{"id":1830,"date":"2023-10-02T06:36:10","date_gmt":"2023-10-02T06:36:10","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=1830"},"modified":"2023-10-02T06:38:56","modified_gmt":"2023-10-02T06:38:56","slug":"week-5-ss1-first-term-commerce-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-5-ss1-first-term-commerce-notes\/","title":{"rendered":"Week 5 &#8211; SS1 First Term Commerce Notes"},"content":{"rendered":"<p>\u00a0<strong>WEEK FIVE<br \/>\n<\/strong><strong>TOPIC: RETAIL TRADE<br \/>\n<\/strong><strong>CONTENT<br \/>\n<\/strong><\/p>\n<ul>\n<li>\n<div>Definition of Terms\n<\/div>\n<\/li>\n<li>\n<div>Characteristics of the Retailer\n<\/div>\n<\/li>\n<li>\n<div>Functions of the Retailer \u00a0\u00a0\u00a0\u00a0\n<\/div>\n<\/li>\n<li>\n<div>Factors to be considered while setting up a retail business\n<\/div>\n<\/li>\n<li>\n<div>Factors a retailer should take into consideration when making his purchases\n<\/div>\n<\/li>\n<li>\n<div>Reasons why retail business may fail\n<\/div>\n<p><strong>TRADE<br \/>\n<\/strong><\/li>\n<\/ul>\n<p>Trade (Trading) is the buying and selling of goods and services. It is divided into Home Trade and Foreign Trade. <\/p>\n<p>\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi1.png\" alt=\"\"\/>Trade<br \/>\n<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi2.png\" alt=\"\"\/><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi3.png\" alt=\"\"\/><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi4.png\" alt=\"\"\/><br \/>\n\t\t\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>\n\u00a0           Home Trade\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  Foreign Trade<br \/>\n<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi5.png\" alt=\"\"\/><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi6.png\" alt=\"\"\/><br \/>\n\t\t<img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi7.png\" alt=\"\"\/><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi8.png\" alt=\"\"\/><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi9.png\" alt=\"\"\/><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi10.png\" alt=\"\"\/><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi11.png\" alt=\"\"\/><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi12.png\" alt=\"\"\/><img decoding=\"async\" align=\"left\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100223_0636_Week5SS1Fi13.png\" alt=\"\"\/><br \/>\n\t\t\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\u00a0Retail Trade \u00a0\u00a0\u00a0\u00a0  Wholesaler Trade\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0   Import\u00a0\u00a0\u00a0\u00a0                    Export\u00a0\u00a0\u00a0\u00a0    Entrepot<br \/>\nHome Trade involves the exchange (i.e. buying and selling) of goods and services within a country and sub-divided into wholesale trade and retail trade. <\/p>\n<p>\u00a0<strong>RETAIL TRADE<br \/>\n<\/strong>Retail trade involves buying in small quantities from the wholesaler or the manufacturer and selling in units (bits or fractions) to the final consumers. <\/p>\n<p>\u00a0<strong>CHARACTERISTICS OF THE RETAILER\/RETAIL TRADE<br \/>\n<\/strong>1)\u00a0\u00a0\u00a0\u00a0The retailer sells in units or fractions.<br \/>\n2)\u00a0\u00a0\u00a0\u00a0The retailer stocks and sells a wide variety (range) of goods.<br \/>\n3)\u00a0\u00a0\u00a0\u00a0They sell directly to the ultimate consumers.<br \/>\n4)\u00a0\u00a0\u00a0\u00a0They buy in small quantities from the wholesaler or manufacturer.<br \/>\n5)\u00a0\u00a0\u00a0\u00a0The wares consists of fast selling products, mainly consumer goods.<br \/>\n6)\u00a0\u00a0\u00a0\u00a0A large number of small shops are involved.<br \/>\n7)\u00a0\u00a0\u00a0\u00a0They are the final link in the distribution chain.