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There are two types of product-based businesses:
                    • Manufacturing: This kind of business uses raw materials, labour, technology, capital and other resources for
                   the production of finished goods. It follows a step-by-step approach of putting together raw materials, parts
                   and components, moving from one workstation to the other with the help of technology, machinery, robots,
                   computers, and labour.
                    Finished goods are sold to the wholesalers, who in turn sell them to retailers. The consumers generally purchase
                   these finished goods from the retailers. Some of the examples of manufacturing businesses are that of food,
                   beverages, apparels, furniture, mobile phones, laptops, cosmetics and many more.

                   Let us understand this with the help of a case study given below:
                      ✶ Precision Engineering Ltd.
                        Precision Engineering Ltd. specialises in manufacturing precision
                     components for aerospace and automotive industries. Founded by
                     a team of engineers with expertise in machining and fabrication,
                     the company started in a small workshop but quickly gained
                     recognition for their high-quality products and adherence to
                     industry standards. They invested in state-of-the-art machinery
                     and continuous staff training to maintain their competitive edge.
                     By fostering long-term relationships with key clients and expanding
                     their product range to include customised solutions, Precision
                     Engineering Ltd. established itself as a trusted manufacturer in a
                     competitive market.
                    • Trading: This deals with buying and selling a product. In this, the finished products are purchased at wholesale
                   price and sold to consumers at retail price. The form of the products is not changed but the products are sold
                   at a little higher price than the purchase price that helps them to earn profits. They also transport the product
                   from the factory to warehouses. Examples of these businesses include wholesalers, distributors and retail shops.


                 Service business

                   This kind of business provides services in the form of consulting, accounting, hospitality and many more of such
                 types which can be delivered either physically or in a digital form through the Internet or mobile apps. These
                 services are  not  in the  physical form which  can  be  touched  or  stored  or  bought  from the  retailers. They  are
                 provided by professionals or experts in such areas. Salon is an example of Service business.

                 Let us understand this with the help of a case study given below:
                    • CleanTech Solutions
                    CleanTech  Solutions  provides  eco-friendly  cleaning  services  to
                   residential and commercial clients. Founded by Anirudh, who was
                   passionate about sustainability, the business began with a focus on
                   using non-toxic cleaning products and energy-efficient practices.
                   Through targeted marketing campaigns and partnerships  with
                   environmentally-conscious businesses, CleanTech Solutions gained
                   traction in the local market. They expanded their service offerings
                   to include specialised cleaning services for sensitive environments
                   like hospitals  and schools, demonstrating their commitment  to
                   innovation and client satisfaction.




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