Question 1

Which of the following is an advantage of the use of sophisticated distribution and information systems?

Accepted Answer

A)  It creates a positive image of the brand in the minds of the consumers. 
B)  It offers an opportunity for the retailer to reduce operating costs. 
C)  It helps an organization to attain cultural diversity within its workforce. 
D)  It helps an organization to monitor the productivity of its entire workforce. 
E)  It helps an organization to monitor the movements of its employees. 
A)  It creates a positive image of the brand in the minds of the consumers. 
B)  It offers an opportunity for the retailer to reduce operating costs. 
C)  It helps an organization to attain cultural diversity within its workforce. 
D)  It helps an organization to monitor the productivity of its entire workforce. 
E)  It helps an organization to monitor the movements of its employees.

Question 2

Tara gets her oil changed only at Tires Plus Inc. This commitment to Tires Plus Inc. illustrates

Accepted Answer

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

Question 3

Which of the following retail growth strategies has the greatest chance for succeeding?

Accepted Answer

A)  Related diversification growth opportunity 
B)  Market penetration growth opportunity 
C)  Market expansion growth opportunity 
D)  Retail format development growth opportunity 
E)  Unrelated diversification growth opportunity 
A)  Related diversification growth opportunity 
B)  Market penetration growth opportunity 
C)  Market expansion growth opportunity 
D)  Retail format development growth opportunity 
E)  Unrelated diversification growth opportunity

Question 4

Which of the following statements is True of franchising?

Accepted Answer

A)  It offers the highest risk and requires the least investment but also has the highest potential return on investment. 
B)  It offers the lowest risk and requires the least investment but also has the lowest potential return on investment. 
C)  It offers the lowest risk and requires the most investment but also has the highest potential return on investment. 
D)  It offers the highest risk and requires the most investment but also has the highest potential return on investment. 
E)  It offers the highest risk and requires the most investment but also has the lowest potential return on investment. 
A)  It offers the highest risk and requires the least investment but also has the highest potential return on investment. 
B)  It offers the lowest risk and requires the least investment but also has the lowest potential return on investment. 
C)  It offers the lowest risk and requires the most investment but also has the highest potential return on investment. 
D)  It offers the highest risk and requires the most investment but also has the highest potential return on investment. 
E)  It offers the highest risk and requires the most investment but also has the lowest potential return on investment.

Question 5

Which of the following characteristics of a footwear store would most likely 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 
A)  Shared systems with vendors 
B)  Convenient store location 
C)  Knowledgeable employee force 
D)  Helpful sales force 
E)  Lower price

Question 6

Competitive retailers can sell the same popular-national brands. Which of the following should retailers do to secure a competitive advantage?

Accepted Answer

A)  Prevent its customers from comparison shopping. 
B)  Limit its store traffic to qualified buyers. 
C)  Increase its sales expenses. 
D)  Increase its merchandising flexibility. 
E)  Develop private-label brands. 
A)  Prevent its customers from comparison shopping. 
B)  Limit its store traffic to qualified buyers. 
C)  Increase its sales expenses. 
D)  Increase its merchandising flexibility. 
E)  Develop private-label brands.

Question 7

Papa Bean, a global chain of pizzerias, has operations in more than 80 countries around the world. Its menu varies considerably in different countries, assimilating minute details from the local culture to add to its truly global flavor. Which of the following is most likely a reason for the success of Papa Bean in international markets?

Accepted Answer

A)  A global culture 
B)  Adaptability 
C)  Human resources 
D)  Financial resources 
E)  Rigidity 
A)  A global culture 
B)  Adaptability 
C)  Human resources 
D)  Financial resources 
E)  Rigidity

Question 8

Designing private-label merchandise is a(n) ________ because it builds on the retailer's knowledge of its customers.

Accepted Answer

A)  unrelated diversification growth opportunity 
B)  market expansion growth opportunity 
C)  related diversification growth opportunity 
D)  market penetration growth opportunity 
E)  retail format development growth opportunity 
A)  unrelated diversification growth opportunity 
B)  market expansion growth opportunity 
C)  related diversification growth opportunity 
D)  market penetration growth opportunity 
E)  retail format development growth opportunity

Question 9

Private-label brands are also called

Accepted Answer

A)  personal brands. 
B)  store brands. 
C)  faith brands. 
D)  umbrella brands. 
E)  individual brands. 
A)  personal brands. 
B)  store brands. 
C)  faith brands. 
D)  umbrella brands. 
E)  individual brands.

