Question 1

Retail store managers often determine the location of their stores.

Accepted Answer

A) True 
 B)False  False

Question 2

Paying taxes is the retailer's role in helping finance societal needs that the government deems appropriate,from welfare programs to national parks.

Accepted Answer

A) True 
 B)False  True

Question 3

If net profit margin is 5.0 percent,rate of asset turnover is 4.0x,and financial leverage is 2.0x,then return on net worth is:

Accepted Answer

A)  8.0 percent. 
B)  10.0 percent. 
C)  20.0 percent. 
D)  40.0 percent. 
E)  80.0 percent. 
A)  8.0 percent. 
B)  10.0 percent. 
C)  20.0 percent. 
D)  40.0 percent. 
E)  80.0 percent. D

Question 4

Consider this mission statement: "Dad's Tasty Dogs will utilize the friendly,proven expertise of its employees and the finest ingredients to provide customers with great tasting hot dogs at a fair price." What element of a good mission statement is missing?

Accepted Answer

A)  How the retailer uses or intends to use its resources 
B)  A market share goal 
C)  How it expects to relate to the ever-changing environment 
D)  The kinds of value it intends to provide in order to serve the needs and wants of the customer 
E)  A SWOT analysis 
A)  How the retailer uses or intends to use its resources 
B)  A market share goal 
C)  How it expects to relate to the ever-changing environment 
D)  The kinds of value it intends to provide in order to serve the needs and wants of the customer 
E)  A SWOT analysis

Question 5

Financial performance goals and objectives does which of the following:

Accepted Answer

A)  Helps the firm's employees to fulfill dome of their own personal needs. 
B)  Compares a firm's actions to its competition. 
C)  Helps society to fulfill some of its needs. 
D)  Analyzes the firm's ability to provide a profit level adequate to continue and grow in business. 
E)  Helps stabilize the global financial market. 
A)  Helps the firm's employees to fulfill dome of their own personal needs. 
B)  Compares a firm's actions to its competition. 
C)  Helps society to fulfill some of its needs. 
D)  Analyzes the firm's ability to provide a profit level adequate to continue and grow in business. 
E)  Helps stabilize the global financial market.

Question 6

A retailer has a net profit of $1,000,000,total assets of $12,000,000,a 2.5 asset turnover ratio,and a net worth of $5,000,000.What is its financial leverage ratio?

Accepted Answer

A)  .083 times 
B)  .500 times 
C)  2.00 times 
D)  2.40 times 
E)  4.80 times 
A)  .083 times 
B)  .500 times 
C)  2.00 times 
D)  2.40 times 
E)  4.80 times

Question 7

Less than 60 percent of all retailers have a written mission statement.

Accepted Answer

A) True 
 B)False

Question 8

Superior planning can enable retailers to offset some of the advantages their competition may have,such as a better location.

Accepted Answer

A) True 
 B)False

Question 9

Strategies indicate how the retailer will attempt to accomplish its goals with the resources available.

Accepted Answer

A) True 
 B)False

Question 10

When setting goals and objectives,a retailer has a variety of objectives from which to choose.Please list and explain these objectives.How will each of these objectives influence the way in which the retailer conducts its operations?

Accepted Answer

Retailers usually divide goals and objec

Question 11

For a mission statement to be effective,it should:

Accepted Answer

A)  be less than 10 words; after all, the more concise the mission statement, the more focused the company. 
B)  provide a basic description of the fundamental nature, rationale, and direction of the firm. 
C)  be changed annually to reflect changes in the environment. 
D)  follow the strategy laid out annually by senior management. 
E)  be developed only after the retailer sets its goals and objectives. 
A)  be less than 10 words; after all, the more concise the mission statement, the more focused the company. 
B)  provide a basic description of the fundamental nature, rationale, and direction of the firm. 
C)  be changed annually to reflect changes in the environment. 
D)  follow the strategy laid out annually by senior management. 
E)  be developed only after the retailer sets its goals and objectives.

