Question 1

Which of the following factors is classified as environmental dynamics?

Accepted Answer

Technological changes, economic/consumer/social changes, and regulatory changes are classified as environmental dynamics.

Question 2

How can a retailer use the market penetration opportunity to foster growth?

Accepted Answer

The answer of How can a retailer use the market...

Question 3

Which of the following steps is typically the next step after evaluating strategic opportunities in the strategic retail planning process?

Accepted Answer

After evaluating strategic alternatives, specific objectives are established in the typical strategic retail planning process.

Question 4

Name five approaches for retailers to develop a sustainable competitive advantage.

Accepted Answer

The answer of Name five approaches for retailers to develop...

Question 5

Why would a retailer desire to have private-label or store brands?

Accepted Answer

The answer of Why would a retailer desire to have...

Question 6

Which of the following steps is typically the previous step before establishing specific objectives and allocating resources in the strategic retail planning process?

Accepted Answer

Evaluating strategic opportunities is typically the previous step before establishing specific objectives and allocating resources in the strategic retail planning process.

Question 7

Which of the following steps is most likely to be the previous step before evaluating performance and making adjustments in the strategic retail planning process?

Accepted Answer

Developing a retail mix to implement the strategy is the previous step before evaluating performance and making adjustments in the strategic retail planning process.

Question 8

Which of the following steps is typically the next step after developing a retail mix to implement the strategy in the strategic retail planning process?

Accepted Answer

Evaluating performance and making adjustments is typically the next step after developing a retail mix to implement the strategy in the strategic retail planning process.

Question 9

Which of the following steps is typically the previous step before developing a retail mix to implement the strategy in the strategic retail planning process?

Accepted Answer

Establishing specific objectives and allocating resources is typically the previous step before developing a retail mix to implement the strategy in the strategic retail planning process.

Question 10

Which of the following steps is typically the last step in the strategic retail planning process?

Accepted Answer

Evaluating performance and making adjustments is typically the last step in the strategic planning process.

Question 11

Zara is responsible for the strategic retail planning process in her organization. She has identified the strategic opportunities. Which of the following steps is most likely Zara's next stage in the strategic retail planning process?

Accepted Answer

Evaluating strategic opportunities is typically the stage after identifying strategic opportunities in the strategic retail planning process.

Question 12

Which of the following is a condition that may lead to competitive rivalry?

Accepted Answer

Conditions that may lead to intense rivalry include (1) a large number of competitors that are all about the same size, (2) slow growth, (3) high fixed costs, and (4) a lack of perceived differences between competing retailers.

Question 13

Which of the following steps is typically the previous step before evaluating the strategic opportunities in the strategic retail planning process?

Accepted Answer

Identifying strategic opportunities is typically the previous stage before evaluating strategic opportunities in the strategic retail planning process.

Question 14

Which of the following steps is typically the next step after establishing specific objectives and allocating resources in the strategic retail planning process?

Accepted Answer

Developing a retail mix to implement the strategy is typically the next step after establishing specific objectives and allocating resources in the strategic retail planning process.

Question 15

Luke is responsible for the strategic retail planning process in his organization. He is currently identifying the strategic opportunities. Which of the following steps is most likely to have been Luke's previous step before identifying the strategic opportunities?

Accepted Answer

Identifying strategic opportunities is typically the stage after conducting a SWOT analysis in the strategic retail planning process.

Question 16

Josh is responsible for the strategic retail planning process in his organization. He has defined the business mission and conducted a SWOT analysis. Which of the following steps is most likely his next stage in the strategic retail planning process?

Accepted Answer

Identifying strategic opportunities is typically the next step after conducting a SWOT analysis in the strategic retail planning process.

Question 17

What are customer relationship management programs?

Accepted Answer

The answer of What are customer relationship management programs?...

Question 18

Define positioning.

Accepted Answer

The answer of Define positioning....

Question 19

Describe customer loyalty and the ways in which retailers can build customer loyalty.

Accepted Answer

The answer of Describe customer loyalty and the ways in...

Question 20

Which of the following is True of scale economies?

Accepted Answer

Scale economies are cost advantages due to a retailer's size.

Quiz 5: Retail Market Strategy