Write a short note on the following -
Product business, Service business, Hybrid business
Answers
Answer:
Product business : In marketing, a product is an object or system made available for consumer use; it is anything that can be offered to a market to satisfy the desire or need of a customer.[1] In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods. A service is also regarded to as a type of product.
Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market. In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project.
A related concept is that of a sub-product, a secondary but useful result of a production process.
Dangerous products, particularly physical ones, that cause injuries to consumers or bystanders may be subject to product liability.
Service business :A service type of business provides intangible products (products with no physical form). Service type firms offer professional skills, expertise, advice, and other similar products.
Examples of service businesses are: salons, repair shops, schools, banks, accounting firms, and law firms.
Hybrid business : The term “hybrid business” may refer to an enterprise which does not only make use of traditional methods of distribution, but also makes use of internet technology in order to easily expand its market and make the product or service more accessible.
One of the benefits that hybrid businesses offer their clients is increased convenience for the completion of transactions. The customer is no longer required to travel a long distance or go through a tedious process in order to make payments, because such businesses have already set up an online payment system. This benefits the customer while also allowing the business to save money on staffing and other related expenses. At the same time, the inflow of cash becomes more immediate.
Hybrid businesses have flourished very quickly with the advancements in technology over the past couple of decades. Today, e-commerce, which brings the marketplace to people’s homes, is an important part of the operations of many large businesses. As such, more and more traditional enterprises are becoming hybrid businesses in this sense. Furthermore, advancements made have also made online transactions more secure, thus increasing consumer confidence and boosting commercial activity online. Hybrid businesses are therefore able to expand the scope of their businesses and expand more quickly than ever into international markets.
On the other hand, the term “hybrid” can also be used to describe businesses which are geared towards socially-beneficial goals as well as the generation of profit. While it may initially seem to be difficult to combine these two objectives, some enterprises, such as microfinance agencies, are able to do this.