Business #1 Flashcards
(20 cards)
What is the primary stage of production?
It is the stage that involves taking out natural resources for products
What is the secondary stage of production?
It is the stage that involves creating and packaging the product for use
What is the tertiary stage of production?
It involves shipping it out to businesses and consumers
What are the 4 factors of production?
- Land
- Labour
- Capital
- Enterprise
Retailing definition
Retailing consists of all the activities to sell products to consumers
What are convenience stores?
They are small neighborhood based stores who specialise in convenience.
What are the traits of convenience stores?
-Sell fast moving products;
-Are located in a neighborhood;
-Encourage self service
What are Super markets?
They are markets bigger than a convenience store that offer a wider selection of food and household items.
Supermarkets tend to:
-Offer comepetitive prices
-Encourage self service
What are department stores?
Department stores are larger retail stores that provide shoppers with a one stop shopping experience by offering a wide variety of products.
Department stores tend to:
-Occupy multiple floors
-Are located in major shopping centres
-Provide a wide variety of products
-Have staff with specific expertise in each departments product
-Provide a range of sercives like delivery or alteration
What are hypermarkets?
They are markets that are extremely large stores that combine multiple types of stores into one.
What are specialty stores?
They are stores that sell a specific range of products and related items
Specialty stores tend to:
Cater to a specific market
Provide a distinct image
Offer expert knowledge
Offer a personalised service
What is non-store retailing?
Non-store retailing is the selling and buying of stuff outside of stores.
What is E-retailing
It’s retailing done online with technology
What is wholesaler?
A wholesaler is a person who buys in large quantities and sells in smaller ones
The wholesaler is the connecting link between:
The producer of raw materials and the manufacturer/retailer
What are push carts?
Push carts are the buying and selling of stuff from small carts instead of stores
What are food trucks?
They are mobile restraunts that operates out of a vehicle.
