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Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is the sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit.
Retailers' cooperatives also engage in group advertising and promotion, uniform stock merchandising, and private branding. [2] This increases consumer recognition of brands and is beneficial for the stores under a franchise. The aim of the cooperative is to improve buying conditions for its members, which are retail businesses in this case.
Economic anthropology is a scholarly field that attempts to explain human economic behavior in its widest historic, geographic and cultural scope. Its origins as a sub-field of anthropology begin with the Polish–British founder of anthropology, Bronisław Malinowski , and his French compatriot, Marcel Mauss , on the nature of gift-giving ...
Retailers can also benefit from economy of scale to increase profit, just like a wholesaler does. [2] Bulk purchasing is when a consumer captures part of the benefits of economy of scale by doing with the retailer what the retailer does with the wholesaler: paying a lower price per unit in exchange for purchasing much larger quantities.
Whereas Portuguese traders concentrated on the accumulation of capital, in Kongo spiritual meaning was attached to many objects of trade. According to economic historian Toby Green, in Kongo "giving more than receiving was a symbol of spiritual and political power and privilege." [68]
There are many industry classifications in the modern economy, which can be grouped into larger categories called economic sectors. Sectors are broader than industry classifications. For example, the retail trade sector contains industries such as clothing stores, shoe stores, and health and personal care stores. Companies are not limited to ...
Price fixing is an anticompetitive agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand.
Off-price retailers are independent of manufacturers and buy large volumes of branded goods directly from them. The off-price retail model relies on the purchase of over-produced, or excess, branded goods at a lower price, thus being able to sell to consumers at a discount compared to other stores which purchased an initial run.