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Description
Flashcards by Jess Molyneux, updated more than 1 year ago
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Created by Jess Molyneux
over 9 years ago
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| Question | Answer |
| Define the term 'range'. | The distance that consumers are willing to travel to purchase a given good or to access a given service. |
| Define the term 'threshold'. | A measure of the number of consumers that a shop or service needs to stay open or in profit. |
| Define the term 'sphere of influence'. | The area served by a particular shop or service. |
| Define the term 'chain store'. | A large store or brand run by one business with several locations all of which carry the same stock. |
| Define the term 'independent'. | A small business or brand run by only one group with one location. |
| Define the term 'specialist shop / service'. | A shop which offers / sells specific, specialist goods and services. |
| Define the term 'convenience shopping'. | The purchasing of inexpensive, low order, essential goods, usually local. |
| Define the term 'comparison shopping'. | The purchasing of typically expensive, high order goods, comparing price, quality and other features before buying. |
| Define the term 'high order service'. | A service which doesn't need to be / isn't accessed frequently, usually expensive and not necessarily essential |
| Define the term 'low order service'. | A service which is accessed regularly, usually inexpensive and essential. |
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