Identification should include the characteristics of the four types of businesses:

Service—provides intangible products (e.g., repair shops, banks, accounting firms, law firms)
Merchandising—buys products at wholesale price and sells the same at retail price; sells a product without changing its form (e.g., grocery stores, convenience stores, distributors, other resellers)
Manufacturing—buys products with the intention of using them as materials in making a new product. Combines raw materials, labor, and factory overhead in its production process. Manufactured goods are sold to customers.
Hybrid—classified in more than one type of business; may be classified according to their major business interest