Tag: meaning and essential elements of retail trade

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Multiple choice business organisation and correspondence employment opportunities in commerce meaning and essential elements of retail trade employment opportunities in insurance sector and capital market middlemen 2 - retailer

Itinerant retailers are small traders operating with limited resources.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Itinerant means traveling from place to place.Itinerant retailers have no fixed place of business. They move from place to place for selling their goods to the consumers. Itinerant sell in small quantities. 

Multiple choice business organisation and correspondence employment opportunities in commerce meaning and essential elements of retail trade employment opportunities in insurance sector and capital market middlemen 2 - retailer

Effective display of products and through their personal selling efforts retailers provide new product information to customers.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Personal selling occurs when a sales representative meets with a potential client for the purpose of transacting a sale. Many sales representatives rely on a sequential sales process that typically includes nine steps. Some sales representatives develop scripts for all or part of the sales process.

Multiple choice business organisation and correspondence employment opportunities in commerce meaning and essential elements of retail trade employment opportunities in insurance sector and capital market middlemen 2 - retailer

Which of the following is/are the crucial factor(s) for establishing a retail outfit?

  1. Scale of operation

  2. Amount of Capital

  3. Selection of Products

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
  1. Research the location. 
  2. Take the time to research the location where you will most easily attract your customers. 
  3. Make a business plan.
  4. Research your customers.
  5. Look at your competitors.
  6. Take a test run. 
  7. Read disclosure statements.
  8. Find an existing fit-out
Multiple choice business organisation and correspondence employment opportunities in commerce meaning and essential elements of retail trade employment opportunities in insurance sector and capital market middlemen 2 - retailer

The retailer should adopt a suitable sales policy to increase sales and profits.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Suitable Sales Policies sells its products only through authorized equipment distributors for resale in the agricultural and landscaping irrigation markets, plus other markets. Credit sales are made only to authorized distributors with established open accounts, subject to applicable credit limits.

Multiple choice business organisation and correspondence employment opportunities in commerce meaning and essential elements of retail trade employment opportunities in insurance sector and capital market middlemen 2 - retailer

Identify the correct statement from the following.

  1. Information about the consumers received from the retailers enable the manufactures to make suitable adjustments in the design, size and contents of their products.

  2. Many retailers offer free home delivery of goods purchased.

  3. Retailers are often ready to take back goods with which consumers are not satisfied and replace them.

  4. None of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A retailer purchases in bulk from the wholesalers and sells the products to the customers in small quantities. A retailer essentially maintains a variety of merchandise. The aim of a retailer is to achieve maximum satisfaction by exceeding their expectations and delivering exceptional services.

Multiple choice business organisation and correspondence employment opportunities in commerce meaning and essential elements of retail trade employment opportunities in insurance sector and capital market middlemen 2 - retailer

While selecting a new area for commencement of business, a retailer should consider which of the following?

  1. Income level of the prospective customers

  2. Access to wholesale markets, transportation and other facilities

  3. Research on the trend of population

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Commencement of Business under Companies Act, 2013. A Public and Private Limited company having share capital cannot commence business until it has obtained the certificate of commencement of business (COB) from the concerned Registrar of Companies.

Multiple choice business organisation and correspondence employment opportunities in commerce meaning and essential elements of retail trade employment opportunities in insurance sector and capital market middlemen 2 - retailer

All the activities involved in selling goods or services directly to final consumers for personal non-business uses are done by _________.

  1. wholesalers

  2. retailers

  3. mediators

  4. commission agents
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Retailers are the final link in the distribution chain, selling goods and services directly to the end consumer for personal use.

Multiple choice business organisation and correspondence employment opportunities in commerce meaning and essential elements of retail trade employment opportunities in insurance sector and capital market middlemen 2 - retailer

Services which retailer provide to manufacturers and wholesalers are ______________.

  1. enabling large scale operations

  2. collecting market information

  3. promotion

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Retailers provide manufacturers and wholesalers with valuable services, including promoting products, gathering market feedback, and facilitating large-scale operations by handling distribution.

Multiple choice business organisation and correspondence employment opportunities in commerce meaning and essential elements of retail trade employment opportunities in insurance sector and capital market middlemen 2 - retailer

General stores are most commonly found in a local market and residential areas.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A general merchant store (also known as general merchandise store, general dealer or village shop) is a rural or small town store that carries a general line of merchandise.General goods are basic items, usually needed for everyday survival, including basic drinks, food, and some basic profession or trade skill tools. Vendors for these items can be found in just about every major city or village.

Multiple choice business organisation and correspondence employment opportunities in commerce meaning and essential elements of retail trade employment opportunities in insurance sector and capital market middlemen 2 - retailer

_______ are the small retailers who are commonly found at places where huge floating population gathers.

  1. Street traders

  2. Peddlers and hawkers

  3. Market traders

  4. Cheap jacks
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Street trading is defined as the selling or offering for sale of any article in thestreet. Traders who use the public highway to sell goods or services must have astreet trading licence to carry out trade from a designated site/pitch and display of goods in front of a shop.