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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 her product range based on customer feedback and
              market trends. By maintaining quality craftsmanship and personalized
              customer service, Sarah's Boutique established a loyal customer base
              both offline and online.

              Difference between Product Business and Service Business

                          Factors                 Product Business                      Service Business
                   Seen and Touched       Product  can be seen  and  touched.  Service  cannot  be  seen  or  touched.
                                          Customer pays for physical exchange  Customers here pay for an experience.
                                          of things.
                   Stored                 A product can be stored in a shop or a  A service, for example, cutting hair, cannot
                                          warehouse (usually).               be  stored.  Service  is  provided  when  a
                                                                             customer asks for it.
                   Made and Transported   A product can be made either at home   A service cannot be made or transported.
                                          or in a factory. After production, it is  It is provided to the customer at the time
                                          transported to different places where  of delivery.
                                          shopkeepers sell it.
                   Same  quantity  and  The quality and  quantity of the  The quality and quantity of a service can
                   quality                product will be the same every time.  be different at different times.




                                      Answer the following questions:
                       uiz Bee
                                      1. Explain any two types of business.
                                      2. What is hybrid business?
                                      3. What do you mean by "service" in business?





                      STEPS FOR STARTING A BUSINESS


              Starting a business involves planning, making financial decisions, doing market research, and acquiring knowledge in
              areas you never thought you would learn about before. If you are planning to start your own business, then you should
              follow certain steps:
              Step 1:   Plan and finalise a business idea: This is a very important step where you make a choice of starting your own
                      business with your planned idea. This could be:
                      •  something you are interested in.


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