Question 12

A "retailer's cost management" strategy refers to:

Accepted Answer

A)  getting shoppers into the store. 
B)  having the right merchandise, using the right layout and display, and having the right sales force. 
C)  the small size of the retailers' stores which gives these advantages in negotiating leases in an industry with a surplus of stores, thus reducing their operating costs. 
D)  having a low marginal cost, where the cost of selling one more unit does not significantly impact total costs, thus making them want to maximize revenue. 
E)  getting shoppers and converting them into customers at the lowest operating cost possible that is consistent with the level of service that customers expect. 
A)  getting shoppers into the store. 
B)  having the right merchandise, using the right layout and display, and having the right sales force. 
C)  the small size of the retailers' stores which gives these advantages in negotiating leases in an industry with a surplus of stores, thus reducing their operating costs. 
D)  having a low marginal cost, where the cost of selling one more unit does not significantly impact total costs, thus making them want to maximize revenue. 
E)  getting shoppers and converting them into customers at the lowest operating cost possible that is consistent with the level of service that customers expect.

Question 13

Essentially,a retailer's mission statement describes the fundamental nature,rationale,and direction of the firm.

Accepted Answer

A) True 
 B)False

Question 14

A firm's specific goals and objectives should not be identified within its mission statement.

Accepted Answer

A) True 
 B)False

Question 15

Closure strategy is:

Accepted Answer

A)  often referred to as a "retailer's cost management" strategy. 
B)  just getting shoppers into the store. 
C)  getting shoppers in the store and converting them into customers at the lowest operating cost possible. 
D)  often referred to as a retailer's traffic strategy. 
E)  having the right merchandise, using the right layout and display, and having the right sales force. 
A)  often referred to as a "retailer's cost management" strategy. 
B)  just getting shoppers into the store. 
C)  getting shoppers in the store and converting them into customers at the lowest operating cost possible. 
D)  often referred to as a retailer's traffic strategy. 
E)  having the right merchandise, using the right layout and display, and having the right sales force.

Question 16

If a retailer has a net profit margin of 3 percent,asset turnover of 4.0x,and financial leverage of 2.0x,then its return on net worth is:

Accepted Answer

A)  6 percent. 
B)  8 percent. 
C)  12 percent. 
D)  24 percent. 
E)  48 percent. 
A)  6 percent. 
B)  8 percent. 
C)  12 percent. 
D)  24 percent. 
E)  48 percent.

Question 17

Goal statements should specify "how" a retailer intends to achieve a specific level of performance,as well as the "time period" allowed for achievement of the results.

Accepted Answer

A) True 
 B)False

Question 18

If a retailer is attempting to determine which of the closely related areas of business are underdeveloped in its market,it is assessing its:

Accepted Answer

A)  strengths. 
B)  weaknesses. 
C)  opportunities. 
D)  threats. 
E)  operations. 
A)  strengths. 
B)  weaknesses. 
C)  opportunities. 
D)  threats. 
E)  operations.

Question 19

Success for all retailers,large and small,is generally a matter of good planning and the implementation of the plan.

Accepted Answer

A) True 
 B)False

Question 20

Many retailers think getting people to visit your website or your store is one of the easiest tasks in retailing.

Accepted Answer

A) True 
 B)False

Retail store managers often determine the location of their stores.

Paying taxes is the retailer's role in helping finance societal needs that the government deems appropriate,from welfare programs to national parks.

If net profit margin is 5.0 percent,rate of asset turnover is 4.0x,and financial leverage is 2.0x,then return on net worth is:

Consider this mission statement: "Dad's Tasty Dogs will utilize the friendly,proven expertise of its employees and the finest ingredients to provide customers with great tasting hot dogs at a fair price." What element of a good mission statement is missing?

Financial performance goals and objectives does which of the following:

A retailer has a net profit of $1,000,000,total assets of $12,000,000,a 2.5 asset turnover ratio,and a net worth of $5,000,000.What is its financial leverage ratio?

