Basic Concepts of Merchandise

During our second meeting, we were tasked to answer task sheet # 1 which is a background knowledge probe. I'm disappointed with the result that I got.

The first part of our meeting was allotted in discussing merchandising business. From our discussion, I've learned the similarities and differences of service business and merchandising business and the basic concepts of merchandising business. The discussion helped me in distinguishing the similarities and differences of service and merchandising business. Both of them follows the same principle - Business Entity Concept and that they are different in some aspect like in acquiring revenues - service renders services while merchandise requires a mark up price to be added to their products to make sure that the business earns profit. This is significant to me because it helped me understand what merchandising business is and its difference with service business.

After our discussion, we answered task sheet # 1 which is about what we've discussed earlier. I only got 9/20 because I didn't include all the necessary information needed and I didn't explain well what service and merchandising business is. We are given a second chance by Sir Randy to answer another task sheet to compensate for that one. It's a good thing that I got a good score in that.[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"></v:stroke> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"></v:f> <v:f eqn="sum @0 1 0"></v:f> <v:f eqn="sum 0 0 @1"></v:f> <v:f eqn="prod @2 1 2"></v:f> <v:f eqn="prod @3 21600 pixelWidth"></v:f> <v:f eqn="prod @3 21600 pixelHeight"></v:f> <v:f eqn="sum @0 0 1"></v:f> <v:f eqn="prod @6 1 2"></v:f> <v:f eqn="prod @7 21600 pixelWidth"></v:f> <v:f eqn="sum @8 21600 0"></v:f> <v:f eqn="prod @7 21600 pixelHeight"></v:f> <v:f eqn="sum @10 21600 0"></v:f> </v:formulas> <v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path> <o:lock v:ext="edit" aspectratio="t"></o:lock> </v:shapetype><v:shape id="Picture1" o:spid="_x0000_s1031" type="#_x0000_t75" style='width:82.5pt;height:126pt;visibility:visible;mso-position-horizontal:absolute; mso-position-horizontal-relative:char;mso-position-vertical:absolute; mso-position-vertical-relative:line'> <v:imagedata src="file:///C:\DOCUME~1\user.isd\LOCALS~1\Temp\msohtml1\01\clip_image001.jpg" o:title="" croptop="1516f" cropbottom="7846f"></v:imagedata> <w:wrap type="none"></w:wrap> <w:anchorlock></w:anchorlock> </v:shape><![endif][if !vml][endif][if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"></v:stroke> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"></v:f> <v:f eqn="sum @0 1 0"></v:f> <v:f eqn="sum 0 0 @1"></v:f> <v:f eqn="prod @2 1 2"></v:f> <v:f eqn="prod @3 21600 pixelWidth"></v:f> <v:f eqn="prod @3 21600 pixelHeight"></v:f> <v:f eqn="sum @0 0 1"></v:f> <v:f eqn="prod @6 1 2"></v:f> <v:f eqn="prod @7 21600 pixelWidth"></v:f> <v:f eqn="sum @8 21600 0"></v:f> <v:f eqn="prod @7 21600 pixelHeight"></v:f> <v:f eqn="sum @10 21600 0"></v:f> </v:formulas> <v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path> <o:lock v:ext="edit" aspectratio="t"></o:lock> </v:shapetype><v:shape id="Picture1" o:spid="_x0000_s1031" type="#_x0000_t75" style='width:82.5pt;height:126pt;visibility:visible;mso-position-horizontal:absolute; mso-position-horizontal-relative:char;mso-position-vertical:absolute; mso-position-vertical-relative:line'> <v:imagedata src="file:///C:\DOCUME~1\user.isd\LOCALS~1\Temp\msohtml1\01\clip_image001.jpg" o:title="" croptop="1516f" cropbottom="7846f"></v:imagedata> <w:wrap type="none"></w:wrap> <w:anchorlock></w:anchorlock> </v:shape><![endif][if !vml][endif][if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"></v:stroke> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"></v:f> <v:f eqn="sum @0 1 0"></v:f> <v:f eqn="sum 0 0 @1"></v:f> <v:f eqn="prod @2 1 2"></v:f> <v:f eqn="prod @3 21600 pixelWidth"></v:f> <v:f eqn="prod @3 21600 pixelHeight"></v:f> <v:f eqn="sum @0 0 1"></v:f> <v:f eqn="prod @6 1 2"></v:f> <v:f eqn="prod @7 21600 pixelWidth"></v:f> <v:f eqn="sum @8 21600 0"></v:f> <v:f eqn="prod @7 21600 pixelHeight"></v:f> <v:f eqn="sum @10 21600 0"></v:f> </v:formulas> <v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path> <o:lock v:ext="edit" aspectratio="t"></o:lock> </v:shapetype><v:shape id="Picture1" o:spid="_x0000_s1032" type="#_x0000_t75" style='width:82.5pt;height:126pt;visibility:visible;mso-position-horizontal:absolute; mso-position-horizontal-relative:char;mso-position-vertical:absolute; mso-position-vertical-relative:line'> <v:imagedata src="file:///C:\DOCUME~1\user.isd\LOCALS~1\Temp\msohtml1\01\clip_image001.jpg" o:title="" croptop="1516f" cropbottom="7846f"></v:imagedata> <w:wrap type="none"></w:wrap> <w:anchorlock></w:anchorlock> </v:shape><![endif][if !vml][endif]

To sum it up, I understand better now what merchandising business is and I've also learned to what happen to my task sheet #1. :)