Retailing Management 9th Edition by Michael Levy - Test Bank Instant Download - Complete Test Bank With Answers Sample Questions Are Posted Below Chapter 05 Retail Market Strategy True / False Questions 1. A retail format describes the nature of the retailer's operations that it will use to satisfy the …
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Retailing Management 9th Edition by Michael Levy – Test Bank
Instant Download – Complete Test Bank With Answers
Sample Questions Are Posted Below
Chapter 05
Retail Market Strategy
True / False Questions
| 1. | A retail format describes the nature of the retailer’s operations that it will use to satisfy the needs of its target market.
True False |
| 2. | After selecting a target market and a retail mix, the final element in a retail strategy is the identification of prospective wholesalers.
True False |
| 3. | Building strong relationships with wholesalers is one of the three approaches for developing a sustainable competitive advantage.
True False |
| 4. | Customer relationship management programs collect data about customer shopping behavior to enable retailers to build and maintain customer loyalty.
True False |
| 5. | Market expansion approaches include opening more stores in the target market and/or keeping existing stores open for longer hours.
True False |
| 6. | A retail format development growth opportunity is an opportunity in which a retailer develops a new retail format for the same target market.
True False |
| 7. | Horizontal integration describes diversification by retailers into wholesaling or manufacturing.
True False |
| 8. | Direct investment occurs when a retail firm invests in and owns a retail operation in its home country.
True False |
| 9. | The first step in the strategic retail planning process is to define the business mission.
True False |
| 10. | Scale economies are cost advantages due to a retailer’s size.
True False |
Multiple Choice Questions
| 11. | A retail strategy is a statement that identifies all the following except:
|
| 12. | The _____ is the market segment(s) toward which the retailer plans to focus its resources and retail mix.
|
| 13. | Tilly’s Inc. is a chain of cafes. The company focuses primarily on customers who are aged between 18 and 35 and earning about $15,000 to $30,000 annually. This segmentation of customers by Tilly’s is known as its:
|
| 14. | 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:
|
| 15. | A(n) _____ describes the nature of the retailer’s operations that it will use to satisfy the needs of its target market.
|
| 16. | Which of the following is a component of retail mix?
|
| 17. | Store design is a component of the:
|
| 18. | Which of the following statements is true of a sustainable competitive advantage?
|
| 19. | A toy store has acquired an edge over its competition that cannot be easily copied by its competitors. Which of the following has the store achieved?
|
| 20. | A _____ is a group of consumers with similar needs and a group of retailers that satisfy those needs using a similar retail channels and format.
|
| 21. | After selecting a target market and a retail mix, the final element in a retail strategy is the retailer’s approach to:
|
| 22. | Why should a retailer be concerned with building a sustainable competitive advantage?
|
| 23. | Forester LLC, a jewelry store, has developed a sustainable competitive advantage. Which of the following characteristics of Forester is most likely to be the reason for this advantage?
|
| 24. | Which of the following characteristics is most likely to be the least sustainable competitive advantage?
|
| 25. | Which of the following characteristics is most likely to be the more sustainable competitive advantage?
|
| 26. | 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?
|
| 27. | 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?
|
| 28. | Sally’s LLC, a local supermarket, has all of the following characteristics. Which of the following characteristics of Sally’s is most likely to be a more sustainable competitive advantage?
|
| 29. | Establishing a sustainable competitive advantage is the key to _____ performance.
|
| 30. | Although Rosa visits several retailers when shopping for suits, she always buys suits at Bow and Arrow Inc. Which of the following approaches best demonstrates her affinity for Bow and Arrow Inc.?
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| 31. | Tara gets her oil changed only at Tires Plus Inc. This commitment to Tires Plus Inc. illustrates:
|
| 32. | 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:
|
| 33. | Myra wanted to purchase a vase as a wedding gift. Pier 1 Imports Inc. offers a better assortment and slightly lower prices, but she immediately went to her local gift shop instead of Pier 1 Imports Inc. This is an example of:
|
| 34. | Retailers can foster customer loyalty by:
|
| 35. | 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?
|
| 36. | Positioning is the process of:
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| 37. | _____ is the design and implementation of a retail mix in order to create an image of the retailer within the customer’s mind relative to its competitors.
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| 38. | Customers who shop at Books-A-Million find that it has a large selection of books, in addition to a helpful and friendly staff. Furthermore, they can enjoy a peaceful place to read while sipping a cappuccino at their in-store Joe Muggs Café. This intimate perception of the store indicates its _____ strategy.
|
| 39. | _____ are developed so that the distance between two retailers’ positions on the map indicates how similar the stores appear to consumers.
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| 40. | In perceptual maps, retailers that are closer to an ideal point are evaluated:
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| 41. | Which of the following is most likely to be a disadvantage for a retailer in developing customer loyalty through offering popular national brands?
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| 42. | Competitive retailers can sell the same popular national brands. Which of the following should retailers do to secure a competitive advantage?
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| 43. | La Rouge LLC, a fabric store, is one of the most famous in the country. Customers flock to the store from all across the nation for its exclusive collection of store brands. Which of the following is most likely to be the sustainable competitive advantage of La Rouge LLC?
|
| 44. | Which of the following is true of private-label brands?
