Lesson Objective:
In this lesson you’ll learn about different types of businesses:
• Manufacturing
• Retail
• Wholesale / Distributor
• Service
• Professional
• Online and “Offline”
Reading Assignment:
Your success in the business world will largely depend on your ability make sales. Rather than have you read a book about corporations or business law, you’re going to read additional books on selling and advertising. Today you’ll read the introduction and chapters 1 to 5 of Claude Whitacre’s book, Sales Prospecting. We’ll refer back to this book for planning your online business later in this course.
Video Lesson:
In this lesson you’ll view several short videos on different types of businesses.
Manufacturing
Every product you purchase was manufactured by a company. We call companies like Apple or Ford manufacturers because manufacturing products is their main line of business. Watch these two videos to learn more about these companies.
Video of Apple history: (2:44)
Ford Motor Company history: (4:42)
Retailers
Retail companies like Walmart sell products manufactured by other companies.
Walmart video: (4:11)
Wholesale / Distributors
Wholesalers and distributors buy products from manufacturers and farmers in large quantities and then sell them to retailers. Retailers sell them to consumers in the stores. Most distribution companies are unknown to the general public because they advertise to retailers rather then consumers.
“The Road to Success for a Food Distribution Company” video: (2:18)
Services
Service businesses perform tasks that business owners and individuals can’t or won’t do themselves. This includes everything from food preparation and tax return preparation to janitorial services. Here’s an advertisement for a janitorial services company in Portland, Oregon. (:53)
Professional Services
Professional service companies provide services which normally require advanced education and special licenses such as engineers, lawyers and accountants.
Now you should watch today’s lesson. (13:17)