Less than 60 percent of all retailers have a written mission statement.

Superior planning can enable retailers to offset some of the advantages their competition may have,such as a better location.

Strategies indicate how the retailer will attempt to accomplish its goals with the resources available.

When setting goals and objectives,a retailer has a variety of objectives from which to choose.Please list and explain these objectives.How will each of these objectives influence the way in which the retailer conducts its operations?

For a mission statement to be effective,it should:

A "retailer's cost management" strategy refers to:

Essentially,a retailer's mission statement describes the fundamental nature,rationale,and direction of the firm.

A firm's specific goals and objectives should not be identified within its mission statement.

Closure strategy is:

If a retailer has a net profit margin of 3 percent,asset turnover of 4.0x,and financial leverage of 2.0x,then its return on net worth is:

Goal statements should specify "how" a retailer intends to achieve a specific level of performance,as well as the "time period" allowed for achievement of the results.

If a retailer is attempting to determine which of the closely related areas of business are underdeveloped in its market,it is assessing its:

Success for all retailers,large and small,is generally a matter of good planning and the implementation of the plan.

Many retailers think getting people to visit your website or your store is one of the easiest tasks in retailing.

Perspectives on Retailing

Retail Customers

Evaluating the Competition in Retailing

Managing the Supply Chain

Legal and Ethical Behavior

Market Selection and Retail Location Analysis

Managing a Retailer’s Finances

Merchandise Buying and Handling

Merchandise Pricing

Advertising and Promotion

Customer Service and Retail Selling

Store Layout and Design

Managing People

Filters

Exam 2: Retail Strategic Planning and Operations Management

Retail store managers often determine the location of their stores.

Paying taxes is the retailer's role in helping finance societal needs that the government deems appropriate,from welfare programs to national parks.

If net profit margin is 5.0 percent,rate of asset turnover is 4.0x,and financial leverage is 2.0x,then return on net worth is:

Consider this mission statement: "Dad's Tasty Dogs will utilize the friendly,proven expertise of its employees and the finest ingredients to provide customers with great tasting hot dogs at a fair price." What element of a good mission statement is missing?

Financial performance goals and objectives does which of the following:

A retailer has a net profit of $1,000,000,total assets of $12,000,000,a 2.5 asset turnover ratio,and a net worth of $5,000,000.What is its financial leverage ratio?

Less than 60 percent of all retailers have a written mission statement.

Superior planning can enable retailers to offset some of the advantages their competition may have,such as a better location.

Strategies indicate how the retailer will attempt to accomplish its goals with the resources available.

When setting goals and objectives,a retailer has a variety of objectives from which to choose.Please list and explain these objectives.How will each of these objectives influence the way in which the retailer conducts its operations?

For a mission statement to be effective,it should:

A "retailer's cost management" strategy refers to:

Essentially,a retailer's mission statement describes the fundamental nature,rationale,and direction of the firm.

A firm's specific goals and objectives should not be identified within its mission statement.

Closure strategy is:

If a retailer has a net profit margin of 3 percent,asset turnover of 4.0x,and financial leverage of 2.0x,then its return on net worth is:

Goal statements should specify "how" a retailer intends to achieve a specific level of performance,as well as the "time period" allowed for achievement of the results.

If a retailer is attempting to determine which of the closely related areas of business are underdeveloped in its market,it is assessing its:

Success for all retailers,large and small,is generally a matter of good planning and the implementation of the plan.

Many retailers think getting people to visit your website or your store is one of the easiest tasks in retailing.

Perspectives on Retailing

Retail Customers

Evaluating the Competition in Retailing

Managing the Supply Chain

Legal and Ethical Behavior

Market Selection and Retail Location Analysis

Managing a Retailer’s Finances

Merchandise Buying and Handling

Merchandise Pricing

Advertising and Promotion

Customer Service and Retail Selling

Store Layout and Design

Managing People

Filters