Final answer:
Different types of businesses market goods and services. They can be classified into product-based, service-based, and hybrid businesses.
Step-by-step explanation:
Business involves the organized efforts of individuals to produce, sell, or buy goods and services with the aim of generating profit. It encompasses various activities, including production, marketing, finance, and management, within a framework of economic and social interactions. There are various types of businesses that market goods and services. These businesses can be classified into three categories:
- Product-based businesses: These businesses focus on selling physical goods. Examples include clothing stores, automobile manufacturers, and grocery stores.
- Service-based businesses: These businesses primarily sell intangible services. Examples include restaurants, hotels, and hair salons.
- Hybrid businesses: These businesses offer both goods and services. Examples include department stores, fitness centers, and car rental agencies.