What is considered the essence of a business, according to management principles?

The essence of a business is fundamentally tied to the products and stores it operates. Products serve as the core offering that meets customer needs and drives market demand. They represent what the business creates or sells, making them crucial to its identity and value proposition in the marketplace. Furthermore, stores, whether physical or virtual, are the platforms through which these products are delivered to consumers, allowing for engagement and fostering customer relationships.

In this context, while employees and their interactions, sales and marketing strategies, and financial performance are all important components of a business's operations, they support and enhance the core function of providing products to customers. Without products, a business would not serve its primary purpose, thus solidifying the idea that the products and the stores through which they are sold are foundational to the essence of any business.