(a)With the aid of a diagram, illustrate six branches of trade and show six types of retail outlets. (b) State eight features of hawking.

Answer Details

(a) Diagram: branches of trade and types of retail outlets

Trade is the buying and selling of goods and services. It is broadly divided into Home Trade and Foreign Trade. Home trade is further split into Wholesale and Retail, while foreign trade is split into Import, Export and Entrepot (re-export) Trade. The retail arm is carried out through several kinds of retail outlets. The classification chart below illustrates six branches of trade and shows six types of retail outlets.

From the chart, the six branches of trade illustrated are: (1) Wholesale trade, (2) Retail trade, (3) Import trade, (4) Export trade, (5) Entrepot (re-export) trade, and their two main groupings under (6) Home trade and Foreign trade. The six types of retail outlets shown are: (i) Hawkers and peddlers, (ii) Kiosks and market stalls, (iii) Single (unit) shops, (iv) Multiple shops (chain stores), (v) Departmental stores, and (vi) Supermarkets.

(b) Eight features of hawking

1. It is usually a one-man (sole-proprietor) business.
2. It involves moving about from place to place in search of customers.
3. It is a small-scale form of retail trade.
4. It requires a relatively small capital outlay to start.
5. It deals in a variety of small, light and inexpensive articles.
6. Customers are reached and served right at their doorstep.
7. Its prices are usually competitive and often negotiable through bargaining.
8. It is energy-sapping and exposes the hawker to accidents and other hazards.