Question 1

List the key opportunities for success in global retailing.

Accepted Answer

Four characteristics of retailers that h...

Question 2

Retailers have the least opportunity to exploit a competitive advantage when they pursue:

Accepted Answer

A)   retail format growth opportunities.
B)   market penetration growth opportunities.
C)   diversification growth opportunities.
D)   market expansion growth opportunities.
E)   wholesale format development growth opportunities.

Question 3

Which of the following steps is typically the previous step before evaluating the strategic alternatives in the strategic retail planning process?

Accepted Answer

A)   Defining the business mission
B)   Establishing specific objectives
C)   Identifying strategic opportunities
D)   Developing a retail mix
E)   Evaluating performance

Question 4

After selecting a target market and a retail mix,the final element in a retail strategy is the identification of prospective wholesalers.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following statements is true of vertical integration?

Accepted Answer

A)   It is the diversification by retailers into manufacturing.
B)   It is the diversification by wholesalers into retailing.
C)   It is the diversification by manufacturers into marketing.
D)   It is the diversification by supply chain management into marketing.
E)   It is the diversification by marketing into manufacturing.

Question 6

Flee LLC,a chain of electronic stores,plans to grow geographically.It has tied up with local retailers in international markets to form a new company in which ownership,control,and profits are shared between all involved parties.Which of the following entry strategies is being followed by Flee?

Accepted Answer

A)   Acquisition
B)   Merger
C)   Takeover
D)   Joint venture
E)   Strategic alliance

Question 7

Mindy's LLC,a fashion brand,has a significant cost benefit that facilitates success in international markets in which price plays an important role in consumer decision making.Which of the following is most likely a reason for Mindy's success in international markets?

Accepted Answer

A)   A global culture
B)   Adaptability
C)   Human resources
D)   Financial resources
E)   Globally sustainable competitive advantage

Question 8

Which of the following steps is typically the previous step before establishing specific objectives and allocating resources in the strategic retail planning process?

Accepted Answer

A)   Identifying strategic opportunities
B)   Developing a retail mix to implement strategy
C)   Evaluating performance and making adjustments
D)   Defining the business mission
E)   Evaluating strategic alternatives

Question 9

Alvo's LLC,a producer of candy,has decided to expand its operations geographically.Which of the following strategies should Alvo's use to achieve its objective?

Accepted Answer

A)   Retail format growth opportunity
B)   Market penetration growth opportunity
C)   Diversification growth opportunity
D)   Market expansion growth opportunity
E)   Wholesale format development growth opportunity

Question 10

A retail format development growth opportunity is an opportunity in which a retailer develops a new retail format for the same target market.

Accepted Answer

A) True 
 B)False

Question 11

My Favorite Quilt Shop LLC offers members of their Fabric Lovers Club merchandise worth $20 for every $200 they purchase plus additional discounts on classes and new fabric lines.The Fabric Lovers Club LLC.is a good way to develop:

Accepted Answer

A)   internal excellence.
B)   store awareness.
C)   good customer service.
D)   customer loyalty.
E)   ethical business practices.

Question 12

Which of the following is a component of retail mix?

Accepted Answer

A)   Product design
B)   Market intelligence
C)   Human resource practice
D)   Pricing policy
E)   Employee performance data

Question 13

The first step in the strategic retail planning process is to define the business mission.

Accepted Answer

A) True 
 B)False

Question 14

Customer relationship management programs are also known as:

Accepted Answer

A)   transitional programs.
B)   sustaining programs.
C)   twelve-step programs.
D)   incentive programs.
E)   loyalty programs.

Question 15

John plans to start a grocery store in his locality.Which of the following is most likely to give him the least sustainable competitive advantage in the market?

Accepted Answer

A)   Convenient locations
B)   More employees
C)   Exclusive merchandise
D)   Coordination of procurement efforts
E)   Helpful sales force

Question 16

A(n) _____ describes the nature of the retailer's operations that it will use to satisfy the needs of its target market.

Accepted Answer

A)   situation analysis
B)   organizational chart
C)   competitor analysis
D)   market research report
E)   retail format

Question 17

How can a retailer use the market penetration opportunity to foster growth?

Accepted Answer

Growth can be achieved by using the mark...

