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CHAPTER 3 1. 6 Elements of a Retail Strategy Figure 3-1 p. 55 TV 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…show more content…
a. franchise system b. centralized structure c. owner-manager system d. decentralized structure 17. The personal needs of the retailer during the early, unprofitable stage of business are paid through _____. a. a bank credit plan b. life insurance loans c. personal savings d. a personal drawing account 18. Sales objectives are generally in the form of _____. a. satisfaction of stockholders and customers b. return on investment, efficiency, and level c. customer and industry image d. growth, stability, and/or market share 19. Which objective is generally pursued by only large retailers or retail chains? a. sales b. market share c. profitability d. stability of profits 20. A retailer with sales of $10 million and selling expenses of $3 million has an efficiency rating of _____. a. 20 percent b. 40 percent c. 60 percent d. 70 percent 21. 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? a. $200,000 b. $300,000 c. $400,000 d. $700,000 22. Satisfaction of publics as a retail objective is involved with which of the following? a. stockholders only b. consumers only c. stockholders and consumers d. stockholders, consumers, suppliers, employees, and government 23. A retailer can determine how consumers perceive the company relative to its retail category and its competitors through _____. a. positioning b. situation
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