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| 45. | Private-label brands are also called:
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| 46. | Kola LLC is a chain of supermarkets across the country. Kola’s sales staff treat their customers very well which in turn creates great customer satisfaction. Which of the following is most likely to be the sustainable competitive advantage of Kola?
|
| 47. | Which of the following is an opportunity for retailers to develop a sustainable competitive advantage?
|
| 48. | Customer relationship management programs are also known as:
|
| 49. | Which of the following is a suggested method for improving the efficiency of internal operations?
|
| 50. | Developing programs to motivate and coordinate employee efforts, providing incentives, fostering a positive organizational culture, and managing diversity are functions of the:
|
| 51. | Which of the following is an advantage of the use of sophisticated distribution and information systems?
|
| 52. | Sam loves shopping. She frequently goes window shopping in the city. During times of need, she visits the nearest supermarket even though she loathes going there. Which of the following is most likely to be the reason why Sam shops in the supermarket?
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| 53. | The best way for a retailer to develop a sustainable competitive advantage is to:
|
| 54. | A _____ is a growth opportunity directed toward existing customers using the retailer’s present retailing format.
|
| 55. | Walgreens’ rapid growth has resulted in a store opening every 17 hours. Many times, they are within a few blocks of each other. Walgreens practices:
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| 56. | A bagel shop which decides to open up an hour earlier every morning is taking advantage of a _____ opportunity.
|
| 57. | Bine Lane LLC 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?
|
| 58. | Which of the following is an example of a market penetration growth opportunity?
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| 59. | Cross-selling is most commonly practiced with the:
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| 60. | A _____ involves using the retailer’s existing retail format in new market segments.
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| 61. | 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?
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| 62. | When Home Movies Inc. opened stores in other countries, it increased the company’s international market share. Home Movies took advantage of a _____ opportunity.
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| 63. | Which of the following is an example of a market expansion growth opportunity?
|
| 64. | A _____ is an opportunity in which a retailer develops a new retail mix for the same target market.
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| 65. | Ashton LLC, a chain of supermarkets, intends to change its pricing policy and promotional mix but intends on catering to the same market segment. Which of the following growth strategies will best suit Ashton LLC?
|
| 66. | When Nordstrom department stores launched a website to sell its merchandise to its present customers; it took advantage of a _____ opportunity.
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| 67. | A _____ is one in which a retailer introduces a new retail format directed toward a market segment that’s not currently served by the retailer.
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| 68. | Krueger Burgers LLC, a chain of restaurants, intends to change its pricing policy and promotional mix to cater to a new market segment. Which of the following growth strategies will best suit Kruger Burgers?
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| 69. | In a related diversification growth opportunity, _____.
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| 70. | Which of the following is an example of related diversification?
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| 71. | An unrelated diversification growth opportunity:
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| 72. | Which of the following is an example of unrelated diversification?
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| 73. | Which of the following statements is true of vertical integration?
|
| 74. | Jose runs a gallery which specializes in neon art with an emphasis on vacation icons like flamingos, dolphins, and palm trees. Since demand was high and supplies were low, he decided to buy an old warehouse and then hire craftspeople to work there in order to produce the art. He would provide them with all of the supplies they needed, and he would be their only customer. Jose engaged in:
|
| 75. | Designing private-label merchandise is a(n) _____ because it builds on the retailer’s knowledge of its customers.
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| 76. | Which of the following retail growth strategies has the greatest chance for succeeding?
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| 77. | Retailers have the least opportunity to exploit a competitive advantage when they pursue:
|
| 78. | The emerging international markets that receive the most attention from global retailers are collectively referred to as the _____ countries.
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| 79. | Which of the following statements is true of the challenges faced by organized retailing in India?
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| 80. | Which of the following statements is true of the challenges faced by organized retailing in China?
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| 81. | Which of the following statements is true of the challenges faced by organized retailing in Russia?
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| 82. | 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?
|
| 83. | Papa Bean LLC, 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?
|
| 84. | Avis LLC, a chain of international supermarkets, has operations in 20 countries around the world. Avis always encourages the rapid development of local management and retains few expatriates in its overseas operations. Avis’s management ranks are truly international. Which of the following is most likely a reason for the success of Avis in international markets?
|
| 85. | Lezos LLC, a chain of international restaurants, has operations in more than 50 countries around the world. The company has a practice of investing in projects long enough for them to become successful. Which of the following is most likely a reason for the success of Lezos in international markets?
|
| 86. | _____ occurs when a retail firm invests in and owns a retail operation in a foreign country.
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| 87. | Toss LLC, a chain of sports equipment retailers, plans to invest in a retail operation in a foreign country. Which of the following categories of investments does this belong to?
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| 88. | Which of the following statements is a key advantage of direct investments?
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| 89. | 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.
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| 90. | 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?
|
| 91. | Which of the following statements is an advantage of a joint venture?
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| 92. | Which of the following statements is a disadvantage of a joint venture?
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| 93. | A(n) _____ is a collaborative relationship between independent firms.
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| 94. | MarMa LLC, a retailer of auto accessories, plans to grow geographically. It has tied up with independent international firms to facilitate its local logistical activities. Which of the following entry strategies is being followed by MarMa?
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| 95. | Which of the following statements is true of franchising?
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| 96. | Which of the following statements is a disadvantage of franchising?
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| 97. | Which of the following steps is typically the first step in the strategic retail planning process?
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| 98. | Dave is a part of the strategic retail planning process in his organization. He has defined the business mission. Which of the following steps is most likely Dave’s next stage in the strategic planning process?
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| 99. | Which of the following factors is classified as a market factor?
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| 100. | Which of the following factors is classified as a competitive factor?
