Question 1

Discuss the components of SWOT analysis used by a retailer.What primary objection would a retailer have for conducting a SWOT analysis?

Accepted Answer

A SWOT analysis (SWOT for strengths,weak

Question 2

A "retailer's conversion" refers to getting shoppers in your store and converting them into customers,at the lowest operating cost possible that is consistent with the level of service that your customers expect.

Accepted Answer

A) True 
 B)False

Question 3

Good strategies that reduce operating costs while providing the appropriate level of service present significant opportunities for retailers.

Accepted Answer

A) True 
 B)False

Question 4

A retail firm that is setting goals based on the analysis of its ability to provide a profit level adequate to continue in business is setting _____ objectives.

Accepted Answer

A)  liquidity 
B)  financial performance 
C)  profit performance 
D)  market performance 
E)  operating performance 
A)  liquidity 
B)  financial performance 
C)  profit performance 
D)  market performance 
E)  operating performance

Question 5

If a retailer has set its primary objective as gaining 5 percent of market share,it is focusing on a _____ objective.

Accepted Answer

A)  productivity performance 
B)  consumer choice 
C)  merchandise productivity 
D)  market performance 
E)  competition-oriented 
A)  productivity performance 
B)  consumer choice 
C)  merchandise productivity 
D)  market performance 
E)  competition-oriented

Question 6

Market performance objectives compare a retailer's actions against those of competitors.

Accepted Answer

A) True 
 B)False

Question 7

If a retailer makes efficient use of available resources,then the retailer is said to be operations effective.

Accepted Answer

A) True 
 B)False

Question 8

Personal objectives relate to how a retail owner wishes to help individuals employed by the firm fulfill some of their needs.

Accepted Answer

A) True 
 B)False

Question 9

Financial performance objectives can be broken into two categories:

Accepted Answer

A)  marketing objectives and operating objectives. 
B)  profitability objectives and productivity objectives. 
C)  administrative objectives and financial strategy objectives. 
D)  human performance objectives and information objectives. 
E)  seasonal objectives and general operating objectives. 
A)  marketing objectives and operating objectives. 
B)  profitability objectives and productivity objectives. 
C)  administrative objectives and financial strategy objectives. 
D)  human performance objectives and information objectives. 
E)  seasonal objectives and general operating objectives.

Question 10

If a retailer has a return on assets of 15 percent and a net profit margin of 3 percent,then its rate of asset turnover is:

Accepted Answer

A)  .20 times. 
B)  5.0 times. 
C)  15.0 times. 
D)  30.0 times. 
E)  60.0 times. 
A)  .20 times. 
B)  5.0 times. 
C)  15.0 times. 
D)  30.0 times. 
E)  60.0 times.

Question 11

It is necessary for retail firms to strive for high-profit performance results:

Accepted Answer

A)  so that average operating results can be obtained even if planned results cannot be accomplished. 
B)  as a means of achieving the largest profit possible. 
C)  a retailer need not strive for high profit performance results. 
D)  so that new retailer entrepreneurs cannot enter the market. 
E)  so that the managers can be allocated larger year-end bonuses. 
A)  so that average operating results can be obtained even if planned results cannot be accomplished. 
B)  as a means of achieving the largest profit possible. 
C)  a retailer need not strive for high profit performance results. 
D)  so that new retailer entrepreneurs cannot enter the market. 
E)  so that the managers can be allocated larger year-end bonuses.

Question 12

Which of the following elements is NOT a part of the strategic profit model (SPM)?

Accepted Answer

A)  Net profit margin 
B)  Stockouts 
C)  Asset turnover 
D)  Financial leverage 
E)  Return on assets 
A)  Net profit margin 
B)  Stockouts 
C)  Asset turnover 
D)  Financial leverage 
E)  Return on assets

Question 13

The aim of operations management is to:

Accepted Answer

A)  heighten customer service. 
B)  advance the merchandise mix. 
C)  maximize the performance of current operations. 
D)  develop more effective long-term plans. 
E)  increase a product's perceived value to the customer. 
A)  heighten customer service. 
B)  advance the merchandise mix. 
C)  maximize the performance of current operations. 
D)  develop more effective long-term plans. 
E)  increase a product's perceived value to the customer.

Question 14

Cameron Brody wants 15 percent of an average dollar invested in the assets of his bookstore to be returned in profit.Cameron is setting a(n)_____ financial objective.

Accepted Answer

A)  gross margin return on sales 
B)  return on inventory 
C)  return on net worth 
D)  operating profit margin 
E)  return on assets 
A)  gross margin return on sales 
B)  return on inventory 
C)  return on net worth 
D)  operating profit margin 
E)  return on assets

Question 15

The strategic profit model (SPM)assesses a retailer's performance and is based on the retailer's net profit margin,rate of asset turnover,financial leverage,and return on net worth.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is NOT an aspect of a good mission statement?

