Wholesaling is often thought of as a less glamorous intermediary venture when com- pared with other channel intermediary operations, such as retailing. In your opinion, which of these two would be the more difficult to manage a wholesaling or a retail- ing operation? Which would seem to have the best chance, on the average, of achiev ing a high ROI (return on investment) today? Which would you say has had to face more challenges to its survival in the last 50 years?