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| 101. | Which of the following is true of scale economies?
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| 102. | Which of the following factors is classified as environmental dynamics?
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| 103. | Which of the following is a condition that may lead to competitive rivalry?
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| 104. | Josh is responsible for the strategic retail planning process in his organization. He has defined the business mission and conducted a situation audit. Which of the following steps is most likely his next stage in the strategic retail planning process?
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| 105. | Luke is responsible for the strategic retail planning process in his organization. He is currently identifying the strategic opportunities. Which of the following steps is most likely to have been Luke’s previous step before identifying the strategic opportunities?
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| 106. | Zara is responsible for the strategic planning retail planning process in her organization. She has identified the strategic opportunities. Which of the following steps is most likely Zara’s next stage in the strategic retail planning process?
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| 107. | Which of the following steps is typically the next step after evaluating strategic alternatives in the strategic retail planning process?
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| 108. | Which of the following steps is typically the previous step before evaluating the strategic alternatives in the strategic retail planning process?
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| 109. | Which of the following steps is typically the next step after establishing specific objectives and allocating resources in the strategic retail planning process?
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| 110. | Which of the following steps is typically the previous step before establishing specific objectives and allocating resources in the strategic retail planning process?
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| 111. | 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?
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| 112. | Which of the following steps is typically the previous step before developing a retail mix to implement the strategy in the strategic retail planning process?
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| 113. | Which of the following steps is typically the last step in the strategic retail planning process?
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| 114. | Which of the following steps is most likely to be the previous step before evaluating performance and making adjustments in the strategic retail planning process?
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Essay Questions
| 115. | Name five approaches for retailers to develop a sustainable competitive advantage.
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| 116. | Describe customer loyalty and the ways in which retailers can build customer loyalty.
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| 117. | Define positioning.
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| 118. | Why would a retailer desire to have private-label or store brands?
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| 119. | What are customer relationship management programs?
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| 120. | How can a retailer use the market penetration opportunity to foster growth?
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| 121. | Differentiate between related and unrelated diversification.
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| 122. | List the key opportunities for success in global retailing.
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| 123. | Describe franchising.
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| 124. | List the steps in the strategic retail planning process.
|
Chapter 05 Retail Market Strategy Answer Key
True / False Questions
| 1. (p. 124) |
A retail format describes the nature of the retailer’s operations that it will use to satisfy the needs of its target market.
TRUE A retail format describes the nature of the retailer’s operations—its retail mix (type of merchandise and services offered, pricing policy, advertising and promotion programs, store design and visual merchandising, typical locations, and customer services)—that it will use to satisfy the needs of its target market. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-01 Define the retail strategy. Topic: What is a Retail Strategy? |
| 2. (p. 126) |
After selecting a target market and a retail mix, the final element in a retail strategy is the identification of prospective wholesalers.
FALSE After selecting a target market and a retail mix, the final element in a retail strategy is the retailer’s approach to building a sustainable competitive advantage. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 3. (p. 127) |
Building strong relationships with wholesalers is one of the three approaches for developing a sustainable competitive advantage.
FALSE Three approaches for developing a sustainable competitive advantage are (1) building strong relationships with customers, (2) building strong relationships with suppliers, and (3) achieving efficient internal operations. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 4. (p. 131) |
Customer relationship management programs collect data about customer shopping behavior to enable retailers to build and maintain customer loyalty.
TRUE Customer relationship management programs collect data about customer shopping behavior to enable retailers to build and maintain customer loyalty. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 5. (p. 136) |
Market expansion approaches include opening more stores in the target market and/or keeping existing stores open for longer hours.
FALSE Market penetration approaches include opening more stores in the target market and/or keeping existing stores open for longer hours. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 6. (p. 136) |
A retail format development growth opportunity is an opportunity in which a retailer develops a new retail format for the same target market.
TRUE A retail format development growth opportunity is an opportunity in which a retailer develops a new retail format for the same target market. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 7. (p. 137) |
Horizontal integration describes diversification by retailers into wholesaling or manufacturing.
FALSE Vertical integration describes diversification by retailers into wholesaling or manufacturing. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 8. (p. 144) |
Direct investment occurs when a retail firm invests in and owns a retail operation in its home country.
FALSE Direct investment occurs when a retail firm invests in and owns a retail operation in a foreign country. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 9. (p. 145) |
The first step in the strategic retail planning process is to define the business mission.
TRUE The first step in the strategic retail planning process is to define the business mission. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 10. (p. 147) |
Scale economies are cost advantages due to a retailer’s size.
TRUE Scale economies are cost advantages due to a retailer’s size. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
Multiple Choice Questions
| 11. (p. 124) |
A retail strategy is a statement that identifies all the following except:
A retail strategy is a statement identifying (1) the retailer’s target market, (2) the format and resources the retailer plans to use to satisfy the target market’s needs, and (3) the bases on which the retailer plans to build a sustainable competitive advantage. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-01 Define the retail strategy. Topic: What is a Retail Strategy? |
| 12. (p. 124) |
The _____ is the market segment(s) toward which the retailer plans to focus its resources and retail mix.
