Unit-01

Overview Of Business

Types of Business
Service
Manufacturing
Trade
Industrial sectors Introduction to
Engineering industry
Process industry
Textile industry
Chemical industry
Agro industry
Globalization
Introduction
Advantages & disadvantages w.r.t. India
Intellectual Property Rights (I.P.R.)

ANSWER:

What is business
Ans: Business is defined as an activity in which the resources (man,material,money,machine) are used to provide services or products to theicustomers in exchange of money .
                                      Broadly there are three types of business.
1. Service Business
2.Trade/merchandising business
3.Manufacturing business


Service Business:

 A service type of business provide intangible(ptoduct that can't stored physically).
-Service type business provide professional skills,experts advice and other services.
- example of service business are salon, schools, hospitals, accounting forms, low firms etc...

Trade/ Merchandising Business: 

 -They are also known as buy and sell type of business.
- This type of business  buys products, and sell it to the customers as wholesale price or retail price.
- A merchandising business sales a product without changing its characteristics
example of merchandising business are chemists,distributor,retail shop, etc...

Manufacturing Business: 
 -Manufacturing business buys certain material with an intension of using them as raw material for making a product
- Thus there is transformation of material into products.
- In such business raw material, labour, machine and  other  related resources are used to provide the product to the customer
- Example of manufacturing business are refinary, automobile industry, FMCG(Fast Moving Consumer Goods)

In next blog we will study about
👉 Industrial sectors and its types and advantage and disadvantage of industrial sectors..