Retail/whole sale co-operative society - SS1 Commerce Past Questions and Answers - page 1
What is a key feature of a retail/wholesale cooperative society?
Ownership by a single individual
Joint purchasing and pooling of resources
Exclusive access to products for members
What is one advantage of a retail/wholesale cooperative society?
Limited market reach compared to traditional businesses
Lower operating costs through shared resources
Centralized decision-making by a single owner
What is a potential disadvantage of a cooperative society?
Increased control and decision-making power for members
Limited growth potential due to member agreement requirements
Access to specialized products and services
Limited growth potential due to member agreement requirements
How are decisions made in a cooperative society?
By a board of directors appointed by the government
By a single owner who has majority control
Democratically by members with equal voting rights
What is one advantage of a cooperative society in terms of community involvement?
Decreased community participation and cooperation
Weakened sense of social responsibility
Increased community involvement and cooperation
What is a key feature of a retail/wholesale cooperative society?
Decision-making in a cooperative society can be slow, as all members must be consulted and agree on major decisions.
What is a potential disadvantage of a cooperative society?
Members pool their resources, including capital, expertise, and networks, to operate the business collectively and leverage economies of scale.