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A business is an organization which uses economic resources to offer goods or services to customers in exchange for money or other goods and services. The main aim of setting up a business is to make profit for its owner s. There are different types of business organizations and different forms of ownership. A service type of business provides customers with intangible products products that are not seen, felt or touched. Service based firms offer professional skills, ability, advice, and other similar products. Assignment Types Of Business Organization

Having a good knowledge of the forms and types of business organizations is crucial when starting a business. You also need to understand the pros and cons of each different form of business organization in other to create a profitable business.

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Thus, this decision will have a long-term implication on your business; so it is advisable you consult a professional if you read this article till the end and still not sure of the kind of business structure that might work best for your company. A business organization is an organization or legal entity that uses economic material to provide goods or render services to Assifnment prospective customers in exchange for legal tender, money, or any other commodities, goods, and services. All business organizations bore common goals and objectives: they are profits oriented. A business venture that is established for the purpose of providing an intangible product i.

Firms or organizations that render services provide Assignmetn offers like advice as in the law firm, skills as in carpentry, expertise as in financial engineers, and many other similar products. Merchandising business as a business organization buys goods or products at a wholesale price and resells the same products at Assignment Types Of Business Organization retail price. Here, their only means of maximizing profit is via selling the merchandise they bought at a wholesale price — which is usually cheaper — and they resell it at prices higher than the cost price.

SCMN 4970 Business Process: ERP Data Types Assignment

That being said, a merchandising business venture sells the merchandise to its prospective customers without changing the original form. Examples include convenience stores, distributors, etc. The manufacturing business is another type of business organization that manufactures products from the raw material into a finished good. Unlike merchandising businesses, manufacturing businesses convert materials into a new product.

Strategic Management

In the same vein, a manufacturing business organization combines raw materials, intensive labor, and overhead costs in their production process. They can only maximize profits after the manufactured goods are being sold to customers merchandising business owners. Hybrid businesses can be better described as companies that deal in more than one business at a time. This business creation cannot be classified as one type of business. For example, a restaurant will buy ingredients and raw foodstuff to make a fine meal — that is manufacturing —, such restaurants will sell a chill of wine — merchandising — and at the same time fills their customer orders — service.

Equally, you need to know the various forms of business organizations, because all these are the legal business structures that must be defined Assignment Types Of Business Organization a new business can be registered as Organiaztion legal entity of the State.

So aligning your aim and objectives to your business organization form is vital and you need to understand the advantage and disadvantages of each of them.]