(a) Itinerant trading is the act of selling goods or services while traveling from place to place. The following are five features of itinerant trading:
Mobility: Itinerant traders are mobile and can move from one location to another. They do not have a fixed place of business but instead rely on traveling to find customers.
Limited inventory: Since itinerant traders are mobile, they have limited space to carry their inventory. They typically carry a small selection of goods that are easy to transport and sell quickly.
Informal set-up: Itinerant traders often have an informal set-up, such as a cart or a stall, which they can easily set up and take down. This allows them to quickly move to a new location if sales are slow.
Price flexibility: Itinerant traders may have more flexibility in setting their prices compared to fixed-location businesses. They may be able to offer lower prices to customers in areas with less competition or adjust their prices based on the local demand for their goods.
Customer interaction: Itinerant traders rely on building relationships with their customers since they may only see them once or infrequently. This means that they often have a high level of customer interaction, which can help build loyalty and increase sales.
(b) A supermarket is a large retail store that sells a wide variety of goods, including groceries, household items, and personal care products. The following are five features of a supermarket:
Large inventory: Supermarkets typically carry a large inventory of products, with many options for each type of item. This allows customers to find everything they need in one place.
Organized layout: Supermarkets are usually organized into sections, with similar products grouped together. This makes it easy for customers to find what they are looking for and navigate the store.
Self-service: Unlike some smaller stores, supermarkets are usually self-service. Customers can choose the items they want and pay for them at the checkout.
Competitive pricing: Supermarkets often have low prices due to their ability to purchase products in bulk and sell them at a high volume. This can attract customers who are looking for value and affordability.
Convenient hours: Supermarkets typically have longer hours than smaller stores, making it easier for customers to shop when it is convenient for them. Some supermarkets are even open 24 hours a day, providing customers with even more flexibility.
(a) Itinerant trading is the act of selling goods or services while traveling from place to place. The following are five features of itinerant trading:
Mobility: Itinerant traders are mobile and can move from one location to another. They do not have a fixed place of business but instead rely on traveling to find customers.
Limited inventory: Since itinerant traders are mobile, they have limited space to carry their inventory. They typically carry a small selection of goods that are easy to transport and sell quickly.
Informal set-up: Itinerant traders often have an informal set-up, such as a cart or a stall, which they can easily set up and take down. This allows them to quickly move to a new location if sales are slow.
Price flexibility: Itinerant traders may have more flexibility in setting their prices compared to fixed-location businesses. They may be able to offer lower prices to customers in areas with less competition or adjust their prices based on the local demand for their goods.
Customer interaction: Itinerant traders rely on building relationships with their customers since they may only see them once or infrequently. This means that they often have a high level of customer interaction, which can help build loyalty and increase sales.
(b) A supermarket is a large retail store that sells a wide variety of goods, including groceries, household items, and personal care products. The following are five features of a supermarket:
Large inventory: Supermarkets typically carry a large inventory of products, with many options for each type of item. This allows customers to find everything they need in one place.
Organized layout: Supermarkets are usually organized into sections, with similar products grouped together. This makes it easy for customers to find what they are looking for and navigate the store.
Self-service: Unlike some smaller stores, supermarkets are usually self-service. Customers can choose the items they want and pay for them at the checkout.
Competitive pricing: Supermarkets often have low prices due to their ability to purchase products in bulk and sell them at a high volume. This can attract customers who are looking for value and affordability.
Convenient hours: Supermarkets typically have longer hours than smaller stores, making it easier for customers to shop when it is convenient for them. Some supermarkets are even open 24 hours a day, providing customers with even more flexibility.