A retail outlet meant to sell only a particular manufacturer's product is known as a...
A retail outlet meant to sell only a particular manufacturer's product is known as a
- A) Co-operative Shop
- B) Chain store
- C) Department store
- D) Tied shop
Correct Answer: D) Tied shop
Explanation
This Commerce question is asking about a type of retail outlet that only sells products from a specific manufacturer. The options are Co-operative Shop, Chain store, Department store, and Tied shop. The correct answer is Tied shop.A Tied shop is a retail store that is contracted or tied to a specific manufacturer or wholesaler to sell only their products. This means that the store cannot sell products from any other manufacturers or wholesalers.
Co-operative Shops are owned and run by a group of people who come together to purchase goods at wholesale prices. The profits made are shared among the members.
Chain stores are a group of retail stores that are owned and managed by a single company. They are usually found in different locations and sell a variety of products.
Department stores are large retail stores that sell a variety of products, including clothing, electronics, and household items. They are usually divided into different departments, each specializing in a particular product category.
In summary, a tied shop is a retail outlet that is contracted or tied to a specific manufacturer or wholesaler to sell only their products.