Wholesale and Retail Trade MCQ Quiz in मल्याळम - Objective Question with Answer for Wholesale and Retail Trade - സൗജന്യ PDF ഡൗൺലോഡ് ചെയ്യുക

The correct answer is D-A-C-B.

Key Points The correct sequence of steps in the internal trade process is as follows:
D. Selection of supplier/manufacturer: In this step, the buyer selects a suitable supplier or manufacturer from whom they will procure the goods or services.
A. Negotiation and finalization of terms: After selecting the supplier, the buyer negotiates the terms of the trade, including the price, quantity, delivery schedule, payment terms, etc.
C. Placing an order: Once the terms are finalized, the buyer places an order with the supplier, confirming the purchase.
B. Delivery of goods/services: In the final step, the supplier delivers the goods or provides the agreed-upon services to the buyer.

Therefore, the correct sequence is D-A-C-B, which corresponds to option 2.

The correct answer is Hyper market.

Key Points 

Retail Marketing: The activities and process of selling products to final customers for their own use or domestic use is regarded as retail marketing. Retailers acts as a middlemen between producer and end user of the product.

Important Points

•  There are various types of "Retail Outlets":
  • Departmental Store
  • Convenience Store
  • Supermarket
  • Discount Store
  • Hypermarket
  • Superstore
  • Warehouse Retailing
• Departmental Store: It is a retail establishment which offers various product lines, such as: Household Goods, Clothing etc. under single roof and each product line is operated as a different department.
• Convenience Store: Conveniently located near residential areas, a convenience store has a somewhat higher price point and sells groceries as well as non food items in their store.
• Supermarket: It is a self service store that provides wide variety of products at low cost and low margin with high volume. Example: D Mart, Big Bazar etc.
• Discount Store: It is a kind of retail establishment that sells common items for low price with high volume and low margin.
• Hypermarket: It is a sizable retail space that combines supermarket, discount and warehouse retailing store. A buyer is able to purchase every item in one location under hypermarket.
• Superstore: It is a very big retail outlet with around 35000 square feet that often sells home appliances, clothes and other routine based products.
• Warehouse Retailing: It is a place wherein goods with large quantity sells at discount (Low Cost) in a warehouse format.

Hence, the correct answer is Hypermarket.

The correct answer is Retailing.

Key Points

• The collection of activities used to sell products directly to the final consumer for non-commercial use is called Retailing.
  • Retailing includes all the activities involved in selling goods or services directly to final consumers for personal, non-business use.
  • A retailer or retail store is any business enterprise whose sales volume comes primarily from retailing.

Additional Information

• Wholesaling is the act of buying large quantities of items from a manufacturer and reselling them to merchants, who subsequently sell them to consumers. 
• Distribution is a management system within logistics that is focused on order fulfillment throughout distribution channels.
  • A distribution channel is the chain of agents and entities that a product or service moves through on its way from its point of origin to a consumer

Agents are those intermediaries that do not take title or possession of goods but just bring buyers and sellers together so as to carry  out transactions of sale and purchase.

1. Agents handle the logistics of the sales.
2. Agents handle contracts, marketing, and pulling together specialized shipments.
3. A part of their job is customer relationship management.
4. On behalf of manufacturers, they take ownership of products through the distribution process.
5. They represent the producer in the sales process.
    

• Getting any product from manufacture to purchase by a consumer involves a supply chain. The distributor is the manufacture’s direct point of contact for prospective buyers of certain products. Wholesalers buy a large number of products directly from distributors. Retailers buy small quantities of an item from a distributor or a wholesaler.

Retail Supply Chain Management

All the processes that you utilize to ensure your products reach the customers, starting from obtaining the raw materials, managing inbound materials & production processes to last-mile delivery of those products at your customer’s doorstep, are together known as a retail supply chain.

Players in the supply chain

The correct answer is All of the Above

Key Points

• Internal trade refers to the buying and selling of goods and services within the geographical boundaries of a country.
• It is also called home trade or domestic trade.
   

