MKT 310 WK 3 QUIZ 2 CHAPTER 3 & 4

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MKT 310 WK 3 QUIZ 2 CHAPTER 3 & 4

MKT 310 WK 3 Quiz 2 Chapter 3,4

1) An overall framework of action that guides a retailer is its ________.

A) mission statement

B) corporate philosophy

C) retail tactics

D) retail strategy

2) A major advantage of a firm's developing a retail plan is that it ________.

A) focuses on short-run tactics

B) anticipates and may avoid a crisis

C) balances sales forecasts with inventory requirements

D) shows likely competitor reactions

3) Each of the steps in a retail strategy is ________.

A) interdependent with other steps

B) independent of each other

C) organized on the basis of strategy and tactics

D) organized by company, geographic region, and store units

4) The candid evaluation of the opportunities and potential problems facing a prospective or existing retailer is referred to as ________.

A) situation analysis

B) implementation and analysis

C) philosophy of business

D) strategy determination

5) A retailer's commitment to a type of business and to a distinctive role in the marketplace is its ________.

A) overall retail strategy

B) organizational mission

C) long-term plan

D) competitive advantage

6) Which ownership and management alternative is fully controlled by the owner, operationally flexible, and subject to single taxation by the government?

A) franchising

B) sole proprietorship

C) corporation

D) partnership

7) In which ownership and management alternative is the owner personally liable with regard to legal claims from suppliers, creditors, and others?

A) franchising

B) sole proprietorship

C) corporation

D) partnership

8) Benefits, profits, risks, and costs are shared in which retail ownership and management alternative?

A) franchising

B) sole proprietorship

C) corporation

D) partnership

9) Which statement concerning the partnership form of ownership is not correct?

A) Partnerships are subject to double taxation.

B) Partnerships are simpler to form than a corporation.

C) A partnership binds all partners to actions made by any individual partner acting on behalf of the company.

D) Responsibility and expertise may be divided among partners.

10) Which form of ownership is a legal entity apart from its individual officers or stockholders?

A) independent ownership

B) sole proprietorship

C) corporation

D) partnership

11) Which retail ownership form has the greatest capacity for long-term existence?

A) sole proprietorship

B) partnership

C) corporation

D) franchise

12) Ownership may be separated from management in which retail ownership form?

A) sole proprietorship

B) partnership

C) government stores

D) corporation

13) A major advantage of buying an established business versus starting a new business is ________.

A) flexibility in location

B) the generation of ongoing sales and profits

C) beginning with an unknown name and image

D) having to establish supplier relationships

14) A major disadvantage of buying an established business versus starting a new business is ________.

A) less flexibility in enacting a strategy tailored to the new owner

B) having a time lag until the business is ready to open

C) developing an inventory of goods

D) the existence of financing from the seller

15) A retail ownership form which combines independent ownership and managerial assistance is ________.

A) a corporation

B) a partnership

C) franchising

D) a sole proprietorship

16) Rigid operations' standards and a limitation on the product lines sold characterize ________.

A) the owner-manager system

B) partnerships

C) franchising

D) chain ownership

17) In which management format does planning tend to be more formal and systematic?

A) centralized structure

B) corporate

C) professional manager system

D) owner-manager system

18) Planning authority is limited to top management or ownership in a(n) ________.

A) professional manager system

B) owner-manager system

C) centralized system

D) decentralized system

19) Managers in individual departments have major input into decision making in a(n) ________.

A) centralized structure

B) decentralized structure

C) franchise system

D) owner-manager system

20) In planning his or her family's financial needs during the unprofitable stage of a newly started business, a retailer should utilize ________.

A) a home-equity mortgage loan

B) a personal drawing account

C) withdrawal of monies from personal savings' accounts

D) loans made with life insurance policies as collateral

21) Sales objectives are generally in the form of ________.

A) return on investment, efficiency, and level

B) satisfaction of stockholders and customers

C) maintenance of status quo

D) growth, stability, and/or market share

22) Market share sales' objectives are generally ________.

A) pursued by only larger retailers or retail chains

B) pursued by small, local independent retail businesses

C) based on existing store sales, not new store sales

D) used to determine store awareness

23) Return on investment objectives are generally used by retailers that ________.

A) have large capital expenditures

B) are vertically integrated

C) are labor intensive

D) have high efficiency

24) A retailer with sales of $10 million and operating expenses of $2 million has an efficiency rating of ________.

A) 25 percent

B) 40 percent

C) 80 percent

D) 400 percent

25) Objectives that seek to satisfy stockholders, customers, suppliers, employees, and government are called ________.

A) social marketing

B) satisfaction of publics' objectives

C) macromarketing

D) consumerism-based

26) A retailer can determine how consumers and others perceive its company through use of ________.

