Question 1

Those aspects of business that a retailer can directly affect are referred to as _____.

Accepted Answer

A) controllable variables 
B) strategy 
C) uncontrollable variables 
D) tactics 
A) controllable variables 
B) strategy 
C) uncontrollable variables 
D) tactics A

Question 2

Tactics involve _____.

Accepted Answer

A) target market determination 
B) daily and short-run operations of a retailer 
C) organization mission determination 
D) evaluation of performance 
A) target market determination 
B) daily and short-run operations of a retailer 
C) organization mission determination 
D) evaluation of performance B

Question 3

A retailer with sales of $1 million wants to increase its efficiency rating from 20 percent to 30 percent.To what must it reduce selling expenses?

Accepted Answer

A) $200,000 
B) $300,000 
C) $400,000 
D) $700,000 
A) $200,000 
B) $300,000 
C) $400,000 
D) $700,000 D

Question 4

An advantage of a centralized management structure to a retail chain is _____.

Accepted Answer

A) better training opportunities for branch personnel 
B) more autonomy to each branch manager 
C) more uniform store image 
D) better ability to adapt to individual markets 
A) better training opportunities for branch personnel 
B) more autonomy to each branch manager 
C) more uniform store image 
D) better ability to adapt to individual markets

Question 5

Retail managers in individual departments have major input into decisions in a(n)_____.

Accepted Answer

A) franchise system 
B) centralized structure 
C) owner-manager system 
D) decentralized structure 
A) franchise system 
B) centralized structure 
C) owner-manager system 
D) decentralized structure

Question 6

A major advantage of the use of strategic planning by a retailer is that _____.

Accepted Answer

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 
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

Question 7

A retailer's organizational mission should reflect its competitive advantages as a retailer.

Accepted Answer

A) True 
 B)False

Question 8

A major problem associated with the sole proprietorship form of retail organization may be _____.

Accepted Answer

A) management succession 
B) unionization 
C) double taxation 
D) duality of objectives between management and ownership 
A) management succession 
B) unionization 
C) double taxation 
D) duality of objectives between management and ownership

Question 9

Stockholder satisfaction is an important objective for a retailer using which ownership and management alternative?

Accepted Answer

A) corporation 
B) partnership 
C) sole proprietorship 
D) franchise 
A) corporation 
B) partnership 
C) sole proprietorship 
D) franchise

Question 10

An overall plan or framework of action that guides a retailer is its _____.

Accepted Answer

A) mission statement 
B) retail strategy 
C) corporate philosophy 
D) retail tactics 
A) mission statement 
B) retail strategy 
C) corporate philosophy 
D) retail tactics

Question 11

A retailer's ability to understand and predict the effects of controllable and uncontrollable variables is enhanced by the use of marketing research.

Accepted Answer

A) True 
 B)False

Question 12

Planning tends to be less formal and more intuitive in which management format?

Accepted Answer

A) centralized structure 
B) professional manager system 
C) corporation 
D) owner-manager system 
A) centralized structure 
B) professional manager system 
C) corporation 
D) owner-manager system

Question 13

One partner is not liable for the other partner's actions in the conduct of their business.

Accepted Answer

A) True 
 B)False

Question 14

The partnership form of organization is ideal when two or more individuals possess complementary skills and experiences.

Accepted Answer

A) True 
 B)False

Question 15

A retailer's organizational mission is its _____.

Accepted Answer

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 
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

Question 16

A retailer with annual sales of $10 million and selling expenses of $2.5 million has an efficiency rating of 25 percent.

Accepted Answer

A) True 
 B)False

Question 17

An example of a tactical pricing decision is _____.

Accepted Answer

A) pricing at market levels 
B) charging list prices on all items 
C) reducing prices on specific seasonal merchandise which is overstocked 
D) allowing in-store negotiation 
A) pricing at market levels 
B) charging list prices on all items 
C) reducing prices on specific seasonal merchandise which is overstocked 
D) allowing in-store negotiation

Question 18

The lower the efficiency rating figure,the more efficient the retail firm.

Accepted Answer

A) True 
 B)False

Question 19

A retailer with sales of $10 million and selling expenses of $3 million has an efficiency rating of _____.

Accepted Answer

A) 20 percent 
B) 40 percent 
C) 60 percent 
D) 70 percent 
A) 20 percent 
B) 40 percent 
C) 60 percent 
D) 70 percent

Question 20

If selling expenses equal 40 percent of a retailer's annual sales,its selling efficiency would be _____.

