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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.
Hybrid
Hybrid business is a mix of two or more different types of businesses. It can be in service or manufacturing or
merchandising or all of these. It does business in the form of goods and services. For example, a restaurant is
in manufacturing by preparing a ready to eat food in the form of fine dining. At the same time, it works as a
merchandiser by selling beverages with the fine meals. It also provides services by serving home deliveries through
online or offline orders.
Let us understand this with the help of a case study given below:
• Sarah's Boutique
Sarah started a small boutique selling handmade jewelry and accessories.
Initially, she operated from a physical storefront in her local community.
As her business grew, Sarah expanded online, leveraging e-commerce
platforms and social media to reach a wider audience. She diversified
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