Introduction
Business refers to at least three closely related commercial topics. The first is a commercial, professional or industrial organization or enterprise, generally referred to as "a business." The second is commercial, professional, and industrial activity generally, as in "business continues to evolve as markets change." Finally, business can be used to refer to a particular area of economic activity, such as the "record business" or the "computer business".
Types Of Business
There are many types of businesses, and, as a result, businesses can be classified in many ways. One of the most common focuses on the primary profit-generating activities of a business, for example:
- Manufacturers : Manufacturers produce products, from raw materials or component parts, which they then sell at a profit. Companies that make physical goods, such as cars or pipes, are considered manufacturers.
Service businesses : Service businesses offer intangible goods or services and typically generate a profit by charging for labor or other services provided to other businesses or consumers. Organizations ranging from house painters to consulting firms to restaurants are types of service businesses.
Retailers and Distributors : Retailers and Distributors act as middle-men in getting goods produced by manufacturers to the intended consumer, generating a profit as a result of providing sales or distribution services. Most consumer-oriented stores and catalogue companies are distributors or retailers.
Agriculture and mining businesses Agriculture and mining businesses are concerned with the production of raw material, such as plants or minerals.
Financial businesses : Financial businesses include banks and other companies that generate profit through investment and management of capital.
Business and Management
The study of the efficient and effective operation of a business is called management. The main branches of management are financial management, marketing management, human resource management, strategic management, production management, service management, and information technology management,business Intelligence.
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