Advantages

1. There are no problems related to tariffs and exchange rates.
2. Shipping costs may not be there at all, or maybe very low.
3. It helps to create more jobs within the country.
4. It facilitates the exchange of goods within the country.
5. It helps in the growth of the economy.
6. It helps to improve the standard of living of the people.
7. It ensures the availability of raw materials and helps in the growth of an industry.
8. It also helps in foreign trade because the traders from other countries contact the internal traders to get the products.

The correct answer is Retailer

Key PointsAnalysing the options:

The correct answer is to Make the customer’s problem the retailer’s problem.

Key Points

Creating a good rapport with the customers is very important for maintaining a healthy relationship with the customers. We try to see the most suitable option for the question above:

1. Keep the priority of profit while dealing with the customer- It is not a suitable part to keep the priority of profit while dealing with the customers. If the retailer will keep the profit as a priority then it will only see the customer from the point of view of the business. Treating the customer's needs should always be a priority for any organization. This helps in creating a "pro-customer" environment.
2. See the problem from the point of view of business- Seeing any problem from the point of business will never be able to support a customer. It is important to keep customers' needs and expectations as the key. Customer is the king should be the policy that should be followed.
3. Making the customer's problem the retailer's problem-  This is the key for any organization, only if the firms treat the customer's problem as their own will they be able to solve the problem from the frontline. It shows how the firm values its customers and the satisfaction of their needs as a priority for them. Treating customers in such a manner helps in the betterment of the goodwill of the firm also.
4. Keep the customer stand corrected when he/she makes bad choices- This is not a great idea to create a good rapport with the customers. Making choices are the right of the customers, to correct them will never serve the purpose of creating a strong customer base.

The correct answer is Personalisation of goods or services

Key PointsFollowing are the customer expectations:

Price

• A good way to maintain the constant demands to match the lower prices is to offer a level of service that customers can’t get elsewhere.
• This can include supplying exclusive goods, extraordinary satisfaction guarantees, and friction-free return policies.
• If price matching is still the only option, it is important to balance these losses with products that generate enough profit to cover them.

Stock

• Customers expect items to be well stocked in the store.
• Largely, modern inventory systems and streamlined logistics are able to control and fix stock issues when they arise.

Mobile Commerce

• Savvy retailers are creating mobile optimized shopping experiences that are able to deliver on their brand’s promises.
• Customers expect the same high-quality service that they get on a website, or in the store, on their mobile devices.

Community

• Customers are looking for social connections while they are shopping.
• From peer reviews to chatting with friends on the latest styles and trends, today’s shoppers are tapping into their friends and virtual communities for help in navigating product offerings.

Experiences, not "things"

• People, especially Millennials, want to buy experiences, not “things.”
• They want their money to be spent on a life well-lived, and digital has a big place in their lives.
• Digital experiences add new layers to the ways these millennials experience the retail world.
• Even the smallest of experiences can connect to customers on an emotional level to tell a powerful story.

Speed

• Lastly, we want to touch on a very significant undercurrent of customer expectation in retail: speed. 

The correct answer is 1, 2 and 4.

• Primary Articles, Fuels & Power, and Manufactured Products are the major components of the Wholesale Price Index in India.
• WPI has a sub-index called WPI Food Index, which is a combination of the Food Articles from the Primary Articles basket, and the food products from the Manufactured Products basket.
• The wholesale Price Index, or WPI, measures the changes in the prices of goods sold and traded in bulk by wholesale businesses to other businesses.
• WPI is unlike the Consumer Price Index (CPI), which tracks the prices of goods and services purchased by consumers.

Key Points

• Major components of WPI are:
  • Primary articles are a major component of WPI, further subdivided into Food Articles and Non-Food Articles.
  • Food Articles include items such as Cereals, Paddy, Wheat, Pulses, Vegetables, Fruits, Milk, Eggs, Meat & Fish, etc.
  • Non-Food Articles include Oil Seeds, Minerals, and Crude Petroleum.
  • The next major basket in WPI is Fuel & Power, which tracks price movements in Petrol, Diesel, and LPG.
  • The biggest basket is Manufactured Goods. It spans a variety of manufactured products such as Textiles, apparel, Paper, Chemicals, Plastic, Cement, Metals, and more.
  • The manufactured Goods basket also includes manufactured food products such as Sugar, Tobacco Products, Vegetable and Animal Oils, and Fats.