Understanding Local, National, and Global Businesses and Different Market Structures

The meaning of local, national and global
businesses
Local business- It is the one firm that offers and sell its goods or services to buyers in local area,
town, city. Small and start-up business are belonging to this category in which a single person
starts and operate their shop to earn profit and livelihood. For example, barber shop, boutique,
general shop, grocery shop, food stall and many others to provide product and services to the
local people of their geographic area.
National business- It is referring to the firm which operates in domestic country as well as within
the boarder of specific nation. In this entrepreneur is well known about the culture, customer’s
trends, economic situations addition to produce products or services to meet the requirements.
Business Environment
Global business- It is also known as international business which focuses on transactions and
commercial functions among government, organisations and individuals across the national
boundaries as well as into different regions or countries. It is the international trade of products
and services outside the boards of a specific country at global level.
The meaning of the public, private and third
sector
Public- It consists public products along with governmental services like hospitals, military,
infrastructure, public education, healthcare, public transport, law enforcement and many more. All
these are working for the welfare for society and people who live in a country along with it is a
part of an economy system which is managed and controlled by central, state as well as local
government.
Private- It is the portion of nation's economic system which is run and manage by
companies, group of people instead of government. Organisation in private sector
operate their business operations with the motive of earning money and increasing
sales for the personal benefits. The4 company is privately owned by the individuals
under the law of government to sell the goods and services in market. The various
types of private sector are partnership firms, sole proprietorship and limited company.
Third sector- It refers to the voluntary sector in which group of people formed a firm
and invest their resources to meet the needs of a community without the motive of
profit earning. It is non profitable organisation which is operated to complete a
particular motive such social care.
An example and a brief overview of a
local, national and a global business
Local business- The example of local business is Dark Arts Coffee is located in
London, UK. It was established in 2014 to provide food and beverages services to the
local people of Homerton to earn the profit and customer base. There are around 10
employees who conduct their practices to make the company more profitable and
increase customer experience. The speciality of Dark Art Coffee is they offer unique
roasting coffee as per the customer demand.
National business- Britishvolt is the right example of national business it is a Britain
Motor Vehicle Manufacturing company which invest in battery technologies and made
batteries to electrified future of auto mobiles. It was established in 2019 at
Northumberland as well as there are more than 200 employees work for the growth of
company.
Global business- Unilever is the suitable example of global business which is a
consumer goods company located in London. It was founded in 1992 by Lever
Brothers and Margarine Unie to provide variety products and services to people.
It operates in more than two countries such as Germany, Italy, France and
many others. The product line of Unilever consists Food, tea, coffee,
condiments, ice cream, beauty products, minerals or supplements and many
more.
An example and a brief overview of a
business in the public, private and
third sector
Public sector- For example, National health services, it is UK's government
public health services organisation. It provides local health authority services,
specialist and hospital services as well as general practitioner and dental
services for the betterment of community in UK. It is owned and run by the
administrators of government and provide all these services to the needy
people to improve their health condition.
Private sector- Sports Direct is the perfect example of private sector
organisation. It is a sports and fashion retail company which was established
by Mike Ashley in 1982 to earn the big market share and profitability in retail
industry. It deals in sports line of products such as footwear, clothing, sports
accessories, equipment and electronic items in both physical and online store.
There are around 19, 900 employees among its 670 stores across the world to
provide the best quality of product and services to clients as well as growth of
company.