<br \/>\n8)\u00a0\u00a0\u00a0\u00a0Majority of the goods they deal in are obtained from the wholesaler. <\/p>\n<p>\u00a0<strong>FUNCTIONS OF THE RETAILER<br \/>\n<\/strong><strong>A\u00a0\u00a0\u00a0\u00a0To the manufacturer:<br \/>\n<\/strong>(ii)\u00a0\u00a0\u00a0\u00a0He sells the goods produced by the manufacturer to the final consumer.<br \/>\n(ii)\u00a0\u00a0\u00a0\u00a0He helps in informing the manufacturer about the likes and dislikes of the consumers either directly or through the wholesalers.<br \/>\n(iii)\u00a0\u00a0\u00a0\u00a0He gives advice to the manufacturer.<\/p>\n<p>\u00a0<strong>B\u00a0\u00a0\u00a0\u00a0To the Wholesaler:<br \/>\n<\/strong>(i)\u00a0\u00a0\u00a0\u00a0He provides information about consumer needs and changes in market trends to the wholesaler<br \/>\n(ii)\u00a0\u00a0\u00a0\u00a0He gives advice to the wholesaler <\/p>\n<p>\u00a0<strong>C\u00a0\u00a0\u00a0\u00a0To the Consumer:<br \/>\n<\/strong>(i)\u00a0\u00a0\u00a0\u00a0Provision of a variety of goods<br \/>\n(ii)\u00a0\u00a0\u00a0\u00a0Granting of credit to credit \u2013worthy customers<br \/>\n(iii)\u00a0\u00a0\u00a0\u00a0Provision of useful information and advice<br \/>\n(iv)\u00a0\u00a0\u00a0\u00a0Breaking the bulk i.e. selling in smallest quantities (units) to the consumer<br \/>\n(v)\u00a0\u00a0\u00a0\u00a0Provision of after \u2013 sales services e.g. installation, servicing e.t.c<br \/>\n(vi)\u00a0\u00a0\u00a0\u00a0Delivery of goods to the consumer&#8217;s  door free of charge<br \/>\n(vii)\u00a0\u00a0\u00a0\u00a0Preparing the goods for sale e.g. packing or re-packing the goods to different sizes to suit the needs of the consumers<br \/>\n(viii)\u00a0\u00a0\u00a0\u00a0Giving of personal attention to the consumer<br \/>\n(ix)\u00a0\u00a0\u00a0\u00a0Guiding the consumer in making their choices<br \/>\n(x)         Completing the process of production e.g. branding of goods<br \/>\n(xi)       The retailer advertises the goods.<br \/>\n(xii)      The retailer ensures door-to-door services i.e. he brings the goods nearer to<br \/>\n             the consumer<br \/>\n(xiii)     Opening for business and selling at convenient<br \/>\n(xiv)     Delivering goods to consumers on request<\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1       Who is a retailer?<br \/>\n2        Outline six features of a retailer<br \/>\n3        Explain five functions performed by a retailer<\/p>\n<p>\u00a0<strong>FACTORS TO BE CONSIDERED WHILE SETTING UP A RETAIL BUSINESS<br \/>\n<\/strong>i)\u00a0\u00a0\u00a0\u00a0Amount of capital available;<br \/>\nii)\u00a0\u00a0\u00a0\u00a0Location (or the site) of the shop;<br \/>\niii)\u00a0\u00a0\u00a0\u00a0Experience and knowledge of the retail job;<br \/>\niv)\u00a0\u00a0\u00a0\u00a0Layout of the shop i.e. the plan or design of the shop must be attractive; \u00a0\u00a0\u00a0\u00a0<br \/>\nv)\u00a0\u00a0\u00a0\u00a0Source of supply of the goods the retailer intends to deal in;<br \/>\nvi)\u00a0\u00a0\u00a0\u00a0The pricing policy and terms of trade i.e. whether to grant discounts, credits or sell solely for cash;<br \/>\nvii)\u00a0\u00a0\u00a0\u00a0The type or nature of goods to be sold;<br \/>\nviii)\u00a0\u00a0\u00a0\u00a0The details of the operating plans e.g. hours of business, opening time, trading days etc;<br \/>\nix)\u00a0\u00a0\u00a0\u00a0How records will be kept. <\/p>\n<p>\u00a0<strong>FACTORS A RETAILER SHOULD TAKE INTO CONSIDERATION WHEN<br \/>\n<\/strong><strong>MAKING HIS PURCHASES<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Quantity of goods to be bought;<br \/>\n2.\u00a0\u00a0\u00a0\u00a0The extent of credit facility available to him;<br \/>\n3.\u00a0\u00a0\u00a0\u00a0Quality of goods must confirm to consumers needs and tastes;<br \/>\n4.\u00a0\u00a0\u00a0\u00a0The terms of payment i.e. discount given;<br \/>\n5.\u00a0\u00a0\u00a0\u00a0The cost of transporting the goods;<br \/>\n6.\u00a0\u00a0\u00a0\u00a0The method of delivery of the goods to him e.g. through road, rail, sea etc;<br \/>\n7.