Question 1

All retail objectives,of whatever type,must be consistent with and reinforce the retailer's overall mission.

Accepted Answer

A) True 
 B)False

Question 2

A retailer's goals and objectives should give precision and direction to the retailer's mission statement.

Accepted Answer

A) True 
 B)False

Question 3

The actions of supply chain members typically do not impact a retailer's strategy.

Accepted Answer

A) True 
 B)False

Question 4

Financial performance objectives analyze the retailer's ability to provide a profit level adequate to continue in business.

Accepted Answer

A) True 
 B)False

Question 5

When a retailer sets goals and objectives based on a comparison of its actions against its competitors,it is establishing:

Accepted Answer

A)  financial performance objectives. 
B)  market performance objectives. 
C)  personal objectives. 
D)  competitive pricing objectives. 
E)  societal objectives. 
A)  financial performance objectives. 
B)  market performance objectives. 
C)  personal objectives. 
D)  competitive pricing objectives. 
E)  societal objectives.

Question 6

Return on assets is net profit divided by owner's equity.

Accepted Answer

A) True 
 B)False

Question 7

The retail mix is a combination of merchandise,price,advertising and promotion,location,customer service and selling,and store layout and design that best serves the segments targeted by the retailer.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following would be an example of a market performance objective for Record World?

Accepted Answer

A)  Open or acquire five to ten stores over the next year. 
B)  Increase this year's net profit margin by 3 percent over last year. 
C)  Improve public relations with customers by holding two major in-store events per six-month season. 
D)  Increase labor productivity by 12 percent over the next six months. 
E)  Increase return on assets from 12 percent to 15 percent over the next 12 months. 
A)  Open or acquire five to ten stores over the next year. 
B)  Increase this year's net profit margin by 3 percent over last year. 
C)  Improve public relations with customers by holding two major in-store events per six-month season. 
D)  Increase labor productivity by 12 percent over the next six months. 
E)  Increase return on assets from 12 percent to 15 percent over the next 12 months.

Question 9

Which of the following refers to a retailer's "traffic strategy"?

Accepted Answer

A)  Having the right merchandise, using the right layout and display, and having the right sales force 
B)  Providing the appropriate level of service that the customers expect 
C)  Getting shoppers and converting them into customers at the lowest operating cost possible 
D)  Converting shoppers into customers by having them purchase merchandise 
E)  Getting shoppers into the store 
A)  Having the right merchandise, using the right layout and display, and having the right sales force 
B)  Providing the appropriate level of service that the customers expect 
C)  Getting shoppers and converting them into customers at the lowest operating cost possible 
D)  Converting shoppers into customers by having them purchase merchandise 
E)  Getting shoppers into the store

Question 10

_____ is the anticipation and organization of what needs to be done to reach an objective.

Accepted Answer

A)  Analyzing 
B)  Forecasting 
C)  Planning 
D)  Strategic realignment 
E)  Tactical adaptation 
A)  Analyzing 
B)  Forecasting 
C)  Planning 
D)  Strategic realignment 
E)  Tactical adaptation

Question 11

The analysis that provides management with a critical view of the organization's position relative to its internal and external environment is known as:

Accepted Answer

A)  SWOT analysis. 
B)  strategic window analysis. 
C)  leverage analysis. 
D)  retail audit. 
E)  opportunities awareness. 
A)  SWOT analysis. 
B)  strategic window analysis. 
C)  leverage analysis. 
D)  retail audit. 
E)  opportunities awareness.

Question 12

A retailer has total assets of $6,000,000 and a net worth of $3,000,000.What is the retailer's financial leverage ratio?

Accepted Answer

A)  .5 times 
B)  2.0 times 
C)  50 percent 
D)  75 percent 
E)  100 percent 
A)  .5 times 
B)  2.0 times 
C)  50 percent 
D)  75 percent 
E)  100 percent

Question 13

A SWOT analysis is actually the retail industry's term for an accounting audit.

Accepted Answer

A) True 
 B)False

Question 14

Strategic planning:

Accepted Answer

A)  requires a short-term commitment of resources by the retailer. 
B)  is concerned with maximizing the efficiency of the retailer's use of resources and with how the retailer converts these resources into sales and profits. 
C)  involves managing the buying and handling of merchandise, pricing, advertising and promotion, customer services and selling, and facilities. 
D)  is concerned with how the retailer responds to the environment in an effort to establish a short-term course of action. 
E)  involves adapting the resources of the firm to the opportunities and threats of an ever-changing retail environment. 
A)  requires a short-term commitment of resources by the retailer. 
B)  is concerned with maximizing the efficiency of the retailer's use of resources and with how the retailer converts these resources into sales and profits. 
C)  involves managing the buying and handling of merchandise, pricing, advertising and promotion, customer services and selling, and facilities. 
D)  is concerned with how the retailer responds to the environment in an effort to establish a short-term course of action. 
E)  involves adapting the resources of the firm to the opportunities and threats of an ever-changing retail environment.

Question 15

If net profit margin is 2.0 percent,the rate of asset turnover is 6.0x,and the financial leverage is 2.1,what is the return on assets?

