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1.03 Classify Businesses

1.03 Classify Businesses. Objective 1.03 Classify businesses as profit-making or non profit-making; and service, product or combination. Profit-making Businesses. For-profit businesses Motive is making a profit (earning more revenue than expenses)

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1.03 Classify Businesses

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  1. 1.03 Classify Businesses

    Objective 1.03 Classify businesses as profit-making or non profit-making; and service, product or combination.
  2. Profit-making Businesses For-profit businesses Motive is making a profit (earning more revenue than expenses) Produce and distribute goods and services based on consumer demand for wants Examples Apple Computer Sony Domino’s Pizza The Gap Abercrombie and Fitch
  3. Non Profit-making Businesses Non-profit businesses Can earn a profit, but cannot be run for the sole purpose of earning a profit; profits must be used to benefit the purpose of the organization Cannot be run for the financial gain of the members or directors Donors’ Contributions are tax deductible Examples American Red Cross Salvation Army Meals on Wheels Homeless Shelters St. Jude’s Children’s Hospital
  4. Service Businesses Provide services rather than goods Some service businesses meet needs (medical clinics, law firms) Some service businesses provide wants (taxi companies, ISPs) Examples Barber shop Dry Cleaners Copy and Print Shops (Kinko’s) Car repair shops
  5. Product Businesses Sell goods to consumers and other businesses Retailers and distributors are product businesses Examples Old Navy CD Stores Best Buy Dick’s Sporting Goods
  6. Combination Product and Service Some businesses are both product and service businesses—they sell a product and provide a service. Examples Automobile dealerships Hair salons Appliance stores Can you think of others?
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