Question 18

The best way for a retailer to develop a sustainable competitive advantage is to:

Accepted Answer

A)   concentrate on finding the best location.
B)   concentrate on having the lowest prices in town.
C)   develop a good distribution system.
D)   rely on multiple approaches.
E)   maintain good vendor relations.

Question 19

Wendy's Inc.has established itself in the fast food market as one of the top 5 restaurants in the city.Customers frequent Wendy's because of the impeccable quality of food associated with it.Which of the following is most likely to be the reason for Wendy's sustainable competitive advantage?

Accepted Answer

A)   Unique merchandise
B)   Brand image
C)   Customer service
D)   Location
E)   Price

Question 20

Gini's LLC,a footwear store,has the following characteristics.Which of the following characteristics of Gini's is most likely to be its least sustainable competitive advantage?

Accepted Answer

A)   Shared systems with vendors
B)   Convenient store location
C)   Knowledgeable employee force
D)   Helpful sales force
E)   Lower price

Exam 5: Retail Market Strategy

John plans to start a grocery store in his locality.Which of the following is most likely to give him the least sustainable competitive advantage in the market?

Correct AnswerverifiedShow Answer

Which of the following steps is typically the previous step before establishing specific objectives and allocating resources in the strategic retail planning process?

Correct AnswerverifiedShow Answer

A(n) _____ describes the nature of the retailer's operations that it will use to satisfy the needs of its target market.

Correct AnswerverifiedShow Answer

Customer relationship management programs are also known as:

Correct AnswerverifiedShow Answer

Mindy's LLC,a fashion brand,has a significant cost benefit that facilitates success in international markets in which price plays an important role in consumer decision making.Which of the following is most likely a reason for Mindy's success in international markets?

Correct AnswerverifiedShow Answer

Which of the following steps is typically the previous step before evaluating the strategic alternatives in the strategic retail planning process?

Correct AnswerverifiedShow Answer

List the key opportunities for success in global retailing.

Correct AnswerverifiedFour characteristics of retailers that h...View AnswerShow Answer

Which of the following is a component of retail mix?

Correct AnswerverifiedShow Answer

Wendy's Inc.has established itself in the fast food market as one of the top 5 restaurants in the city.Customers frequent Wendy's because of the impeccable quality of food associated with it.Which of the following is most likely to be the reason for Wendy's sustainable competitive advantage?

Correct AnswerverifiedShow Answer

The first step in the strategic retail planning process is to define the business mission.

Correct AnswerverifiedShow Answer

Flee LLC,a chain of electronic stores,plans to grow geographically.It has tied up with local retailers in international markets to form a new company in which ownership,control,and profits are shared between all involved parties.Which of the following entry strategies is being followed by Flee?

Correct AnswerverifiedShow Answer

Alvo's LLC,a producer of candy,has decided to expand its operations geographically.Which of the following strategies should Alvo's use to achieve its objective?

Correct AnswerverifiedShow Answer

Gini's LLC,a footwear store,has the following characteristics.Which of the following characteristics of Gini's is most likely to be its least sustainable competitive advantage?

Correct AnswerverifiedShow Answer

The best way for a retailer to develop a sustainable competitive advantage is to:

Correct AnswerverifiedShow Answer

My Favorite Quilt Shop LLC offers members of their Fabric Lovers Club merchandise worth $20 for every $200 they purchase plus additional discounts on classes and new fabric lines.The Fabric Lovers Club LLC.is a good way to develop:

Correct AnswerverifiedShow Answer

How can a retailer use the market penetration opportunity to foster growth?

Correct AnswerverifiedGrowth can be achieved by using the mark...View AnswerShow Answer

Which of the following statements is true of vertical integration?

Correct AnswerverifiedShow Answer

A retail format development growth opportunity is an opportunity in which a retailer develops a new retail format for the same target market.

Correct AnswerverifiedShow Answer

After selecting a target market and a retail mix,the final element in a retail strategy is the identification of prospective wholesalers.

Correct AnswerverifiedShow Answer

Retailers have the least opportunity to exploit a competitive advantage when they pursue:

Correct AnswerverifiedShow Answer

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Four characteristics of retailers that h...
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Growth can be achieved by using the mark...
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