Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-13 Developing a retail strategy
38. George decided to obtain a long-term competitive advantage over other salons by offering longer hours, better prices, a well-trained staff and half-price colour day every Thursday to attract customers.
George has developed a _________ for his salon.
A. selling concept
B. business cycle
C. retail strategy
D. focal point orientation
E. marketing concept
A retail strategy statement identifies the target market, the merchandise and services, and how the retailer will build a long-term advantage over its competitors. All three of these elements are present in the question.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-13 Developing a retail strategy
39. As the owner of a store specializing in men's suits, Isabella can use a retail strategy statement to identify all of the following except:
A. the shop's target market.
B. the advertising campaign developed to sell last season's merchandise.
C. how the store will build a competitive advantage.
D. what services the shop will offer its customers.
E. what types of suits the store will stock.
A retail strategy has to do with planning for the future and not focusing on a short-term problem.
Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-13 Developing a retail strategy
40. In order for retailers to best design special programs and initiatives to build customer loyalty, they often rely on _______________ to make better strategic decisions.
A. data analysis
B. news media
C. income statements
D. marketing journals
E. employee complaints
Retailers use data analysis to identify their most-valued customers. Once they have identified these customers, retailers design special programs and initiatives, building their loyalty.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-13 Developing a retail strategy
41. A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty with a firm's most-valued customers is called:
A. customer decision area
B. customer loyalty
C. customer relationship management
D. intratype competition
E. strategizing
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-14 Implementing the retail strategy
42. Which of the following statements about location strategy is true?
A. Location is the second most important characteristic that consumers examine when selecting a store
B. Location offers an opportunity to gain a long-term advantage over competitors
C. Consumers do not use convenience as a basis for selecting where to shop
D. Location can never be used to gain any kind of long-term advantage over competitors due to retailing's low entry barriers
E. The only two characteristics more important than location in the selection process of where to shop are price and sales promotions
Location is typically the most important factor when a consumer chooses a store. A good location can create a long-term advantage over a store's competitors.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Hard
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-14 Implementing the retail strategy
43. Retailers that focus on customer segments seeking high-quality customer service must motivate and enable sales associates to provide the expected levels of service. This statement reflects which strategic element?
A. Financial strategies
B. Organizational structure and human resource strategies