Accepted Answer

A)  Broad and general in nature 
B)  Provide direction 
C)  Motivational 
D)  Changes with every new fad 
E)  It is a plan of action for the firm to follow 
A)  Broad and general in nature 
B)  Provide direction 
C)  Motivational 
D)  Changes with every new fad 
E)  It is a plan of action for the firm to follow

Question 17

If a retailer has an ROA of 10 percent and a financial leverage of 4.0,then its RONW would be:

Accepted Answer

A)  0.4 percent. 
B)  6 percent. 
C)  14 percent. 
D)  26 percent. 
E)  40 percent. 
A)  0.4 percent. 
B)  6 percent. 
C)  14 percent. 
D)  26 percent. 
E)  40 percent.

Question 18

Specialty stores typically have a _____ than discounters.

Accepted Answer

A)  lower asset turnover 
B)  lower profit margin 
C)  lower return on net worth 
D)  lower market share 
E)  lower return on net worth and lower market share 
A)  lower asset turnover 
B)  lower profit margin 
C)  lower return on net worth 
D)  lower market share 
E)  lower return on net worth and lower market share

Question 19

Net profit margin shows how much profit a retailer makes on each dollar of sales.

Accepted Answer

A) True 
 B)False

Question 20

"Do competitors do a better job of selecting merchandise and anticipating demand?" is an example of a "weakness?"

Accepted Answer

A) True 
 B)False

Discuss the components of SWOT analysis used by a retailer.What primary objection would a retailer have for conducting a SWOT analysis?

A "retailer's conversion" refers to getting shoppers in your store and converting them into customers,at the lowest operating cost possible that is consistent with the level of service that your customers expect.

Good strategies that reduce operating costs while providing the appropriate level of service present significant opportunities for retailers.

A retail firm that is setting goals based on the analysis of its ability to provide a profit level adequate to continue in business is setting _____ objectives.

If a retailer has set its primary objective as gaining 5 percent of market share,it is focusing on a _____ objective.

Market performance objectives compare a retailer's actions against those of competitors.

If a retailer makes efficient use of available resources,then the retailer is said to be operations effective.

Personal objectives relate to how a retail owner wishes to help individuals employed by the firm fulfill some of their needs.

Financial performance objectives can be broken into two categories:

If a retailer has a return on assets of 15 percent and a net profit margin of 3 percent,then its rate of asset turnover is:

It is necessary for retail firms to strive for high-profit performance results:

Which of the following elements is NOT a part of the strategic profit model (SPM)?

The aim of operations management is to:

Cameron Brody wants 15 percent of an average dollar invested in the assets of his bookstore to be returned in profit.Cameron is setting a(n)_____ financial objective.

The strategic profit model (SPM)assesses a retailer's performance and is based on the retailer's net profit margin,rate of asset turnover,financial leverage,and return on net worth.

Which of the following is NOT an aspect of a good mission statement?

If a retailer has an ROA of 10 percent and a financial leverage of 4.0,then its RONW would be:

Specialty stores typically have a _____ than discounters.

Net profit margin shows how much profit a retailer makes on each dollar of sales.

"Do competitors do a better job of selecting merchandise and anticipating demand?" is an example of a "weakness?"

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

Discuss the components of SWOT analysis used by a retailer.What primary objection would a retailer have for conducting a SWOT analysis?

A "retailer's conversion" refers to getting shoppers in your store and converting them into customers,at the lowest operating cost possible that is consistent with the level of service that your customers expect.

Good strategies that reduce operating costs while providing the appropriate level of service present significant opportunities for retailers.

A retail firm that is setting goals based on the analysis of its ability to provide a profit level adequate to continue in business is setting _____ objectives.

If a retailer has set its primary objective as gaining 5 percent of market share,it is focusing on a _____ objective.

Market performance objectives compare a retailer's actions against those of competitors.

If a retailer makes efficient use of available resources,then the retailer is said to be operations effective.

Personal objectives relate to how a retail owner wishes to help individuals employed by the firm fulfill some of their needs.

Financial performance objectives can be broken into two categories:

If a retailer has a return on assets of 15 percent and a net profit margin of 3 percent,then its rate of asset turnover is:

It is necessary for retail firms to strive for high-profit performance results:

Which of the following elements is NOT a part of the strategic profit model (SPM)?

The aim of operations management is to:

Cameron Brody wants 15 percent of an average dollar invested in the assets of his bookstore to be returned in profit.Cameron is setting a(n)_____ financial objective.

The strategic profit model (SPM)assesses a retailer's performance and is based on the retailer's net profit margin,rate of asset turnover,financial leverage,and return on net worth.

Which of the following is NOT an aspect of a good mission statement?

If a retailer has an ROA of 10 percent and a financial leverage of 4.0,then its RONW would be:

Specialty stores typically have a _____ than discounters.

Net profit margin shows how much profit a retailer makes on each dollar of sales.

"Do competitors do a better job of selecting merchandise and anticipating demand?" is an example of a "weakness?"

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