Retail and Wholesale

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Recommended: Importance of the retail industry to the world economy

Since the world’s economy has a major impact on the determination of market decisions, it is important for business owners to be informed of every detail to be. In order for them to make an intelligent investment decisions so, in the future they be prepared for any unexpected economical downturns. Also, it is essential to recognize the key risks a business may encounter and build up strategies to diminish them. Furthermore, a large quantity of the markets profit share around the world comes from the retail and wholesale industry. Even though they may fall into the same category in the financial system of the world it does not mean they are made with the same process and purpose. Owners of stores usually start up with retail and look forward in enlarging their business to wholesaling as experience is gained. In order, for business owners to expand their stores from retail to wholesale they are required to understand and be able to access various skills. First, owners must understand the difference between wholesale and retail. Secondly, there are some transitional changes that occur to the business which an entrepreneur must prepare for. Last, there are policies to follow in order not to commit some illegal transactions. By understanding these elements businesses would be more flexible and capable to endure unstable market conditions. What is retail and wholesale about? Retail are the transactions of products in small quantities straight to consumers most likely not with the idea to resell the item. Wholesale are the transactions of products in large quantities directly to other companies at a whole value marked down price. Retail should recruit employees for their stores that have knowledge and are interested in hel... ... middle of paper ... ...to understand the changes, policies, and the illegal matters to look out for. We as a group thought that by opening a wholesale store is easier to become successful because you don’t really have to chase down customers. Works Cited Lively, Kathryn. "There Are No "Safe Bets" With Counterfeit Merchandise ." Ezine @rticles (2010). Web. 28 Feb 2011. . Mifflin, Houghton. "Definition of retail." The American Heritage® Dictionary of the English Language. 4th ed. HuntingDon Valley, PA: Houghton Mifflin , 2000. Web. . Mifflin, Houghton. "Definition of wholesale." The American Heritage® Dictionary of the English Language. 4th ed. HuntingDon Valley, PA: Houghton Mifflin , 2000. Web. .

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