Accepted Answer

A) 20 percent 
B) 40 percent 
C) 60 percent 
D) 80 percent 
A) 20 percent 
B) 40 percent 
C) 60 percent 
D) 80 percent

Those aspects of business that a retailer can directly affect are referred to as _____.

Tactics involve _____.

A retailer with sales of $1 million wants to increase its efficiency rating from 20 percent to 30 percent.To what must it reduce selling expenses?

An advantage of a centralized management structure to a retail chain is _____.

Retail managers in individual departments have major input into decisions in a(n)_____.

A major advantage of the use of strategic planning by a retailer is that _____.

A retailer's organizational mission should reflect its competitive advantages as a retailer.

A major problem associated with the sole proprietorship form of retail organization may be _____.

Stockholder satisfaction is an important objective for a retailer using which ownership and management alternative?

An overall plan or framework of action that guides a retailer is its _____.

A retailer's ability to understand and predict the effects of controllable and uncontrollable variables is enhanced by the use of marketing research.

Planning tends to be less formal and more intuitive in which management format?

One partner is not liable for the other partner's actions in the conduct of their business.

The partnership form of organization is ideal when two or more individuals possess complementary skills and experiences.

A retailer's organizational mission is its _____.

A retailer with annual sales of $10 million and selling expenses of $2.5 million has an efficiency rating of 25 percent.

An example of a tactical pricing decision is _____.

The lower the efficiency rating figure,the more efficient the retail firm.

A retailer with sales of $10 million and selling expenses of $3 million has an efficiency rating of _____.

If selling expenses equal 40 percent of a retailer's annual sales,its selling efficiency would be _____.

An Introduction to Retailing

Building and Sustaining Relationships in Retailing

Retail Institutions by Ownership

Retail Institutions by Store-Based Strategy

Web, Nonstore-Based, and Other Forms of Nontraditional Retailing

Identifying and Understanding Consumers

Information Gathering and Processing in Retailing

Trading-Area Analysis

Site Selection

Retail Organization and Human Resource Management

Operations Management: Financial Dimensions

Operations Management: Operational Dimensions

Developing Merchandise Plans

Implementing Merchandise

Financial Merchandise Management

Pricing in Retailing

Establishing and Maintaining a Retail Image

Promotional Strategy

Integrating and Controlling the Retail Strategy

Filters

Exam 3: Strategic Planning in Retailing

Those aspects of business that a retailer can directly affect are referred to as _____.

Tactics involve _____.

A retailer with sales of $1 million wants to increase its efficiency rating from 20 percent to 30 percent.To what must it reduce selling expenses?

An advantage of a centralized management structure to a retail chain is _____.

Retail managers in individual departments have major input into decisions in a(n)_____.

A major advantage of the use of strategic planning by a retailer is that _____.

A retailer's organizational mission should reflect its competitive advantages as a retailer.

A major problem associated with the sole proprietorship form of retail organization may be _____.

Stockholder satisfaction is an important objective for a retailer using which ownership and management alternative?

An overall plan or framework of action that guides a retailer is its _____.

A retailer's ability to understand and predict the effects of controllable and uncontrollable variables is enhanced by the use of marketing research.

Planning tends to be less formal and more intuitive in which management format?

One partner is not liable for the other partner's actions in the conduct of their business.

The partnership form of organization is ideal when two or more individuals possess complementary skills and experiences.

A retailer's organizational mission is its _____.

A retailer with annual sales of $10 million and selling expenses of $2.5 million has an efficiency rating of 25 percent.

An example of a tactical pricing decision is _____.

The lower the efficiency rating figure,the more efficient the retail firm.

A retailer with sales of $10 million and selling expenses of $3 million has an efficiency rating of _____.

If selling expenses equal 40 percent of a retailer's annual sales,its selling efficiency would be _____.

An Introduction to Retailing

Building and Sustaining Relationships in Retailing

Retail Institutions by Ownership

Retail Institutions by Store-Based Strategy

Web, Nonstore-Based, and Other Forms of Nontraditional Retailing

Identifying and Understanding Consumers

Information Gathering and Processing in Retailing

Trading-Area Analysis

Site Selection

Retail Organization and Human Resource Management

Operations Management: Financial Dimensions

Operations Management: Operational Dimensions

Developing Merchandise Plans

Implementing Merchandise

Financial Merchandise Management

Pricing in Retailing

Establishing and Maintaining a Retail Image

Promotional Strategy

Integrating and Controlling the Retail Strategy

Filters