class 7 ch 30 markets around us

Answer the following questions in one or two sentences.
(1) Who are wholesalers?
Wholesalers are those people who buy goods in bulk directly from
traders and sell them to retailers.
(2) What are weekly markets?
Weekly markets are held on one specific day of the week. The traders
are called mobile traders and they set up their shops in the morning and close
them by evening.
(3) Why are supermarkets called self-service stores?
Supermarkets are called self-service stores because shoppers can go
around and select goods of their choice.
(4)What are speciality stores?
Speciality stores are those where only one kind or category of products is
(5) Why is franchise outlets sets set up?
Franchise outlets are set up in order to open a number of branches of a
store without a central management.
Answer the following questions in four or five sentences.
(6) What are markets? Name the different kinds of market?
 A market is defined as a place where goods, services and information are
exchanged for money.
 The market consists of producers, consumers and traders. Markets vary in
terms of size and the range of goods and services that are traded.
 There are two broad types of markets—wholesale and retail markets.
(7) Differentiate between a wholesale and a retail market.
 In a wholesale market, goods are sold in bulk. Here goods are bought from
the producer and sold to the retailer.
 In a retail market, goods are sold in small quantities.
 Goods are bought from the retailer and sold to the customer.
(8) Briefly explain the factors that determine the success of a retail stores?
There are certain important factors that determine the success of a retail store.
They are:
• Presentation of the product in a pleasant and eye-catching manner
• Use of innovative techniques like sample tasting
• Attractive physical layout
• Easy accessibility to customers
(9) Differentiate between a chain store and a franchise outlet.
 A chain store has multiple branches but it has a central management.
 A franchise has multiple branches but not a central management.
 No fee needs to be paid to open multiple chains.
 A franchisee pays the franchisor a fee to open a franchise outlet.
(10) What are the factors that influence that influence our choice of markets?
Customers select markets based on various factors such as:
• Convenience of location
• Amount of money at their disposal
• Advance credit
• Availability of goods in the market
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