This business/management problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.
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Here are the explanations and examples for each business type:
1.3.1 A service business provides intangible services to customers rather than physical products. Their value comes from the skills, expertise, or labor they offer. Example: A hair salon offering haircuts and styling.
1.3.2 A trading business (also known as a retail or wholesale business) buys finished goods from suppliers and then resells them to customers without significantly altering the product. Example: A clothing store selling garments from various brands.
1.3.3 A manufacturing business takes raw materials or components and transforms them into finished products using machinery, labor, and processes. Example: A car factory assembling vehicles from parts.
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1.3.1 A service business provides intangible services to customers rather than physical products.
This business/management problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.