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Business Functions Essay Example

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Business Functions

They have to directly contact the customer due to the nature of the product that they are selling. The major difference between merchandising and manufacturing business is that the merchandising business obtains products from another source to sell the product and the manufacturing business develop the product themselves in order to sell the product. An example of a merchandising business that is directly in contact with its customers is the Ford Company that manufactures automobile and need to be in direct contact with the customer to help them in understanding the difficult features of the automobile.A fourth kind of business is a hybrid business and this kind of business provides both products as well as services and cannot fall in the category of solely merchandising, service or manufacturing business. For example a restaurant is a form of hybrid business because they provide products in shape of food and drinks and they provide service by serving and preparing food for the customers.The first type of business ownership is sole proprietorship and in this form of business ownership only one individual owns as well as controls the entire business. This does not mean that he/she may operate individual as he/she may hire employees to work for him. Sole proprietorships and the owners of these businesses are not considered as two separate entities by the law (Bradshaw, 1996). They are considered as a single legal entity and the owner of the business is liable for all the losses as well as the debts that are owed by the business. This means that if the business goes bankrupt, the owner of the business and his/her assets will be used to repay the debt. There are several benefits of sole proprietorship including the freedom to make business decisions and enjoy all the profits from the business. But at the same time, sole proprietors experience lack of ability to fund the business. Various examples of sole proprietorships include beauty salons as well as plumbing and home cleaning services.The second type of business ownership is partnership and a business that is based on this form of ownership is typically owned and controlled by two or more than two individuals. These forms of businesses are mostly family owned businesses that are owned and controlled by the members of a single family (Bradshaw, 1996). A major benefit of this form of business ownership is that there is

References

Bradshaw, J., & Brooks, M. (1996). Business accounting and finance for managers and business students. Kenwyn, Juta.

Jackson, S., Sawyers, R., & Jenkins, J. G. (2009). Managerial accounting: a focus on ethical decision making. Mason, OH, South-Western.

Stokes, D., & Wilson, N. (2010). Small business management and entrepreneurship. Andover, Cengage Learning.

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preview essay on Business Functions
  • Pages: 6 (1500 words)
  • Document Type: Essay
  • Subject: Business
  • Level: Undergraduate
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