The target market is the market segment(s) toward which the retailer plans to focus its resources and retail mix. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-01 Define the retail strategy. Topic: What is a Retail Strategy? |
| 13. (p. 124) |
Tilly’s Inc. is a chain of cafes. The company focuses primarily on customers who are aged between 18 and 35 and earning about $15,000 to $30,000 annually. This segmentation of customers by Tilly’s is known as its:
The target market is the market segment(s) toward which the retailer plans to focus its resources and retail mix. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-01 Define the retail strategy. Topic: What is a Retail Strategy? |
| 14. (p. 124) |
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:
The target market is the market segment that the retailer plans to focus its resources and retail mix. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-01 Define the retail strategy. Topic: What is a Retail Strategy? |
| 15. (p. 124) |
A(n) _____ describes the nature of the retailer’s operations that it will use to satisfy the needs of its target market.
A retail format describes the nature of the retailer’s operations that it will use to satisfy the needs of its target market. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 3 Hard Learning Objective: 05-01 Define the retail strategy. Topic: What is a Retail Strategy? |
| 16. (p. 124) |
Which of the following is a component of retail mix?
The retail mix consists of the type of merchandise and services offered, pricing policy, advertising and promotion programs, store design and visual merchandising, typical locations, and customer services. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 05-01 Define the retail strategy. Topic: What is a Retail Strategy? |
| 17. (p. 124) |
Store design is a component of the:
The retail mix consists of the type of merchandise and services offered, pricing policy, advertising and promotion programs, store design and visual merchandising, typical locations, and customer services. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-01 Define the retail strategy. Topic: What is a Retail Strategy? |
| 18. (p. 124) |
Which of the following statements is true of a sustainable competitive advantage?
A sustainable competitive advantage is an advantage the retailer has over its competition that is not easily copied by competitors and thus can be maintained over a long period of time. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 3 Hard Learning Objective: 05-01 Define the retail strategy. Topic: What is a Retail Strategy? |
| 19. (p. 124) |
A toy store has acquired an edge over its competition that cannot be easily copied by its competitors. Which of the following has the store achieved?
A sustainable competitive advantage is an advantage the retailer has over its competition that is not easily copied by competitors and thus can be maintained over a long period of time. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 05-01 Define the retail strategy. Topic: What is a Retail Strategy? |
| 20. (p. 125) |
A _____ is a group of consumers with similar needs and a group of retailers that satisfy those needs using a similar retail channels and format.
A retail market is a group of consumers with similar needs and a group of retailers that satisfy those needs using a similar retail channels and format. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 21. (p. 126) |
After selecting a target market and a retail mix, the final element in a retail strategy is the retailer’s approach to:
After selecting a target market and a retail mix, the final element in a retail strategy is the retailer’s approach to building a sustainable competitive advantage. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 22. (p. 127) |
Why should a retailer be concerned with building a sustainable competitive advantage?
With building a sustainable competitive advantage, the retailer can metaphorically build a wall around its position making it hard for its competitors to enter the market and compete for the retailer’s the target customers. Thus, establishing a sustainable competitive advantage is the key to long-term financial performance. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 23. (p. 127) |
Forester LLC, a jewelry store, has developed a sustainable competitive advantage. Which of the following characteristics of Forester is most likely to be the reason for this advantage?
Training knowledgeable and helpful salespeople is a sustainable competitive advantage that is hard to replicate. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 24. (p. 127) |
Which of the following characteristics is most likely to be the least sustainable competitive advantage?
Having more sales promotions is the least sustainable competitive advantage compared to the other options. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 3 Hard Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 25. (p. 127) |
Which of the following characteristics is most likely to be the more sustainable competitive advantage?
The ability to get scarce merchandise is the most sustainable competitive advantage compared to the other options. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 26. (p. 127) |
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?
Lowering prices can easily be replicated, and hence, it is not a sustainable competitive advantage. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 27. (p. 127) |
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?
Recruiting more employees can easily be replicated, and hence, it is not a sustainable competitive advantage. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 28. (p. 127) |
Sally’s LLC, a local supermarket, has all of the following characteristics. Which of the following characteristics of Sally’s is most likely to be a more sustainable competitive advantage?
A shared system with vendors is a sustainable competitive advantage that is hard to replicate. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 29. (p. 127) |
Establishing a sustainable competitive advantage is the key to _____ performance.
Establishing a sustainable competitive advantage is the key to long-term financial performance. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 30. (p. 127) |
Although Rosa visits several retailers when shopping for suits, she always buys suits at Bow and Arrow Inc. Which of the following approaches best demonstrates her affinity for Bow and Arrow Inc.?
Customer loyalty is evident when customers are committed to buying merchandise and services from a particular retailer. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 31. (p. 127) |
Tara gets her oil changed only at Tires Plus Inc. This commitment to Tires Plus Inc. illustrates:
Customer loyalty is evident when customers are committed to buying merchandise and services from a particular retailer. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 32. (p. 127) |
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:
Customer loyalty is evident when customers are committed to buying merchandise and services from a particular retailer. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 33. (p. 127) |
Myra wanted to purchase a vase as a wedding gift. Pier 1 Imports Inc. offers a better assortment and slightly lower prices, but she immediately went to her local gift shop instead of Pier 1 Imports Inc. This is an example of:
Customer loyalty means that customers are committed to buying merchandise and services from a particular retailer. Loyalty means that customers will be reluctant to switch and patronize a competitive retailer. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 34. (p. 128) |
Retailers can foster customer loyalty by:
Approaches for developing customer loyalty include building a strong brand image, creating a unique positioning in the target market, offering unique merchandise, providing excellent customer service, implementing a customer relationship management program, and building a retail community. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 35. (p. 128) |
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?
