Question

Explain the significance of each of the following major fields of business activity: manufacturing, wholesaling, retailing. Ishmail is figuring out whether his products will be used by the end consumer or be purchased by businesses to create other products. This decision will determine whether he creates industrial or consumer goods. He decides to make a chart comparing and contrasting these two types of goods. What should he include for each type of "good" on this chart? While considering starting a small business, Roy is curious about the role and opportunities available for small businesses in the global economy and marketplace. He sets up a conference call with an experienced small business owner to learn more. What does Roy’s colleague likely share with him? Starting a small business is a challenging endeavor—what are some important factors that contribute to the success of a small business? What are some of the first steps that should be taken if someone is interested in starting a small business?

a. Manufacturing: Production process, Wholesaling: Distribution channels, Retailing: Customer interactions
b. Industrial goods: End-use, Consumer goods: Business use
c. Opportunities for small businesses in the global market
d. Factors contributing to small business success and initial steps for startup.

Answer 1

Industrial goods are used by businesses, consumer goods are used by end consumers. Small businesses have opportunities in the global economy. Factors contributing to small business success include a solid business plan and effective marketing strategies.

Step-by-step explanation:

For Ishmail's chart comparing and contrasting industrial and consumer goods, he should include the following for each type of good:

1. Industrial Goods: These goods are used by businesses to create other products. Examples include raw materials, machinery, and equipment.
2. Consumer Goods: These goods are used by the end consumer. Examples include clothing, electronics, and food.

When Roy has a conference call with an experienced small business owner, they are likely to share information about the opportunities available for small businesses in the global economy and marketplace. This may include discussing potential global customers, international expansion, and advantages of operating in a global market.

Some important factors that contribute to the success of a small business include a solid business plan, effective marketing strategies, strong financial management, and a unique value proposition. The first steps someone should take if they are interested in starting a small business include conducting market research, creating a business plan, securing financing, and registering the business.