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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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