What Is Business And The Scope It Includes?
When you think of business most people think about exchanging goods, but the scope of business is larger than this. Business moreover includes processing, manufacturing, and operations of the goods and services. The people who are involved in providing the services or goods are businessmen and the ones using the services are customers. Any business is carried out with the motive of providing satisfaction with the services provided.
What are the business types?
The following are the business:
- Service business: This type of business is focused on providing services to the customers rather than any physical commodity. This can be the various firms, advisories, and expertise. Ex-Schools, Banks, etc.
- Merchandising business: This is the business type where the business owner purchase finished products at a wholesale rate and supply them to the customers at market rate. The differences in prices make the income here. Ex- the Grocery store.
- Manufacturing business: This business type is where the business does the manufacturing process and produces finished products to sell them. Here the input is taken as raw products and the operations are done to make a product. Ex-Sugar factory.
Every business will have its goals and customer base which are focused to widen to achieve more profit and better growth.