Customers frequent Wendy’s because of the impeccable quality of food associated with its name. Hence, the brand image is the sustainable competitive advantage. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 36. (p. 128) |
Positioning is the process of:
A retailer’s brand image reflects its positioning strategy. Positioning is the design and implementation of a retail mix to create an image of the retailer in the customer’s mind relative to its competitors. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 3 Hard Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 37. (p. 128) |
_____ is the design and implementation of a retail mix in order to create an image of the retailer within the customer’s mind relative to its competitors.
Positioning is the design and implementation of a retail mix in order to create an image of the retailer within the customer’s mind relative to its competitors. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 38. (p. 128) |
Customers who shop at Books-A-Million find that it has a large selection of books, in addition to a helpful and friendly staff. Furthermore, they can enjoy a peaceful place to read while sipping a cappuccino at their in-store Joe Muggs Café. This intimate perception of the store indicates its _____ strategy.
Positioning refers to the image that the customer has of the store. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 39. (p. 128) |
_____ are developed so that the distance between two retailers’ positions on the map indicates how similar the stores appear to consumers.
Perceptual maps are developed so that the distance between two retailers’ positions on the map indicates how similar the stores appear to consumers. A perceptual map is frequently used to represent the customer’s image and preferences for retailers. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 40. (p. 129) |
In perceptual maps, retailers that are closer to an ideal point are evaluated:
In perceptual maps, retailers that are closer to an ideal point are evaluated more favorably by the consumers in the segment than are retailers located farther away. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 41. (p. 129) |
Which of the following is most likely to be a disadvantage for a retailer in developing customer loyalty through offering popular national brands?
It is difficult for a retailer to develop customer loyalty through its merchandise offerings because most competitors can purchase and sell the same popular national brands. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 3 Hard Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 42. (p. 129-130) |
Competitive retailers can sell the same popular national brands. Which of the following should retailers do to secure a competitive advantage?
It is difficult to establish customer loyalty through its merchandise because most competitors can purchase and sell the same popular national brands. Private-label brands (store brands or own brands) are products developed and marketed by a retailer and available only from that retailer. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 43. (p. 130) |
La Rouge LLC, a fabric store, is one of the most famous in the country. Customers flock to the store from all across the nation for its exclusive collection of store brands. Which of the following is most likely to be the sustainable competitive advantage of La Rouge LLC?
Customers frequent La Rouge for its unique merchandise. Private-label brands (store brands or own brands) are products developed and marketed by a retailer and available only from that retailer. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 44. (p. 130) |
Which of the following is true of private-label brands?
Private-label brands are products developed and marketed by a retailer and available only from that retailer. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 45. (p. 130) |
Private-label brands are also called:
Private-label brands are also called store brands or own brands. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 46. (p. 130) |
Kola LLC is a chain of supermarkets across the country. Kola’s sales staff treat their customers very well which in turn creates great customer satisfaction. Which of the following is most likely to be the sustainable competitive advantage of Kola?
Retailers also can develop customer loyalty by offering excellent customer service. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 47. (p. 131) |
Which of the following is an opportunity for retailers to develop a sustainable competitive advantage?
The best option for building a long-term advantage is good customer service as the other choices are easily replicated by competitors. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 48. (p. 131) |
Customer relationship management programs are also known as:
Customer relationship management programs are also known as loyalty or frequent shopper programs. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 49. (p. 133) |
Which of the following is a suggested method for improving the efficiency of internal operations?
Efficiency of internal operations can be improved by human resource management and distribution and information systems. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 50. (p. 133) |
Developing programs to motivate and coordinate employee efforts, providing incentives, fostering a positive organizational culture, and managing diversity are functions of the:
Retailers build their human resource assets by developing programs to motivate and coordinate employee efforts, provide appropriate incentives, foster a strong and positive organizational culture and environment, and manage diversity. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 51. (p. 133) |
Which of the following is an advantage of the use of sophisticated distribution and information systems?
The use of sophisticated distribution and information systems offers an opportunity for retailers to reduce operating costs—the costs associated with running the business—and make sure that the right merchandise is available at the right time and place. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 52. (p. 133) |
Sam loves shopping. She frequently goes window shopping in the city. During times of need, she visits the nearest supermarket even though she loathes going there. Which of the following is most likely to be the reason why Sam shops in the supermarket?
Location is the most important factor determining which store a consumer patronizes. For example, most people shop at the supermarket closest to where they live. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 53. (p. 134) |
The best way for a retailer to develop a sustainable competitive advantage is to:
A retailer should have multiple sources of competitive advantages to be competitive in today’s marketplace. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 54. (p. 135) |
A _____ is a growth opportunity directed toward existing customers using the retailer’s present retailing format.
A market penetration growth opportunity is a growth opportunity directed toward existing customers using the retailer’s present retailing format. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 55. (p. 135) |
Walgreens’ rapid growth has resulted in a store opening every 17 hours. Many times, they are within a few blocks of each other. Walgreens practices:
With market penetration, retailers use their existing retail format and devise approaches to get current customers to visit the retailer more often or to buy more. Market penetration approaches include opening more stores in the target market and/or keeping existing stores open for longer hours. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 56. (p. 135) |
A bagel shop which decides to open up an hour earlier every morning is taking advantage of a _____ opportunity.
With market penetration, retailers use their existing retail format and devise approaches to get current customers to visit the retailer more often or to buy more. Market penetration approaches include opening more stores in the target market and/or keeping existing stores open for longer hours. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 57. (p. 135) |
Bine Lane LLC 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?
