Read the following case study and answer the questions that follow: Kenny and Donna own an electronics business in the city. They have had the shop for just more than 5 years. They started off with a small shop in the city and recently rented a store in one of the malls to accommodate an increase in their stock. The shop is very busy, especially during the weekend, however, they have noticed a steady decrease in sales over the last few months. The foot traffic in the store is more than 100 customers per day but they are only processing a few orders per week. Kenny and Donna decide to review the CCTV footage to see which products the customers generally spend the most time with. Their inventory management system also indicated that most of their stock remains on the shelf for an average of 60 days. Unfortunately, some of the stock is dead stock and will need to be donated. Donna thinks they need to improve their visual merchandising to attract more customers. Kenny thinks they should introduce a loyalty card to encourage customers to return to the store. They have also started introducing flash sales and various mark down promotions to increase sales. They have built up a good rapport with their customers and decided to send out a survey to determine the level of customer satisfaction. The feedback from the customers was noted below: - Parking at the mall has become a problem and many customers find the location of the mall too far away from where they live. - Many of the customers say they like to view the products in the store but generally go home and order the same product from Amazon or another online store. The customers say they enjoy the flexibility of 1.1. Briefly explain the history of retail management in your own words (PC1.1) 1.2. Identify the key retail terms (jargon) found in the case study that is applicable in the retail industry. Explain these terms in your own words. (PC1.2) 1.3. Identify two (2) internal and two (2) external factors from the case study that can impact the retail business. (PC11.3) 1.4 Identify three (3) types of retail formats and operations. Provide an example of each. (PC1.4)