Accepted Answer

A)  0.333 percent 
B)  8.0 percent 
C)  12.0 percent 
D)  25.2 percent 
E)  33.0 percent 
A)  0.333 percent 
B)  8.0 percent 
C)  12.0 percent 
D)  25.2 percent 
E)  33.0 percent

Question 16

The beginning of a retailer's strategic planning process is the formulation of the retailer's:

Accepted Answer

A)  goals and objectives. 
B)  opportunity analysis audit. 
C)  alpha statement. 
D)  mission statement. 
E)  strategy statement. 
A)  goals and objectives. 
B)  opportunity analysis audit. 
C)  alpha statement. 
D)  mission statement. 
E)  strategy statement.

Question 17

A retail firm that is setting goals based on its desire to help society fulfill some of its needs is developing _____ objectives.

Accepted Answer

A)  personal 
B)  self-respect 
C)  financial benefit 
D)  self-esteem 
E)  societal 
A)  personal 
B)  self-respect 
C)  financial benefit 
D)  self-esteem 
E)  societal

Question 18

Market share is equal to the retailer's total sales divided by total market sales.

Accepted Answer

A) True 
 B)False

Question 19

Success in retailing is a function of strategic planning and operations management.Please explain the retail strategic planning and operations management model and the ways a retailer can employ this model in a globally competitive environment.

Accepted Answer

Exhibit 2.6 provides the strategic plann

Question 20

A fully-developed retail marketing strategy specifies the:

Accepted Answer

A)  level of financial performance sought and mix of financial statement components. 
B)  specific target market sought, location, the specific retail mix to be used, and the retailer's value proposition. 
C)  consumer and channel member behavior. 
D)  prices of goods to be sold. 
E)  retail mix to be used, specific target market sought, and budget available. 
A)  level of financial performance sought and mix of financial statement components. 
B)  specific target market sought, location, the specific retail mix to be used, and the retailer's value proposition. 
C)  consumer and channel member behavior. 
D)  prices of goods to be sold. 
E)  retail mix to be used, specific target market sought, and budget available.

All retail objectives,of whatever type,must be consistent with and reinforce the retailer's overall mission.

A retailer's goals and objectives should give precision and direction to the retailer's mission statement.

The actions of supply chain members typically do not impact a retailer's strategy.

Financial performance objectives analyze the retailer's ability to provide a profit level adequate to continue in business.

When a retailer sets goals and objectives based on a comparison of its actions against its competitors,it is establishing:

Return on assets is net profit divided by owner's equity.

The retail mix is a combination of merchandise,price,advertising and promotion,location,customer service and selling,and store layout and design that best serves the segments targeted by the retailer.

Which of the following would be an example of a market performance objective for Record World?

Which of the following refers to a retailer's "traffic strategy"?

_____ is the anticipation and organization of what needs to be done to reach an objective.

The analysis that provides management with a critical view of the organization's position relative to its internal and external environment is known as:

A retailer has total assets of $6,000,000 and a net worth of $3,000,000.What is the retailer's financial leverage ratio?

A SWOT analysis is actually the retail industry's term for an accounting audit.

Strategic planning:

If net profit margin is 2.0 percent,the rate of asset turnover is 6.0x,and the financial leverage is 2.1,what is the return on assets?

The beginning of a retailer's strategic planning process is the formulation of the retailer's:

A retail firm that is setting goals based on its desire to help society fulfill some of its needs is developing _____ objectives.

Market share is equal to the retailer's total sales divided by total market sales.

Success in retailing is a function of strategic planning and operations management.Please explain the retail strategic planning and operations management model and the ways a retailer can employ this model in a globally competitive environment.

A fully-developed retail marketing strategy specifies the:

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

All retail objectives,of whatever type,must be consistent with and reinforce the retailer's overall mission.

A retailer's goals and objectives should give precision and direction to the retailer's mission statement.

The actions of supply chain members typically do not impact a retailer's strategy.

Financial performance objectives analyze the retailer's ability to provide a profit level adequate to continue in business.

When a retailer sets goals and objectives based on a comparison of its actions against its competitors,it is establishing:

Return on assets is net profit divided by owner's equity.

The retail mix is a combination of merchandise,price,advertising and promotion,location,customer service and selling,and store layout and design that best serves the segments targeted by the retailer.

Which of the following would be an example of a market performance objective for Record World?

Which of the following refers to a retailer's "traffic strategy"?

_____ is the anticipation and organization of what needs to be done to reach an objective.

The analysis that provides management with a critical view of the organization's position relative to its internal and external environment is known as:

A retailer has total assets of $6,000,000 and a net worth of $3,000,000.What is the retailer's financial leverage ratio?

A SWOT analysis is actually the retail industry's term for an accounting audit.

Strategic planning:

If net profit margin is 2.0 percent,the rate of asset turnover is 6.0x,and the financial leverage is 2.1,what is the return on assets?

The beginning of a retailer's strategic planning process is the formulation of the retailer's:

A retail firm that is setting goals based on its desire to help society fulfill some of its needs is developing _____ objectives.

Market share is equal to the retailer's total sales divided by total market sales.

Success in retailing is a function of strategic planning and operations management.Please explain the retail strategic planning and operations management model and the ways a retailer can employ this model in a globally competitive environment.

A fully-developed retail marketing strategy specifies the:

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