Correct Answers for the lesson 7
Independent practice And closure of the lesson
1. Features of departmental stores
- It is a large scale retail organization
- A number of retail shops in the same building
- A wide variety of product are available under one roof
- The product are arranged in separate departments
- It is placed in central place of a big city
- Management, control and sales are centralized
- Low prices and high profits
- Freedom to select the goods
- Economies of large scale operations
- Essentials goods are available
- Convenient location
- No risk of bad debts
- Saves the time of the customers
- Limited choice
- No credit facilities
- Lack of initiative
- Individual tastes no satisfied
- No personal contact
- Risk due to change in fashion, tastes etc
Franchise is an agreement between two parties viz franchiser (parent company) and franchisee (owner of an individual business unit). Franchiser may be a manufacturer, wholesaler and or service organization. The franchisee buys the right to own and operate a unit using the franchisers trade mark.
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