TYPES OF BUSINESS ACCORDING TO ACTIVITIES
SERVICE BUSINESS is a type o business focus on providing intangible products, such as offering professional skills, proposals and expertise. ex. spa, parlor, call center (BPO business)
ADVANTAGES
- no need for inventory
-skills can be improved and can produce better servise
DISADVANTAGES
-services are harder to value
-less demand during economic downturns
MERCHANDISING BUSINESS this type of business is commonly known as the "buy and sell" business. ex. department store, hypermarket, super market
ADVANTAGES
-good merchandising attracts more customers
- it is flexible to changes
DISADVANTAGE
-it demands more work and workers
-it needs to manage customers expectations
-it needs to budget expenses for occasional improvements within the store
MANUFACTURING BUSINESS type of business where in materials are bought to create a new product ex. factory, sardines
ADVANTAGES
-there is continuous demand on manufactured goods
- job satisfaction can be ensured through the output or the produced item
DISADVANTAGE
-owners of the manufacturing business need to keep up with the high overhead costs
-the cost of the manufacturing products highly depends on the price and availability of the raw materials.
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ABM (BASIC ACCOUNTING)
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