Business Principles, Tools, and Techniques in Participating in Various Types of Industries in the Locality

Business Principles, Tools, and Techniques
in Participating in Various Types of
Industries in the Locality

1. _ISS_O_ B_SIN_SS S_RE_GTH OP_OR_UN_T_ E_V_R_NME_TA_  

2. Business Principles, Tools, and Techniques in Participating in Various Types of Industries in the Locality

3. The Types of Industries in the Philippines Industry-  is  a group of companies that are related based on their primary business activities . In modern economies, there are dozens of industry classifications. Industry classifications are typically grouped into larger categories called sectors

4. Agriculture The Philippines has predominantly always been an agrarian economy. Being a tropical country, the Philippines holds a massive agrarian land mass, extending to 9.7 million hectares of fertile soil suitable for crops like rice, coconut, pineapple, mango, paddy, sugarcane, corn, maize, cassava, coffee, tea, bamboo, banana, and cacao. Moreover, thecountry also produces healthy poultry and livestock (Business Setup, n.d.).

5. Manufacturing This refers to the processing of raw materials (ex. Ore, wood, and foodstuff) into finished products and into something more useful through the use of tools and process that allows individuals and business to add value to the products, selling them at a higher price in the market thus, marketing manufacturing a profitable endeavor.

6. Retail or Merchandising These consist of establishments that purchase products from other businesses or manufacturers and sell them to customers. Merchandising companies usually have merchandising inventories in their current assets account. They usually generate profit by providing markup prices on their goods available for sale ( Abrugar , 2011).

7. Tourism Tourism industry in the Philippines is very well known since our country has a very rich biodiversity of tourist attraction. From beaches, heritage towns, monuments, mountains, resorts, rainforest, island and diving spots. Since our country is endowed with rich natural resources, the Philippines can promote more nature-based tourism. Tourism provides significant economic benefits, particularly for small islands and provinces. Being an archipelago, the Philippines relies heavily on tourism for its livelihood.

8. International Trade (Exports and Imports) The exchange of products and services between countries is referred to as international trade. It refers to the export and import of commodities and services in basic terms. Products and services are sold out of the country, while goods and services are imported into the country. Since the Philippines is very rich in natural resources the country exports more products, which also means more production, jobs and revenue are generated for the country.

9. Banking / Financial institutions financial institution (FI) is a company engaged in the business of dealing with financial and monetary transactions such as deposits, loans, investments, and currency exchange. Financial institutions encompass a broad range of business operations within the financial services sector including banks, trust companies, insurance companies, brokerage firms, and investment dealers (Hayes, 2021).

10. Outsourcing Ever since the last decade, Business Process Outsourcing or BPOs have been one of the fast- paced and rapidly expanding industries in the Philippines. BPOs have emerged as the top contributors to the Filipino economy. The Information Technology and Business Process Association of the Philippines (IBPAP) has forecasted that the BPO industry is bound to generate a revenue of 40 billion USD, produce 7.6 million direct and indirect jobs within the sector, and account for 15% of the aggregate global outsourcing market. Thus, making the BPO industry a flourishing sector to invest into (Business Set up n.d

11. Construction The Department of Trade and Industry (DTI) has recently stated that the Filipino Government is opening up the construction industry to foreign investors with the idea that these investors can potentially become local contractors by providing them construction permits. Thus, this is an ideal time for foreign direct investors to invest in the construction sector. The PSA has reported a growth of 16.1% towards the end of 2018. Taking part in the infrastructural development of the country will ensure its rise into becoming an infrastructure hotspot for Filipino engineers as well as foreign investors (Business Set up, n.d.).

12. Applying Principles, Tools and Techniques in Creating a Business There are many principles tools, techniques and strategies that can be applied in creating a business. The challenge is selecting the best approach, tools and techniques to use in a given business situation / problem or opportunity

13. List down 5 business establishments found in the locality and identify in what industry they belong.