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Revision - Coggle Diagram
Revision
Business objectives
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what does ethical mean?
ethical means acting in a moral manner that is viewed as good in society. this could be ensuring employees are treated equally and paid the same fairly. Another example could be not testing on animals or ensuring that your products do not come from slave neighbour countries or where children are working
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Types of Retail Business
Physical Store
This can be described as physical (traditionally bricks and mortar) and can either be permanent or temporary
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Multi-Channel
Using more than one of the retail channels to sell through. For most, this means selling in a store and online. This allows retailers to sell the same products to the same products to the same customers in the same way- just using a different medium.
Hybrid
This is a mix of two retailers to form one. These link the importance of a physical store with E-commence and/or hospitality and leisure facilities. These retailers are redeveloping their stores to create consumer hubs, including services such as cafes and bars, beauty parlours, fitness centres and barber shops etc.
Concession
The owner of this form of retailer pays another business/retailer in order to sell their products in their premises/store. These mainly operate in retail outlets but also take place in other venues such as airports, shopping malls, sporting venues, cinemas etc.
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markets
These can be found either indoor or outdoor and these can be general markets or specialists markets, such as arts and crafts markets, French, Christmas and farmers' markets. some are permanent in a specific location, others are temporary and may move location to try and sell to a wider geographical customer base.
franchise
This is when an agreement in which one business ( called the franchisee)buys the right to sell the goods or services of another business (called the franchisor),and is allowed to use the franchisor's name.
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