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Types of Businesses - Coggle Diagram
Types of Businesses
Small Businesses
Advantages
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Customers:
They can give personal services to customers and can quickly change to meet what they want.
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Costs:
Small businesses usually have lower costs because they don’t have problems from being too large and have fewer expenses.
Disadvantages
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Communication:
Small businesses may not be able to financially afford promotion. They also do not have many connections.
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Large Businesses
Advantages
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Customers:
They operate across diverse markets and product lines. They continue to build a strong reputation in the marketplace.
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Costs:
Enjoy cost advantages linked to extensive production. They can also establish pricing benchmarks that competitors need to comply with.
Disadvantages
Management:
Loss of quality control when business has franchises, especially if they are global.
Customers:
Less personalized services since as a large business, you must appeal to a larger demographic which limits your range of products/services.
Communication:
Communication can be difficult as a large company as there are many employees and it can feel overwhelming for them to reach out to other people in the business.
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