised.

Examples of manufacturing businesses are Nike, Apple and Car Brands

There are many advantages in being a manufacturing company. They can control their own expenses very tightly, react to market changes very quickly and are very flexible overall. Their Production time and cost are very low due to the fact they are able to run and fund their own factories

Disadvantages include low labor content, extremely high transportation costs, and extended supply chain , a lack of control and a loss of intellectual property. Manufacturing business also have a ton of responsibilities in streamlining their factories and making sure that each and every product is delivered on a timely schedule

Aryan Chandorkar, Samar Khanna, HanHan Kong