Question 10

Which of the following is True of scale economies?

Accepted Answer

A)  Scale economies are volume advantages due to a retailer's cost. 
B)  Scale economies are volume advantages due to a retailer's size. 
C)  Scale economies are cost advantages due to a retailer's size. 
D)  Scale economies are size advantages due to a retailer's cost. 
E)  Scale economies are size advantages due to a retailer's volume. 
A)  Scale economies are volume advantages due to a retailer's cost. 
B)  Scale economies are volume advantages due to a retailer's size. 
C)  Scale economies are cost advantages due to a retailer's size. 
D)  Scale economies are size advantages due to a retailer's cost. 
E)  Scale economies are size advantages due to a retailer's volume.

Question 11

Hot Topic LLC appeals to tweens and teens through their Gothic frocks, fad movie gear, piercing paraphernalia, and popular T-shirts and posters. The staff at Hot Topic wears the merchandise. Also, they are active in helping their young customers choose from the hip merchandise. The teens and tweens can be considered the

Accepted Answer

A)  target market. 
B)  marketing mix. 
C)  marketing objective. 
D)  retail format. 
E)  retail mix. 
A)  target market. 
B)  marketing mix. 
C)  marketing objective. 
D)  retail format. 
E)  retail mix.

Question 12

A(n) ________ is formed when the entering retailer pools its resources with a local retailer to form a new company in which ownership, control, and profits are shared.

Accepted Answer

A)  merger 
B)  joint venture 
C)  acquisition 
D)  strategic alliance 
E)  takeover 
A)  merger 
B)  joint venture 
C)  acquisition 
D)  strategic alliance 
E)  takeover

Question 13

Bine Lane is a fabric store that sells only cotton clothing. After a situation analysis, the marketing team of Bine Lane wants its current customers to visit and purchase from the store more frequently. Which of the following growth strategies should Bine Lane follow to achieve its objective?

Accepted Answer

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

Question 14

Which of the following steps is typically the next step after developing a retail mix to implement the strategy in the strategic retail planning process?

Accepted Answer

A)  Establishing specific objectives and allocating resources 
B)  Evaluating strategic opportunities 
C)  Identifying strategic opportunities 
D)  Evaluating performance and making adjustments 
E)  Defining the business mission 
A)  Establishing specific objectives and allocating resources 
B)  Evaluating strategic opportunities 
C)  Identifying strategic opportunities 
D)  Evaluating performance and making adjustments 
E)  Defining the business mission

Question 15

Which of the following factors is classified as a competitive factor?

Accepted Answer

A)  Social changes 
B)  Bargaining power of vendors 
C)  New technology 
D)  Economic conditions 
E)  Market growth 
A)  Social changes 
B)  Bargaining power of vendors 
C)  New technology 
D)  Economic conditions 
E)  Market growth

Question 16

Which of the following is an example of a market expansion growth opportunity?

Accepted Answer

A)  Displaying merchandise to increase impulse purchases 
B)  Opening new stores in new geographic markets 
C)  Opening more stores in the same market 
D)  Keeping existing stores open for long hours 
E)  Engaging in cross-selling 
A)  Displaying merchandise to increase impulse purchases 
B)  Opening new stores in new geographic markets 
C)  Opening more stores in the same market 
D)  Keeping existing stores open for long hours 
E)  Engaging in cross-selling

Question 17

The emerging international markets that receive the most attention from global retailers are collectively referred to as the ________ nations.

Accepted Answer

A)  Asian Tigers 
B)  Next Eleven 
C)  MIKT 
D)  CIVETS 
E)  BRIC 
A)  Asian Tigers 
B)  Next Eleven 
C)  MIKT 
D)  CIVETS 
E)  BRIC

Question 18

Cross-selling is most commonly practiced with the

Accepted Answer

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

Question 19

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 opportunities 
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 opportunities

Question 20

Which of the following steps is typically the last step in the strategic retail planning process?

