Final answer:
Small stores are characterized by their convenient locations, extended hours, and essential product assortment. Despite competition from superstores, they remain viable due to factors like location, niche markets, and personalized service.
Step-by-step explanation:
The characteristics of small stores located in convenient locations, open for extended hours, and offering a limited but essential product assortment include: they are located in convenient locations, they are open for extended hours, and they offer a limited but essential product assortment. Small stores often struggle to compete with larger entities such as Wal-Mart, but they can succeed in certain niches or by focusing on tourist appeal. Moreover, the physical aspects of a product and the strategic location of a firm are vital factors that can lead to a competitive advantage in the market. A convenient location for a firm, like a gas station at a busy crossroad, can be critical for higher sales. Small "Mom and Pop firms," like inner city grocery stores, often survive on the basis of their accessibility and personal customer service, even if they do not earn large economic profits.