3 Types of Business
By: Jaron McMasters
Types of Business
Service Business: provides products with no physical form.
Merchandising Business: "Buy and sell" business. Buys products at wholesale price and sells at retail price.
Manufacturing Business: Buys products with the intention of using them as materials in making a new product.
North Carolina Example
Food Lion is a Merchandising Business because they buy items at wholesale price and sell them at retail price
Manufacturing Business
Advantages: Demand,
Job Satisfaction
Disadvantages: Cost,
Reliance of Raw Materials
Service Business
Advantages: Flexible Hours,
Steady Work
Disadvantages: Intangibles,
Mistrust
Merchandising Business
Advantages: Customer Loyalty,
Sales and Marketing Optimization
Disadvantages: Inventory Control,
Product development