GENERAL KNOWLEDGE

Detailed explanation-1: -These industries use natural resources as their raw material and provide finished goods to consumers.

Detailed explanation-2: -The secondary industry is in charge of obtaining raw resources and converting them into viable commodities consumed by consumers in the consumer market.

Detailed explanation-3: -A distribution channel represents a chain of businesses or intermediaries through which the final buyer purchases a good or service. Distribution channels include wholesalers, retailers, distributors, and the Internet. In a direct distribution channel, the manufacturer sells directly to the consumer.

Detailed explanation-4: -Mass customization refers to a business process of providing customized goods and services that best meet individual customer’s needs. It reaps the benefits of flexibility, integration, and personalization to produce custom-made products with low unit costs at near mass production efficiency.

Detailed explanation-5: -Business-to-business (B2B), also called B-to-B, is a form of transaction between businesses, such as one involving a manufacturer and wholesaler, or a wholesaler and a retailer. Business-to-business refers to business that is conducted between companies, rather than between a company and individual consumer.