MKT 310 WEEK 3 QUIZ 2 CHAPTER 3 & 4
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MKT 310 WEEK 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...