A market penetration growth opportunity is a growth opportunity directed toward existing customers using the retailer’s present retailing format. Such opportunities involve either attracting new consumers from the retailer’s current target market who don’t patronize the retailer currently or devising approaches that get current customers to visit the retailer more often and/or buy more merchandise on each visit. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 58. (p. 135) |
Which of the following is an example of a market penetration growth opportunity?
Market penetration approaches include opening more stores in the target market and/or keeping existing stores open for longer hours. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 59. (p. 136) |
Cross-selling is most commonly practiced with the:
Cross-selling is most commonly practiced with the market penetration growth opportunity. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 60. (p. 136) |
A _____ involves using the retailer’s existing retail format in new market segments.
A market expansion growth opportunity involves using the retailer’s existing retail format in new market segments. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 61. (p. 136) |
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?
A market expansion growth opportunity involves using the retailer’s existing retail format in new market segments. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 62. (p. 136) |
When Home Movies Inc. opened stores in other countries, it increased the company’s international market share. Home Movies took advantage of a _____ opportunity.
Market expansion involves using the retailer’s existing retail format in new market segments. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 63. (p. 136) |
Which of the following is an example of a market expansion growth opportunity?
A market expansion growth opportunity involves using the retailer’s existing retail format in new market segments. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 64. (p. 136) |
A _____ is an opportunity in which a retailer develops a new retail mix for the same target market.
A retail format development growth opportunity is an opportunity in which a retailer develops a new retail format—a format with a different retail mix—for the same target market. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 65. (p. 136) |
Ashton LLC, a chain of supermarkets, intends to change its pricing policy and promotional mix but intends on catering to the same market segment. Which of the following growth strategies will best suit Ashton LLC?
A retail format growth opportunity is an opportunity in which a retailer develops a new retail format—a format with a different retail mix—for the same target market. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 66. (p. 136) |
When Nordstrom department stores launched a website to sell its merchandise to its present customers; it took advantage of a _____ opportunity.
Retail format development is when the retailer develops a new retail format for the same target market; the online retailing was the new format. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 67. (p. 136-137) |
A _____ is one in which a retailer introduces a new retail format directed toward a market segment that’s not currently served by the retailer.
A diversification growth opportunity is one in which a retailer introduces a new retail format directed toward a market segment that’s not currently served by the retailer. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 68. (p. 136-137) |
Krueger Burgers LLC, a chain of restaurants, intends to change its pricing policy and promotional mix to cater to a new market segment. Which of the following growth strategies will best suit Kruger Burgers?
A diversification growth opportunity is one in which a retailer introduces a new retail format directed toward a market segment that’s not currently served by the retailer. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 69. (p. 137) |
In a related diversification growth opportunity, _____.
In a related diversification growth opportunity, the retailer’s present target market and retail format shares something in common with the new opportunity. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 70. (p. 137) |
Which of the following is an example of related diversification?
In a related diversification growth opportunity, the retailer’s present target market and retail format shares something in common with the new opportunity. This commonality might entail purchasing from the same vendors, operating in similar locations, using the same distribution or management information system, or advertising in the same newspapers to similar target markets. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 71. (p. 137) |
An unrelated diversification growth opportunity:
An unrelated diversification growth opportunity has little commonality between the retailer’s present business and the new growth opportunity. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 72. (p. 137) |
Which of the following is an example of unrelated diversification?
An unrelated diversification growth opportunity has little commonality between the retailer’s present business and the new growth opportunity. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 73. (p. 137) |
Which of the following statements is true of vertical integration?
Vertical integration describes diversification by retailers into wholesaling or manufacturing. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 74. (p. 137) |
Jose runs a gallery which specializes in neon art with an emphasis on vacation icons like flamingos, dolphins, and palm trees. Since demand was high and supplies were low, he decided to buy an old warehouse and then hire craftspeople to work there in order to produce the art. He would provide them with all of the supplies they needed, and he would be their only customer. Jose engaged in:
Vertical integration means that the retailer has invested in manufacturing merchandise that the retailer will sell. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 75. (p. 137) |
Designing private-label merchandise is a(n) _____ because it builds on the retailer’s knowledge of its customers.
Designing private-label merchandise is a related diversification because it builds on the retailer’s knowledge of its customers. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 76. (p. 137) |
Which of the following retail growth strategies has the greatest chance for succeeding?
Typically, retailers have the greatest competitive advantage and most success when they engage in opportunities that are similar to their present retail operations and markets. Thus, market penetration growth opportunities have the greatest chances of succeeding because they build on the retailer’s present bases of advantage and don’t involve entering new, unfamiliar markets or operating new, unfamiliar retail formats. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 77. (p. 137) |
Retailers have the least opportunity to exploit a competitive advantage when they pursue:
Retailers have the least opportunity to exploit a competitive advantage when they pursue diversification opportunities. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 78. (p. 139) |
The emerging international markets that receive the most attention from global retailers are collectively referred to as the _____ countries.
The emerging international markets that receive the most attention from global retailers are collectively referred to as the BRIC countries. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 79. (p. 140) |
Which of the following statements is true of the challenges faced by organized retailing in India?
In India, government regulations impede foreign investment in retailing. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 80. (p. 141) |
Which of the following statements is true of the challenges faced by organized retailing in China?
Doing business in China is challenging. Operating costs are increasing, managerial talent is becoming more difficult to find and retain, and an underdeveloped and inefficient supply chain predominates. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 81. (p. 141) |
Which of the following statements is true of the challenges faced by organized retailing in Russia?
