Are you having trouble deciding which company to join? It is crucial to understand the difference between product-based and service-based companies when starting a business or exploring career opportunities. These companies operate on different business models and cater to the needs of their customers. This article explores the key difference between product and service-based companies and how to navigate a career in each of them.
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What Is A Product-Based Company?
Product-based companies refer to those that offer quality products to their customers. They need to keep upgrading or updating their products to keep up with the latest market trends. Some of the renowned product-based companies in India along with their products are as follows:
1. Google: This product company was founded in 1998 and caters to the needs of people globally. Some of the renowned products are:
- Google Earth
- Google Chat
- Google Mail
- Google Meet
- Google Pay
2. Amazon: This company was founded in 1994. It is one of the largest e-commerce platforms and different products from this product company are:
- Amazon Web Services
- Amazon Music
- Ring
- Alexa
- Amazon Fresh
3. Meta: This product company was founded in 2004 and it brings a range of social media products to its consumers. They are:
- Threads
- Messenger
4. Flipkart: An Indian product company founded in 2007 providing different services to its consumers through:
- Clear trip
- Ekart
- Myntra
- Flipkart Health
- Shopsy
5. Zomato: This product company was founded in 2008 and caters as a food delivery platform to millions in India. Renowned products from this company are:
- Zomato
- Blinkit
- Hyperpure
What Is A Service-Based Company?
Service-based companies refer to the ones that don't have any products to sell. Instead, they offer services to other companies. Some of the renowned service-based companies are:
1. Tata Consultancy Services (TCS): This company was founded in 1968 and provides Information Technology (IT) services globally. It is a part of the Tata Group, a renowned company catering to millions. TCS is an Indian multinational technology firm that specializes in IT services and consulting.
2. Infosys: This company was established in 1981 and offers business consulting and outsourcing services. It specializes in digital services and consulting, enabling digital transformation for clients in over 50 countries.
3. Wipro: This Indian multinational company was founded in 1945 and provides IT consulting, cloud computing, computer security, artificial intelligence, and data analytics services. It focuses on developing innovative solutions for the most complex digital transformation requirements of clients.
4. Tech Mahindra: This Indian multinational company was set up in 1986 as a joint venture between Mahindra & Mahindra and BT Group. It provides IT, outsourcing, and consulting services. Its specialization lies in offering technology consulting and digital solutions to international businesses across varied industries and sectors.
5. Accenture: This service-based company was founded in 1989 and provides IT and consulting services to different organizations. It offers a complete 360-degree perspective to the toughest challenges of its clients. The company specializes in a wide array of solutions and services in consulting, operations, strategy, technology, and digital transformations.
Also read:- Role of Education in Human Capital Formation
Difference Between Product-Based And Service-Based Company
Some of the key distinctions between the two types of organizations are tabulated below:
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Conclusion
Both service-based and product-based companies are essential for meeting diverse consumer needs. In a way, they both are interdependent as they strive for innovation and quality. As we have explored the difference between product-based and service-based companies, it would have provided you with some clarity about the best option for your future. Both have their own sets of challenges and opportunities. The first step would be to get educational certifications from reputable institutions.
Amity University Online can be your best bet as it offers numerous programs from the comfort of your home. You can pursue a BBA degree and advance to completing online MBA courses from the university. Additionally, the online degree courses offered are AICTE and UGC-approved, which allows you to work globally. Check out the website for more details and enroll in the best online university in India to build a rewarding career path.
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