Sole Trader: A sole trader is an individual who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.
Partnership: A legal form of business operation between two or more individuals who share management and profits.
Limited Liability (public/Private): a private company whose owners are legally responsible for its debts only to the extent of the amount of capital they invested.
Classification: Classification means when something is put into a category, for example, a retailer, into which that we would place it.
Department Store: A department store is a big store which has various departments within it, known as concessions, each department store should have 4 or more classes of consumer goods such as; Makeup, clothes, shoes, food, technology etc. they can be a chain of the same department stores in different areas of the country or world, you will often find department stores in major shopping centres, they also provide a wide range of customer services such as, personal shopper, online services, delivery and many more.
Specialist Store: A specialist store specialises in one particular type of product or service this can be a chain or an individual retailer, most specialist stores are usually smaller in size than other stores. An example of a specialist store is sunglass hut as they only specialise in sunglasses.
Internet store: An internet store trades solely online however can be associated with a physical store. They will post product to the customer, they can be national or international companies.
Supermarket: A supermarket is a large store that sells groceries however some may sell non-food merchandise. A supermarket has to include, self-service, at least three checkouts and a car park.
Not-for-Profit: A not-for-profit store is a retailer that does not earn profits for its owners. All of the money that they do earn is solely used to achieve the businesses objectives.
Public Place Retailer: A public place retailer is when the stores are located in public spaces these can be parks, museums, train stations, airports and galleries.
Micro business environment: Are the factors in which affects a business’s ability to build and maintain. The factors are usually close to a business that have direct impact on it such as; customer, industry, supplier, competitors and shareholders.
Macro business environment: This is when a business is affected by external influences which they have no control over. Such as, politics, economy, social and technology.