A) control analysis

B) situation analysis

C) target market assessment

D) positioning

27) The growth of specialty stores and boutiques illustrates the popularity of ________.

A) bifurcated retailing

B) niche retailing

C) mass merchandising

D) dual channels of distribution

28) A firm's target market best represents the ________.

A) consumer group sought by a retailer

B) image that a retailer desires to project

C) product quality that a retailer sells

D) number of retail stores a retailer has in any one area

29) A retailer sells its goods and services to a broad spectrum of consumers in ________.

A) market segmentation

B) mass marketing

C) target marketing

D) multiple segmentation

30) A retailer aims efforts at two or more distinct consumer groups, with different retailing approaches for each group, in ________.

A) market segmentation

B) concentrated marketing

C) mass marketing

D) differentiated marketing

31) The distinct competencies of a retailer relative to competitors is referred to as its ________.

A) competitive advantages

B) cost advantages

C) economies of scale

D) focused strategy

32) Those aspects of business that a retailer can directly affect (such as store hours and location) are referred to as ________.

A) controllable variables

B) uncontrollable variables

C) strategy

D) tactics

33) Which of the following is not a controllable variable?

A) store location

B) pricing

C) merchandise management

D) technology

34) Decision making relating to a retailer's daily and short-term operations involve ________.

A) tactics

B) target market determination

C) competitive advantage determination

D) strategies

35) Sales revenues and employee turnover represent forms of ________.

A) retail audits

B) tactics

C) feedback

D) adaptation

36) A discount camera retailer specializes in Web-based sales of popular models of major brands of digital cameras. The retailer seeks to beat prices by traditional camera dealers. This illustrates the retailer's ________.

A) competitive advantage

B) organizational mission

C) satisfaction of publics

D) store positioning

37) An off-price retailer stocks first-quality, in-season, name-brand apparel, accessories, and footwear for the entire family with savings at 20 percent to 60 percent from regular department and specialty store prices. This constitutes its ________.

A) goods/service category

B) organizational mission

C) target market

D) competitive advantage

38) Which retail ownership and management alternative is most likely to have limited capital and expertise?

A) open corporation

B) closed corporation

C) sole proprietorship

D) partnership

39) Which characteristic is shared by both sole proprietorships and partnerships?

A) depersonalization

B) management succession

C) single taxation

D) complexity and costs in setting up

40) An advantage of starting a new business (versus buying an existing business or becoming a franchisee) is the ________.

A) established customer following

B) management assistance and training

C) time lag before opening

D) nonpayment for goodwill

41) An advantage of buying an existing business versus starting a new business is ________.

A) no cost for goodwill

B) no time lag before opening

C) favorable lease terms

D) flexibility in developing and changing a retail strategy

42) The most important limitation to consider in purchasing an existing business is ________.

A) a $40,000 payment for goodwill for a successful retail store that was established 10 years ago

B) a storefront that was renovated 10 years ago

C) the reason why the existing retailer is seeking to sell the business

D) a short-term lease on rented property

43) A retailer seeking to purchase an existing retail business needs to verify the seller's statement of income. The prospective buyer should ________.

A) ask the seller for audited income tax statements on the business

B) accept the seller's "word"

C) sample sales during a representative two-week time period

D) judge sales on the basis of average industry benchmarks for usage, price, and additional services purchased

44) A uniform image is important for chain units and ________.

A) corporate-owned units

B) independently owned units

C) franchises

D) partnership-owned units

45) A major advantage of franchising from the perspective of the franchisor is ________.

A) franchisor management assistance and troubleshooting

B) lower operating costs due to shared purchases and advertising

C) rigid operations standards may limit franchisees from taking advantage of trends

D) the ability to develop a nationwide distribution system with minimum capital investment

46) Which management alternative is a sole proprietorship most likely to use?

A) professional manager system

B) centralized structure

C) decentralized structure

D) owner-manager system

47) Which management format best assures a low-cost provider retail strategy on the basis of quantity discounts, buyer negotiating ability, and the ability to easily switch merchandise among store units?

A) centralized structure

B) decentralized structure

C) professional manager system

D) owner-manager system

48) Which management format best assures that individual retail store units have an overall retail strategy (store hours, merchandise selection, and price levels) that are most acceptable to community residents?

A) centralized structure

B) decentralized structure

C) professional manager system

D) owner-manager system

49) Intensive owner participation in a business is most likely to occur when ________.

A) a firm has strong financial controls

B) store hours are long

C) a business cannot be easily automated or mechanized

D) a retailer is well capitalized

50) Profitability objectives are most likely to be used when a retailer ________.

A) has a strong regional market presence

B) has high debt service

C) is privately held

D) is publicly held

Course Home Work

Wednesday, 29 July 2015