\u00a0\u00a0\u00a0\u00a0Any additional charges for packing or off-loading the goods; <\/p>\n<p>\u00a0<strong>REASONS WHY RETAIL BUSINESS MAY FAIL<br \/>\n<\/strong>(a)\u00a0\u00a0\u00a0\u00a0Wrong purchases;<br \/>\n(b)\u00a0\u00a0\u00a0\u00a0Poor recording keeping techniques i.e. inability to keep proper accounting records;<br \/>\n(c)\u00a0\u00a0\u00a0\u00a0Failure to insure the business;<br \/>\n(d)\u00a0\u00a0\u00a0\u00a0Extravagance, overspending i.e. spending the business money on personal expenses;<br \/>\n(e)\u00a0\u00a0\u00a0\u00a0Lack of experience or knowledge of the trade;<br \/>\n(f)\u00a0\u00a0\u00a0\u00a0Poor credit administration i.e. indiscriminate granting of  credit facilities to customers;<br \/>\n(g)\u00a0\u00a0\u00a0\u00a0Inadequate capital for running the business and for expansion;<br \/>\n(h)\u00a0\u00a0\u00a0\u00a0Competition from bigger businesses;<br \/>\n(i)\u00a0\u00a0\u00a0\u00a0Inability to plan properly and forecast the future;<br \/>\n(j)\u00a0\u00a0\u00a0\u00a0Insensitivity to current market tends. <\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Who is a retailer?<br \/>\n2.\u00a0\u00a0\u00a0\u00a0What factor would a retailer take into consideration in setting up an ice cream marketing business?<br \/>\n3 \u00a0\u00a0\u00a0\u00a0With the aid of a diagram show the divisions and sub-divisions of trade<br \/>\n<strong>READING ASSIGNMENT<br \/>\n<\/strong>1\u00a0\u00a0\u00a0\u00a0Essential commerce for SSS by O.A. Longe page 20-34<br \/>\n2\u00a0\u00a0\u00a0\u00a0Comprehensive commerce for SSS by J.U. Anyaele page 59-61<\/p>\n<p>\u00a0<strong>WEEKEND ASSINGNMENT<br \/>\n<\/strong>1\u00a0\u00a0\u00a0\u00a0Which of the following is a function of a retailer to the consumer (a) Bulk buying (b) Breaking bulk (c) storage (d) production<br \/>\n2\u00a0\u00a0\u00a0\u00a0Risks in business are borne by the (a) consumer (b) entrepreneur (c) marketing manager (d) personnel manager<br \/>\n3\u00a0\u00a0\u00a0\u00a0Selling goods in small quantities for the benefits of consumers is a function of the (a) retailer (b) Wholesalers (c) manufacturers (d) factors<br \/>\n4\u00a0\u00a0\u00a0\u00a0Trade may be defined as (a) Buying and selling of goods (b) Buying and selling of goods and services (c) Selling of goods and services (d) Distribution of goods.<br \/>\n5.\u00a0\u00a0\u00a0\u00a0Which of the following is not a function of the retailer (a) Advertising<br \/>\n\u00a0\u00a0\u00a0\u00a0(b) Provision of after-sales services (c) Manufacturing (d) Breaking bulk <\/p>\n<p>\u00a0<strong>THEORY<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0State three features of retail trade<br \/>\n2.\u00a0\u00a0\u00a0\u00a0List three functions of the retailer to the consumer.<\/p>\n<p>\u00a0<strong>GENERAL EVALUATION<\/strong><\/p>\n<ol>\n<li>\n<div>List seven features of retail trade.\n<\/div>\n<\/li>\n<li>\n<div>State eight functions of the retailer\n<\/div>\n<\/li>\n<li>\n<div>Give seven reasons why a retail business would fail\n<\/div>\n<\/li>\n<li>\n<div>List seven factors to be considered before starting a retail business\n<\/div>\n<\/li>\n<li>\n<div>Explain six functions of Commerce in an economy.\n<\/div>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0WEEK FIVE TOPIC: RETAIL TRADE CONTENT Definition of Terms Characteristics of the Retailer Functions of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,168],"tags":[],"class_list":["post-1830","post","type-post","status-publish","format-standard","hentry","category-posts","category-first-term-ss1-commerce"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=1830"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1830\/revisions"}],"predecessor-version":[{"id":1831,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1830\/revisions\/1831"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=1830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=1830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=1830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}