Retailers often cannot rely on domestic products because the quality of products made in Russia is poor. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 82. (p. 141) |
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?
This is an example of a globally sustainable competitive advantage. Entry into nondomestic markets is most successful when the expansion opportunity builds on the retailer’s core bases of competitive advantage. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 83. (p. 142) |
Papa Bean LLC, 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?
Successful global retailers recognize cultural differences and adapt their core strategy to the needs of local markets. This is an example of adaptability. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 84. (p. 143) |
Avis LLC, a chain of international supermarkets, has operations in 20 countries around the world. Avis always encourages the rapid development of local management and retains few expatriates in its overseas operations. Avis’s management ranks are truly international. Which of the following is most likely a reason for the success of Avis in international markets?
To be global, retailers must think globally. This is an example of success through a global culture. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 85. (p. 143) |
Lezos LLC, a chain of international restaurants, has operations in more than 50 countries around the world. The company has a practice of investing in projects long enough for them to become successful. Which of the following is most likely a reason for the success of Lezos in international markets?
Successful global retailers have the ability to keep investing in projects long enough to become successful. This is an example of success because of the availability of financial resources. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 86. (p. 144) |
_____ occurs when a retail firm invests in and owns a retail operation in a foreign country.
Direct investment occurs when a retail firm invests in and owns a retail operation in a foreign country. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 87. (p. 144) |
Toss LLC, a chain of sports equipment retailers, plans to invest in a retail operation in a foreign country. Which of the following categories of investments does this belong to?
Direct investment occurs when a retail firm invests in and owns a retail operation in a foreign country. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 3 Hard Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 88. (p. 144) |
Which of the following statements is a key advantage of direct investments?
A key advantage of direct investment is that the retailer has complete control of the operations. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 89. (p. 144) |
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.
A joint venture 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. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 90. (p. 144) |
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?
A joint venture 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. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 91. (p. 144) |
Which of the following statements is an advantage of a joint venture?
A joint-venture entry strategy reduces the entrant’s risks. In addition to sharing the financial burden, the local partner provides an understanding of the market and has access to local resources, such as vendors and real estate. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 92. (p. 144) |
Which of the following statements is a disadvantage of a joint venture?
Problems with joint venture entry approach can arise if the partners disagree or the government places restrictions on the repatriation of profits. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 93. (p. 144) |
A(n) _____ is a collaborative relationship between independent firms.
A strategic alliance is a collaborative relationship between independent firms. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 94. (p. 144) |
MarMa LLC, a retailer of auto accessories, plans to grow geographically. It has tied up with independent international firms to facilitate its local logistical activities. Which of the following entry strategies is being followed by MarMa?
A strategic alliance is a collaborative relationship between independent firms. A retailer might enter an international market through direct investment but use independent firms to facilitate its local logistical and warehousing activities. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 95. (p. 144) |
Which of the following statements is true of franchising?
Franchising offers the lowest risk and requires the least investment but also has the lowest potential return on investment. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 96. (p. 144) |
Which of the following statements is a disadvantage of franchising?
Franchising offers the lowest risk and requires the least investment but also has the lowest potential return on investment. The retailer has limited control over the retail operations in the foreign country, its potential profit is reduced, and the risk of assisting in the creation of a local domestic competitor increases. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 97. (p. 145) |
Which of the following steps is typically the first step in the strategic retail planning process?
Defining the business mission is typically the first step in the strategic planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 98. (p. 145) |
Dave is a part of the strategic retail planning process in his organization. He has defined the business mission. Which of the following steps is most likely Dave’s next stage in the strategic planning process?
Typically, after defining the mission, a situation audit is conducted. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 99. (p. 147) |
Which of the following factors is classified as a market factor?
Market size, market growth, cyclicality of sales, and seasonality are classified as market factors. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 100. (p. 147) |
Which of the following factors is classified as a competitive factor?
Barriers to entry, bargaining power of vendors, and competitive rivalry are classified as competitive factors. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 101. (p. 147) |
Which of the following is true of scale economies?
Scale economies are cost advantages due to a retailer’s size. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 102. (p. 148) |
Which of the following factors is classified as environmental dynamics?
New technology, economic conditions, changes in government regulations, and social changes are classified as environmental dynamics. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 103. (p. 148) |
Which of the following is a condition that may lead to competitive rivalry?
Conditions that may lead to intense rivalry include (1) a large number of competitors that are all about the same size, (2) slow growth, (3) high fixed costs, and (4) a lack of perceived differences between competing retailers. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 104. (p. 150) |
Josh is responsible for the strategic retail planning process in his organization. He has defined the business mission and conducted a situation audit. Which of the following steps is most likely his next stage in the strategic retail planning process?
Identifying strategic opportunities is typically the next step after conducting a situation audit in the strategic retail planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 105. (p. 150) |
Luke is responsible for the strategic retail planning process in his organization. He is currently identifying the strategic opportunities. Which of the following steps is most likely to have been Luke’s previous step before identifying the strategic opportunities?
Identifying strategic opportunities is typically the stage after conducting a situation audit in the strategic retail planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 106. (p. 150) |
Zara is responsible for the strategic planning retail planning process in her organization. She has identified the strategic opportunities. Which of the following steps is most likely Zara’s next stage in the strategic retail planning process?
Evaluating strategic alternatives is typically the stage after identifying strategic opportunities in the strategic retail planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 107. (p. 150) |
Which of the following steps is typically the next step after evaluating strategic alternatives in the strategic retail planning process?
