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Manufacturing
            This kind of business uses raw material, 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 which 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.

            Service
            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.

            Merchandising
            This is the most common type of business we come across in our daily life. 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.

            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.


                    IMPORTANT FEATURES OF DIFFERENT TYPES OF BUSINESS


            Let us learn about the differences between types of business.

                                        Manufacturing                Service                  Merchandising
                                  Production of goods using   Provides services of     Buying goods at whole price
              Activity Involved
                                  raw material.              different types.          and selling at retail price.
                                  Raw material, intermediate   Service cannot be stored   Finished products are stored
              Storage             and finished products are   in warehouses or boxes.  in warehouses.
                                  stored.

                                  Raw material,
              Tangibility         intermediate, finished     Services are intangible as   Finished products are
                                  products are all tangible.  they cannot be touched.  tangible.
                                  Skilled and unskilled      Skilled professionals and
              Staff                                                                    Sales personnel.
                                  labour.                    experts.
                                  Ultra Tech Cement Ltd,
              Examples            JSW Steel Ltd, Maruti      HDFC Bank, Zomato,        Grocery stores, retail clothing
                                  Suzuki India Ltd, etc.     Airtel, etc.              stores, etc.




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