Retail trade. - SS1 Commerce Past Questions and Answers - page 1
What is the final step in the supply chain?
Manufacturing
Distribution
Retail trade
Which of the following is a characteristic of retail trade?
Customer service
No customer interaction
Direct sale to manufacturers
Which of the following is an advantage of retail trade?
Limited control over the supply chain
Employment opportunities
Employment opportunities
Which of the following is a disadvantage of retail trade?
Convenience for customers
Competitive pressure
Complete control over supply chain
What are the two types of retail trade?
Brick-and-mortar and wholesale
Online and brick-and-mortar
Wholesale and direct
What do retailers aim to do with pricing?
Set prices that allow them to generate profit while remaining competitive in the market
Offer the lowest price possible
Ignore competition and focus on profit
Set prices that allow them to generate profit while remaining competitive in the market
What is the primary function of retail trade?
The primary function of retail trade is to sell goods directly to end consumers.
What are the two types of retail trade?
The two types of retail trade are brick-and-mortar and online.
Name one disadvantage of retail trade.
One disadvantage of retail trade is increased costs for retailers, which can translate into higher prices for customers.