Question

Match the Column A with Column B.
Column A
1. Wholesale
2. Retail store
3. Supermarket
1. Chain store
5. Kirana
Column B
(a) Malls
(b) McDonalds
(c) Advance credit
(d) Self-service store
(e) Bulk commodities
​

Answer 1

Answer:

Explanation:

The retail industry secures the fifth position as an

industry and is the second largest employer after

agriculture, providing bright and exciting job

opportunities in India.

Retail business is undergoing rapid transformation

in its marketing practices. Till a few years ago, we

bought most of the daily use products from small shops

in our neighbourhood or a nearby market. Generally,

the shopkeepers sit in the shop and sell goods — either

individually as a sole proprietor or with the help of a few

assistants. In the last few years, however, the concept

of large departmental stores and malls have come up,

which also provide the same products.

Today, the supermarkets, departmental stores,

hypermarkets, malls and non-store retailing like

multilevel marketing and telemarketing, have replaced

or co-exist, transacting with the traditional retail

businesspersons, such as hawkers, grocers, vendors,

etc. There are various levels at which retail businesses

operate — ranging from small, owner-operated and

independent shops to those in the national and

international market.

An increase in income levels and the need for new

products and services, a rise in standard of living,

competition in the market and increasing consumption

patterns of customers have contributed to the demand

Fundamentals of

Retailing

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Unit 1.indd 1 2/4/2019 5:38:43 PM

Sales Associate – Class XI

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for creation of these type stores. The present unit on

fundamentals of retailing has been divided into four

sessions. The first session discusses the basics of

retailing, the second session covers sales associate

services to customers, the third session deals with the

skills for handling retailing business and the last session

explains duties and responsibilities of sales associates.

Session 1: Basics of Retailing

Meaning and significance of retail business

A retailer is a merchant or occasionally an agent or a

business enterprise, whose main business is selling

directly to ultimate consumers.

A retailer or business enterprise performs many

marketing activities, such as buying, selling, grading,

and developing information about customer’s wants.

The retailer is an intermediary in the marketing

channel because he or she is both a marketer and

customer, who sells to the last person to consume. He

or she is a specialist who maintains contact with the

consumer and the producer. Though producers may

sell directly to consumers, such method of distributing

goods to ultimate users is inconvenient, expensive and

time-consuming as compared to the job performed

by a specialist in the line. Therefore, frequently the

manufacturers depend on the retailers to sell their

products to the ultimate consumers.

Here, it is also essential to understand the term

‘wholesaler’, as both wholesaler and retailers are

intermediaries in the distribution channel. Wholesaler

sells to individuals or retailers for business or

re-sale purpose. The wholesalers buy larger quantities

of goods from manufacturers and sell in small

quantities to retailers. Thus, in the distribution channel

the wholesalers operate between manufacturers and

retailers and retailers operate between wholesalers and

consumers

Answer 2

true or false business is a from of economics activity