The major reason for the survival of small shops despite competition from large business enterprises is because of?
Answer Details
The major reason for the survival of small shops despite competition from large business enterprises is because of their local services and longer hours of operation.
Small shops often offer specialized and personalized services that cater to the specific needs of their local communities. They may also have longer hours of operation than larger businesses, which can be more convenient for customers who work irregular hours. Additionally, small shops may offer a more intimate and friendly shopping experience, where customers can build personal relationships with the owners and staff.
While larger businesses may have lower prices and a wider variety of goods, small shops can compete by providing unique and specialized products that cannot be found elsewhere. They may also be able to offer more flexibility in pricing and product selection since they have fewer overhead costs to cover.
Moreover, the survival of small shops is also attributed to their ability to quickly adapt to changing market conditions and customer preferences due to their smaller size and more localized customer base. They can be more responsive to customer needs and preferences and tailor their offerings accordingly.
Therefore, despite the competition from larger business enterprises, small shops can survive and thrive by offering personalized services, longer hours of operation, unique and specialized products, and adaptability to changing market conditions.