MARK 463 CHAPTER 3

Topics: Retailing, Marketing, Shopping mall Pages: 37 (3452 words) Published: April 6, 2015
CHAPTER 3 1. 6 Elements of a Retail Strategy Figure 3-1 p. 55

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2. 3 Ownership and Management Alternatives p. 57

3. Image and Positioning (re: Marketing Mix) p. 64-66

4. 3 Target Marketing Techniques – Strategies Table 3-3 p. 67

5. Retail Strategy: the Role of Controllable & Uncontrollable Variables Figure 3-9 p. 69-72

Sample of a Strategic Planning Template Table 3-5 p. 74

CHAPTER 3
STRATEGIC PLANNING IN RETAILING

Multiple Choice - Terminology/Concept

1.An overall plan or framework of action that guides a retailer is its _____. a.mission statement
b.retail strategy
c.corporate philosophy
d.retail tactics

2.A major advantage of the use of strategic planning by a retailer is that _____.
a.crises are anticipated and often avoided
b.it focuses mostly on controllable factors
c.it focuses mostly on uncontrollable factors
d.inventory needs and stock on hand are balanced

3.The steps in a retail strategy are _____.
a.interdependent of each other
b.independent of each other
c.organized by specific and then general factors
d.organized by short- and then long-term factors

4.The questions “What is the firm’s current status?” and “In which direction should it be heading?” are evaluated in which retail strategy stage?
a.philosophy of business
b.situation analysis
c.strategy determination
d.implementation and analysis

5.Defining and adhering to an organizational mission, evaluating ownership and management alternatives, and outlining the goods/service category to be sold are parts of which element of retail strategy?

a.store operations
b.situation analysis
c.identification of consumer characteristics
d.objectives determination

6.A retailer’s organizational mission is its _____.
a.consumer orientation
b.commitment to a type of business and to a distinctive role in the marketplace
c.focus on determining and satisfying consumer wants and needs
d.good or service category determination
7.A family-oriented Italian restaurant’s strategy consists of appealing to budget-conscious individuals and families with high-quality food, quick service, clean surroundings, and a wholesome environment. This constitutes its _____.

a.goods/service category
b.target market
c.competitive advantage
d.organizational mission
8.Which ownership and management alternative is simple to form, fully controlled by the owner, and subject to single taxation by the government?
a.corporation
b.sole proprietorship
c.partnership
d.franchising

9.A major disadvantage of the partnership form of ownership and management is that it _____.
a.is subject to double taxation
b.faces more government rules than other ownership forms
c.binds all partners to actions made by any individual partner acting on behalf of the firm
d.may separate ownership from management
10.The retail ownership form that has the greatest capacity for raising funds through the sale of stock is a _____.
a.sole proprietorship
b.corporation
c.partnership
d.franchise
11.Double taxation characterizes which retail ownership form?
a.sole proprietorship
b.government stores
c.partnership
d.corporation
12.A retail ownership form that combines independent ownership and management assistance is _____.
a.sole proprietorship
b.franchising
c.partnership
d.corporation

13.Rigid operations standards and restriction on the choice of supplier characterizes _____.
a.partnerships
b.the professional manager system
c.franchising
d.the owner-manager system
(c; Challenging; p. 59)

14.Planning tends to be less formal and more intuitive in which management format?
a.centralized structure
b.professional manager system
c.corporation
d.owner-manager system

15....
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