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TOPIC: HOME TRADE
CONTENT:
- Meaning of Home Trade
- Characteristics and functions of retail trade.
SUB TOPIC 1: MEANING OF HOME TRADE
Home trade is the buying and selling of goods and services within a geographical area of a nation. This type of trade takes place within the boundaries of the country. It is also called internal or domestic trade.
EVALUATION
1a. Define home trade
(b)With the aid of a diagram, illustrate the branch of home trade
SUB TOPIC 2 CHARACTERISTICS AND FUNCTIONS OF RETAIL TRADE
Meaning of Retail trade
Retail trade is the business activity of buying goods in small quantities from wholesalers and selling in bits to the final consumers. Retailing is the final link in the chain of distribution. The person who engages in retail trade is called a retailer. Retail activities can be classified into small-scale and large-scale retail trade.
CHAIN OF DISTRUBUTION
Manufacturer → Wholesaler → Retailer → Consumer
CLASSIFICATION OF RETAIL TRADE
CHARACTERISTICS OF RETAIL TRADE
- Retail trade buys goods in small quantity from the wholesaler or Producer and sells in smaller unit to the final consumer.
- Retail trade deals with variety of goods.
- 3. It brings the goods closer to the consumer.
- It deals with consumer goods.
- Retail trade deals directly with the consumer.
- Retail trade requires small capital for its establishment.
FUNCTIONS OF RETAIL TRADE
Retail trade performs a number of functions to both wholesalers and producer. The functions include;
- Sells in small unit: Retail trade buys in small quantity form the wholesaler or producer and sale in smaller quantities to the final consumer.
- Variety of goods: A retail trade provides the consumer with variety of goods.
- Allows credit: It sells goods on credit to its customer who is credit worthy.
- Gives advice to both wholesaler and consumer: The retailer gives advice to the consumer and the wholesaler.
- Offers after sales service: The retailer sometimes offer after sales service to the consumer in order to increase patronage.
- Convenient time: The retailer makes goods available at convenient hour e.g opening the shop early and closing late.
- Advertisement: Retailers create awareness about new products and existing ones.
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