Understanding UK Retail and Markets

Which of the following best describes a 'niche market' in the context of UK retail business?

• A market that sells only imported goods

• A specialised segment of the market for a particular kind of product or service

• A market that operates only online

• A market with the highest number of competitors

What is the main advantage of a UK cornershop compared to a large supermarket?

• Lower prices on all products

• Convenience and proximity to local customers

• Wider product range

• More parking spaces

Which of the following is an example of an online retail business?

• Tesco Express

• Amazon.co.uk

• Greggs bakery

• Sainsbury’s Local

In the context of supply and demand, what typically happens to the price of a product if demand increases but supply remains the same?

• The price decreases

• The price increases

• The price stays the same

• The product is discontinued

Which of the following best describes a 'takeaway' in the UK?

• A shop selling only groceries

• A restaurant where food is prepared to be eaten elsewhere

• A market stall selling clothes

• A delivery-only online shop

Which of the following is a global market trend affecting UK retailers?

• Only selling products made in the UK

• Increasing online sales and international shipping

• Reducing the use of technology in business

• Limiting payment options to cash only

If a UK business imports goods from China, which market is it participating in?

• Local market

• National market

• Global market

• Niche market

Which of the following is NOT typically a feature of a UK cornershop?

• Open late hours

• Large car park

• Sells everyday essentials

• Located in residential areas

What is the main purpose of supply chain management in retail?

• To increase the number of employees

• To ensure products are available to customers when needed

• To reduce the number of products sold

• To increase the price of goods

Which of the following is a key benefit of online retail for UK consumers?

• Only cash payments accepted

• 24/7 shopping convenience

• Limited product selection

• No delivery options