Question

Which of the following best represents the three types of business organizations today? a. Financial, sales, and product creation b. Services, marketing intermediaries, and manufacturing c. Service, sales, and manufacturing d. Purchasing, advertising, and manufacturing

Answer 1

Answer: b. Services, marketing intermediaries, and manufacturing

Explanation:

The three types of businesses today;

• Services - Service companies sell intangible goods otherwise known as services to people who will derive value from them. As such they are highly focused on customer satisfaction which leads to them employing individuals with the knowledge and experience to provide services. Examples include; Accounting firms, law firms, etc

• Marketing Intermediaries - These are the middle men in the market. The facilitate the flow of goods from the producer/ supplier to the end user. They include: agent, wholesalers, retailers, financial institutions etc.

• Manufacturing - Manufacturing businesses are those who produce the goods that we use today. They are most probably the biggest and most valuable of the 3 types as they comprise of all goods manufactured in the market including technology, commodities, construction, automobiles and the like.