Explain briefly the problems faced by retailers before the development of sophisticated information systems.
What will be an ideal response?
Prior to the development of sophisticated information systems, it was difficult for someone other than the local store manager to track how the merchandise in the store was selling-whether it was selling above plan and needed to be reordered or was selling below plan and needed to have its price reduced. It was also difficult to collect and consolidate the plans from a number of different stores so that a buyer could place large orders with vendors to get price discounts. Thus, before the availability of modern information systems, it was difficult for retailers to lower costs through scale economies, and larger retailers had limited advantages over small local or regional retailers.
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A(n) ________ is a party who is unintentionally benefited by other people's contracts.
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