Which of the following is not a type of business . *
Merchandising
Partnership
Manufacturing
Service
Answers
Answer:
ɪɴ ꜱɪᴍᴘʟᴇ ᴛᴇʀᴍꜱ, ᴀ ᴘᴜʙʟɪᴄ ᴄᴏᴍᴘᴀɴʏ ɪꜱ ᴀ ᴄᴏᴍᴘᴀɴʏ ᴡʜᴏꜱᴇ ꜱʜᴀʀᴇꜱ ᴄᴀɴ ʙᴇ ꜱᴜʙꜱᴄʀɪʙᴇᴅ ʙʏ ᴍᴇᴍʙᴇʀꜱ ᴏꜰ ᴛʜᴇ ᴘᴜʙʟɪᴄ. ᴀꜱ ᴘᴇʀ ᴛʜᴇ ᴄᴏᴍᴘᴀɴɪᴇꜱ ᴀᴄᴛ, 2013 ᴀ ᴘᴜʙʟɪᴄ ᴄᴏᴍᴘᴀɴʏ ɪꜱ. ᴀ ᴄᴏᴍᴘᴀɴʏ ᴛʜᴀᴛ ɪꜱ ɴᴏᴛ ᴀ ᴘʀɪᴠᴀᴛᴇ ᴄᴏᴍᴘᴀɴʏ. ʜᴀꜱ ᴀ ᴍɪɴɪᴍᴜᴍ ᴏꜰ ꜱᴇᴠᴇɴ ᴍᴇᴍʙᴇʀꜱ, ɴᴏ ᴍᴀxɪᴍᴜᴍ ʟɪᴍɪᴛ ɪꜱ ᴍᴇɴᴛɪᴏɴᴇᴅ.
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Answer: Distinguish between Merchandising, Manufacturing, and Service Organizations
Most businesses can be classified into one or more of these three categories: manufacturing, merchandising, or service. Stated in broad terms, manufacturing firms typically produce a product that is then sold to a merchandising entity (a retailer) For example, Proctor and Gamble produces a variety of shampoos that it sells to retailers, such as Walmart, Target, or Walgreens. A service entity provides a service such as accounting or legal services or cable television and internet connections.
Some companies combine aspects of two or all three of these categories within a single business. If it chooses, the same company can both produce and market its products directly to consumers. For example, Nike produces products that it directly sells to consumers and products that it sells to retailers. An example of a company that fits all three categories is Apple, which produces phones, sells them directly to consumers, and also provides services, such as extended warranties.
Regardless of whether a business is a manufacturer of products, a retailer selling to the customer, a service provider, or some combination , all businesses set goals and have strategic plans that guide their operations. Strategic plans look very different from one company to another. For example, a retailer such as Walmart may have a strategic plan that focuses on increasing same store sales. Facebook’s strategic plan may focus on increasing subscribers and attracting new advertisers. An accounting firm may have long-term goals to open offices in neighboring cities in order to serve more clients. Although the goals differ, the process all companies use to achieve their goals is the same. First, they must develop a plan for how they will achieve the goal, and then management will gather, analyze, and use information regarding costs to make decisions, implement plans, and achieve goals.
(Figure) lists examples of these costs. Some of these are similar across different types of businesses; others are unique to a particular business.
Some costs, such as raw materials, are unique to a particular type of business. Other costs, such as billing and collections, are common to most businesses, regardless of the type.
Costs
Type of Business Costs Incurred
Manufacturing Business
Direct labor
Plant and equipment
Manufacturing overhead
Raw materials
Merchandising Business
Lease on retail space
Merchandise inventory
Retail sales staff
Service Business
Billing and collections
Computer network equipment
Professional staff
Knowing the basic characteristics of each cost category is important to understanding how businesses measure, classify, and control costs.
Merchandising Organizations
A merchandising firm is one of the most common types of businesses. A merchandising firm is a business that purchases finished products and resells them to consumers. Consider your local grocery store or retail clothing store. Both of these are merchandising firms. Often, merchandising firms are referred to as resellers or retailers since they are in the business of reselling a product to the consumer at a profit.
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