Accepted Answer

A)  Develop a retail mix to implement strategy. 
B)  Establish specific objectives and allocate resources. 
C)  Evaluate performance and make adjustments. 
D)  Identify strategic opportunities. 
E)  Define the business mission. 
A)  Develop a retail mix to implement strategy. 
B)  Establish specific objectives and allocate resources. 
C)  Evaluate performance and make adjustments. 
D)  Identify strategic opportunities. 
E)  Define the business mission.

Which of the following is an advantage of the use of sophisticated distribution and information systems?

Tara gets her oil changed only at Tires Plus Inc. This commitment to Tires Plus Inc. illustrates

Which of the following retail growth strategies has the greatest chance for succeeding?

Which of the following statements is True of franchising?

Which of the following characteristics of a footwear store would most likely be its least sustainable competitive advantage?

Competitive retailers can sell the same popular-national brands. Which of the following should retailers do to secure a competitive advantage?

Designing private-label merchandise is a(n) ________ because it builds on the retailer's knowledge of its customers.

Private-label brands are also called

Which of the following is True of scale economies?

A(n) ________ is formed when the entering retailer pools its resources with a local retailer to form a new company in which ownership, control, and profits are shared.

Bine Lane is a fabric store that sells only cotton clothing. After a situation analysis, the marketing team of Bine Lane wants its current customers to visit and purchase from the store more frequently. Which of the following growth strategies should Bine Lane follow to achieve its objective?

Which of the following steps is typically the next step after developing a retail mix to implement the strategy in the strategic retail planning process?

Which of the following factors is classified as a competitive factor?

Which of the following is an example of a market expansion growth opportunity?

The emerging international markets that receive the most attention from global retailers are collectively referred to as the ________ nations.

Cross-selling is most commonly practiced with the

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

Which of the following steps is typically the last step in the strategic retail planning process?

Introduction to the World of Retailing

Types of Retailers

Multichannel and Omnichannel Retailing

Customer Buying Behavior

Financial Strategy

Retail Locations

Retail Site Location

Information Systems and Supply Chain Management

Customer Relationship Management

Managing the Merchandise Planning Process

Buying Merchandise

Retail Pricing

Retail Communication Mix

Human Resources and Managing the Store

Store Layout, Design, and Visual Merchandising

Customer Service

Filters

Exam 5: Retail Market Strategy

Which of the following is an advantage of the use of sophisticated distribution and information systems?

Tara gets her oil changed only at Tires Plus Inc. This commitment to Tires Plus Inc. illustrates

Which of the following retail growth strategies has the greatest chance for succeeding?

Which of the following statements is True of franchising?

Which of the following characteristics of a footwear store would most likely be its least sustainable competitive advantage?

Competitive retailers can sell the same popular-national brands. Which of the following should retailers do to secure a competitive advantage?

Designing private-label merchandise is a(n) ________ because it builds on the retailer's knowledge of its customers.

Private-label brands are also called

Which of the following is True of scale economies?

A(n) ________ is formed when the entering retailer pools its resources with a local retailer to form a new company in which ownership, control, and profits are shared.

Bine Lane is a fabric store that sells only cotton clothing. After a situation analysis, the marketing team of Bine Lane wants its current customers to visit and purchase from the store more frequently. Which of the following growth strategies should Bine Lane follow to achieve its objective?

Which of the following steps is typically the next step after developing a retail mix to implement the strategy in the strategic retail planning process?

Which of the following factors is classified as a competitive factor?

Which of the following is an example of a market expansion growth opportunity?

The emerging international markets that receive the most attention from global retailers are collectively referred to as the ________ nations.

Cross-selling is most commonly practiced with the

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

Which of the following steps is typically the last step in the strategic retail planning process?

Introduction to the World of Retailing

Types of Retailers

Multichannel and Omnichannel Retailing

Customer Buying Behavior

Financial Strategy

Retail Locations

Retail Site Location

Information Systems and Supply Chain Management

Customer Relationship Management

Managing the Merchandise Planning Process

Buying Merchandise

Retail Pricing

Retail Communication Mix

Human Resources and Managing the Store

Store Layout, Design, and Visual Merchandising

Customer Service

Filters