Although many retail stores are independently owned, others band together under some form of corporate or contractual organization. Describe the four kinds of corporate or contractual organizations

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-Corporate chains are two or more outlets that are commonly owned and controlled. Their size allows them to buy in large quantities at lower prices and gain promotional economies. They can hire specialists to deal with areas such as pricing, promotion, merchandising, inventory control, and sales forecasting. Examples include Macy's, Target, and CVS.
-The voluntary chain is a wholesaler-sponsored group of independent retailers that engages in group buying and common merchandising. Examples include the Independent Grocers Alliance, Western Auto, and Do-It Best hardware stores.
-The other type of contractual association is the retailer cooperative is a group of independent retailers that bands together to set up a jointly owned, central wholesale operation and conduct joint merchandising and promotion efforts. Examples are Associated Grocers and Ace Hardware. These organizations give independents the buying and promotion economies they need to meet the prices of corporate chains.
-Another form of contractual retail organization is a franchise. The main difference between franchise organizations and other contractual systems (voluntary chains and retail cooperatives) is that franchise systems are normally based on some unique product or service; a method of doing business; or the trade name, goodwill, or patent that the franchisor has developed. Franchising has been prominent in fast-food restaurants, motels, health and fitness centers, auto sales and service dealerships, and real estate agencies. Examples include McDonald's, Subway, and Jiffy Lube.