INTRODUCTION TO ENTREPRENEURSHIP
CHARACTERISTICS OF AN ENTREPRENEUR
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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manufacturing
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service
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retail
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wholesale
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Detailed explanation-1: -A trader who sells goods in small quantities to the buyers is known as a retailer. Traders purchase the goods from the wholesaler and then sell the final goods to the consumers.
Detailed explanation-2: -Wholesalers operate as middlemen between product manufacturers and retailers or other businesses. They make a profit by buying products in bulk at a discount and reselling them in smaller quantities at a higher price to individual retailers.
Detailed explanation-3: -A retailer buys from wholesalers and producers in large quantities and sells to consumers in small quantities.
Detailed explanation-4: -Retail is the sale of goods individually or in small quantities direct to consumers.
Detailed explanation-5: -Direct-to-consumer (DTC) is when a brand or manufacturer sells its own products to its end customers. The DTC retail model involves selling products without the help of third-party retailers or wholesalers.