After evaluating strategic alternatives, specific objectives are established in the typical strategic retail planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 108. (p. 150) |
Which of the following steps is typically the previous step before evaluating the strategic alternatives in the strategic retail planning process?
Identifying strategic opportunities is typically the previous stage before evaluating strategic alternatives in the strategic retail planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 109. (p. 150) |
Which of the following steps is typically the next step after establishing specific objectives and allocating resources in the strategic retail planning process?
Developing a retail mix to implement the strategy is typically the next step after establishing specific objectives and allocating resources in the strategic retail planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 110. (p. 150) |
Which of the following steps is typically the previous step before establishing specific objectives and allocating resources in the strategic retail planning process?
Evaluating strategic alternatives is typically the previous step before establishing specific objectives and allocating resources in the strategic retail planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 111. (p. 150) |
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?
Evaluating performance and making adjustments is typically the next step after developing a retail mix to implement the strategy in the strategic retail planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 112. (p. 150) |
Which of the following steps is typically the previous step before developing a retail mix to implement the strategy in the strategic retail planning process?
Establishing specific objectives and allocating resources is typically the previous step before developing a retail mix to implement the strategy in the strategic retail planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 113. (p. 150) |
Which of the following steps is typically the last step in the strategic retail planning process?
Evaluating performance and making adjustments is typically the last step in the strategic planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
| 114. (p. 150) |
Which of the following steps is most likely to be the previous step before evaluating performance and making adjustments in the strategic retail planning process?
Developing a retail mix to implement the strategy is the previous step before evaluating performance and making adjustments in the strategic retail planning process. |
| AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
Essay Questions
| 115. (p. 127) |
Name five approaches for retailers to develop a sustainable competitive advantage.
The five approaches for retailers to develop a sustainable competitive advantage are: • Customer loyalty |
| AACSB: Communication AACSB: Reflective Thinking Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 116. (p. 127-128) |
Describe customer loyalty and the ways in which retailers can build customer loyalty.
Customer loyalty means that customers are committed to buying merchandise and services from a particular retailer. A retailer can build customer loyalty by • developing a strong brand for the store or store brands, |
| AACSB: Communication AACSB: Reflective Thinking Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 117. (p. 128) |
Define positioning.
Positioning is the design and implementation of a retail mix to create an image of the retailer in the customer’s mind relative to its competitors. |
| AACSB: Communication AACSB: Reflective Thinking Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 118. (p. 129-130) |
Why would a retailer desire to have private-label or store brands?
It is difficult for a retailer to develop customer loyalty through its merchandise offerings because most competitors can purchase and sell the same popular national brands. But many retailers build customer loyalty by developing private-label brands. These brands that are found only at the retailer’s stores can build customer loyalty. |
| AACSB: Communication AACSB: Reflective Thinking Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 119. (p. 131) |
What are customer relationship management programs?
Customer relationship management (CRM) programs, also called loyalty or frequent shopper programs, are activities that focus on identifying and building loyalty with a retailer’s most valued customers. These programs typically involve offering customers rewards based on the amount of services or merchandise they purchase. For example, airlines offer free tickets to travelers who have flown a prescribed number of miles, and Subway gives customers a free sandwich for each 10 they purchase. |
| AACSB: Communication AACSB: Reflective Thinking Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage. Topic: Central Concepts in a Retail Market Strategy |
| 120. (p. 135) |
How can a retailer use the market penetration opportunity to foster growth?
Growth can be achieved by using the market penetration opportunity by attracting customers in the retailer’s current target market who don’t patronize the retailer currently or devising strategies that induce current customers to visit the retailer more often and/or buy more merchandise on each visit. |
| AACSB: Communication AACSB: Reflective Thinking Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 121. (p. 137) |
Differentiate between related and unrelated diversification.
In a related diversification growth opportunity, the retailer’s present target market and retail format shares something in common with the new opportunity. This commonality might entail purchasing from the same vendors, operating in similar locations, using the same distribution or management information system, or advertising in the same newspapers to similar target markets. In contrast, an unrelated diversification growth opportunity has little commonality between the retailer’s present business and the new growth opportunity. |
| AACSB: Communication AACSB: Reflective Thinking Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-03 Classify the different strategic growth opportunities retailers pursue. Topic: Growth Strategies |
| 122. (p. 141) |
List the key opportunities for success in global retailing.
Four characteristics of retailers that have successfully exploited international growth opportunities are • a globally sustainable competitive advantage, |
| AACSB: Communication AACSB: Reflective Thinking Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 123. (p. 144) |
Describe franchising.
Franchising offers the lowest risk and requires the least investment but also has the lowest potential return on investment. The retailer has limited control over the retail operations in the foreign country, its potential profit is reduced, and the risk of assisting in the creation of a local domestic competitor increases. |
| AACSB: Communication AACSB: Reflective Thinking Blooms: Remember Difficulty: 1 Easy Learning Objective: 05-04 Identify issues that arise as domestic retailers become global retailers. Topic: Global Growth Opportunities |
| 124. (p. 145) |
List the steps in the strategic retail planning process.
The following are the steps in the strategic retail planning process: • define the business mission, |
| AACSB: Communication AACSB: Reflective Thinking Blooms: Remember Difficulty: 2 Medium Learning Objective: 05-05 Know the steps retailers go through to develop a strategic plan. Topic: The Strategic Retail Planning Process |
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Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
