1. What is the basic idea of retailing? The basic idea of retailing is to sell products which people either want or need, like clothes, food to jewellery. 2. How are specialty stores able to exist in competition with large discount variety stores? The main advantage of a specialty store is the service or the product knowledge of the staff. Also specialty stores often have products that can’t be found t any other stores. They often have special staff such as hairdressers. 3. List one advantage and disadvantage of buying goods from each of the five retail outlets. One advantage of buying products at convenience stores is that they are close buy, the disadvantage is that they are often expensive and don’t have all your needs. An advantage of a specialty store is that the staff often has knowledge of the product and there is good service. Discount variety stores are cheaper than other types of stores, but they often have long line to get to the checkout. Department stores have good quality products but they are often overpriced. Supermarkets are easily accessible and have all your needs and wants, the queues are often long and it takes you awhile to get to the checkout because people often have a lot of groceries. 4. Examine the diagram entitled ‘Range of locations and sources that consumers can access to purchase products’ on page 10. Name a real-life example of each type of retail store and non-store retailer. Convenience stores= News Agents, department stores= David Jones Discount Department Stores= Target Supermarkets/hypermarkets= Woolworths Specialty stores= The Body Shop Stalls/ market days= school markets. Mail order= signing up for a monthly magazine subscription Door-to-door= specialty sellers Party plan= loan Auction=L.J Hooker Telemarketing=Optus Internet Shopping= eBay Vending Machines=coca-cola 5. Over the past ten years or more, two interesting trends have emerged in retailing. One is the increase in the number of grocery supermarkets with delicatessens, bakeries and coffee shops. Another is that, during the same period, the number of small, family-owned grocery stores has decreased. (a) What do you think has caused this trend in retailing? Most people don’t look around for better stores that are could be cheaper and family owned instead that just go to places such as Woolworths, also people think they are less privileged than their parents and try to relax by having a coffee or a small sweet. (b) What strategy would you suggest to help a small, family-owned grocery store prosper? They have to start saving up money to buy more stores in different areas and price those goods according to that area. Also advertising on televisions or flyers might help their cause.