C. Location strategies
D. Market strategies
E. Information systems and supply chains strategies
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-13 Developing a retail strategy
44. To implement a retail strategy, a retailer must develop a _____ that satisfies the needs of its target market better than its competitors.
A. production orientation
B. horizontal integration
C. sales orientation
D. retail mix
E. situation analysis
The retail mix is the combination of factors that satisfies customers' needs. The others are not used for this purpose.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-13 Developing a retail strategy
45. Consumers tend to purchase certain products and services at the closest retailer and patronize the shopping mall that's most convenient to their home or work. This statement reflects which strategic element?
A. Financial strategies
B. Organizational structure and human resource strategy
C. Location strategies
D. Market strategies
E. Information systems and supply chains strategies
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-13 Developing a retail strategy
46. To implement a retail strategy, management must:
A. develop a retail mix that satisfies the needs of its target market better than its competitors
B. locate the ideal location
C. develop budgets and acquire merchandise
D. set pricing strategies and determine promotions
E. determine its target market and set retail objectives
There is no such thing as an ideal location. Developing budgets, acquiring merchandise, setting price and determining promotions are steps that should be taken as a part of the implementation, but not necessarily first. Determining target market and setting retail objectives should be done prior to establishing the strategy.
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
47. Retailers are developing sophisticated computer and distribution systems to monitor flows of information and merchandise from vendors to retail distribution centres to retail stores. This statement reflects which strategic element?
A. Financial strategies
B. Organizational structure and human resource strategy
C. Location strategies
D. Market strategies
E. Information systems and supply chain strategies
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-13 Developing a retail strategy
48. When major environmental changes occur, the current strategy and the reasoning behind it are re-examined.
This statement reflects which strategic element?
A. Financial strategies
B. Organizational structure and human resource strategy
C. Location strategies
D. Market strategies
E. Information systems and supply chain strategies
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-05 Discuss different types of decisions retail managers make.
Topic: 01-13 Developing a retail strategy
49. Choose one of the following that is NOT an element in the retail mix?
A. Competitive response
B. Merchandise assortments
C. Location
D. Customer service
E. Advertising and promotion
The elements of the retail mix include customer service, store design and display, advertising and promotion, location, assortments, and pricing.
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-05 Discuss different types of decisions retail managers make.