Question 1

Customers who shop at Books-A-Million find that it has a large selection of books,in addition to a helpful and friendly staff.Furthermore,they can enjoy a peaceful place to read while sipping a cappuccino at their in-store Joe Muggs Café.This intimate perception of the store indicates its _____ strategy.

Accepted Answer

Positioning refers to the image that the customer has of the store.

Question 2

Which of the following characteristics is most likely to be the least sustainable competitive advantage?

Accepted Answer

Having more sales promotions is the least sustainable competitive advantage compared to the other options.

Question 3

Which of the following characteristics is most likely to be the more sustainable competitive advantage?

Accepted Answer

The ability to get scarce merchandise is the most sustainable competitive advantage compared to the other options.

Question 4

Retailers can foster customer loyalty by:

Accepted Answer

Approaches for developing customer loyalty include building a strong brand image,creating a unique positioning in the target market,offering unique merchandise,providing excellent customer service,implementing a customer relationship management program,and building a retail community.

Question 5

Establishing a sustainable competitive advantage is the key to _____ performance.

Accepted Answer

Establishing a sustainable competitive advantage is the key to long-term financial performance.

Question 6

My Favorite Quilt Shop LLC offers members of their Fabric Lovers Club merchandise worth $20 for every $200 they purchase plus additional discounts on classes and new fabric lines.The Fabric Lovers Club LLC.is a good way to develop:

Accepted Answer

Customer loyalty is evident when customers are committed to buying merchandise and services from a particular retailer.

Question 7

John plans to start a grocery store in his locality.Which of the following is most likely to give him the least sustainable competitive advantage in the market?

Accepted Answer

Recruiting more employees can easily be replicated,and hence,it is not a sustainable competitive advantage.

Question 8

Sally's LLC,a local supermarket,has all of the following characteristics.Which of the following characteristics of Sally's is most likely to be a more sustainable competitive advantage?

Accepted Answer

A shared system with vendors is a sustainable competitive advantage that is hard to replicate.

Question 9

Gini's LLC,a footwear store,has the following characteristics.Which of the following characteristics of Gini's is most likely to be its least sustainable competitive advantage?

Accepted Answer

Lowering prices can easily be replicated,and hence,it is not a sustainable competitive advantage.

Question 10

Although Rosa visits several retailers when shopping for suits,she always buys suits at Bow and Arrow Inc.Which of the following approaches best demonstrates her affinity for Bow and Arrow Inc.?

Accepted Answer

Customer loyalty is evident when customers are committed to buying merchandise and services from a particular retailer.

Question 11

Why should a retailer be concerned with building a sustainable competitive advantage?

Accepted Answer

With building a sustainable competitive advantage,the retailer can metaphorically build a wall around its position making it hard for its competitors to enter the market and compete for the retailer's the target customers.Thus,establishing a sustainable competitive advantage is the key to long-term financial performance.

Question 12

_____ are developed so that the distance between two retailers' positions on the map indicates how similar the stores appear to consumers.

Accepted Answer

Perceptual maps are developed so that the distance between two retailers' positions on the map indicates how similar the stores appear to consumers.A perceptual map is frequently used to represent the customer's image and preferences for retailers.

Question 13

Forester LLC,a jewelry store,has developed a sustainable competitive advantage.Which of the following characteristics of Forester is most likely to be the reason for this advantage?

Accepted Answer

Training knowledgeable and helpful salespeople is a sustainable competitive advantage that is hard to replicate.

Question 14

After selecting a target market and a retail mix,the final element in a retail strategy is the retailer's approach to:

Accepted Answer

After selecting a target market and a retail mix,the final element in a retail strategy is the retailer's approach to building a sustainable competitive advantage.

Question 15

_____ is the design and implementation of a retail mix in order to create an image of the retailer within the customer's mind relative to its competitors.

Accepted Answer

Positioning is the design and implementation of a retail mix in order to create an image of the retailer within the customer's mind relative to its competitors.

Question 16

Tara gets her oil changed only at Tires Plus Inc.This commitment to Tires Plus Inc.illustrates:

Accepted Answer

Customer loyalty is evident when customers are committed to buying merchandise and services from a particular retailer.

Question 17

Wendy's Inc.has established itself in the fast food market as one of the top 5 restaurants in the city.Customers frequent Wendy's because of the impeccable quality of food associated with it.Which of the following is most likely to be the reason for Wendy's sustainable competitive advantage?

Accepted Answer

Customers frequent Wendy's because of the impeccable quality of food associated with its name.Hence,the brand image is the sustainable competitive advantage.

Question 18

In perceptual maps,retailers that are closer to an ideal point are evaluated:

Accepted Answer

In perceptual maps,retailers that are closer to an ideal point are evaluated more favorably by the consumers in the segment than are retailers located farther away.

Question 19

Positioning is the process of:

Accepted Answer

A retailer's brand image reflects its positioning strategy.Positioning is the design and implementation of a retail mix to create an image of the retailer in the customer's mind relative to its competitors.

Question 20

Myra wanted to purchase a vase as a wedding gift.Pier 1 Imports Inc.offers a better assortment and slightly lower prices,but she immediately went to her local gift shop instead of Pier 1 Imports Inc.This is an example of:

Accepted Answer

Customer loyalty means that customers are committed to buying merchandise and services from a particular retailer.Loyalty means that customers will be reluctant to switch and patronize a competitive retailer.

Quiz 5: Retail Market Strategy

Which of the following characteristics is most likely to be the least sustainable competitive advantage?

Which of the following characteristics is most likely to be the more sustainable competitive advantage?

Retailers can foster customer loyalty by:

Establishing a sustainable competitive advantage is the key to _____ performance.

My Favorite Quilt Shop LLC offers members of their Fabric Lovers Club merchandise worth $20 for every $200 they purchase plus additional discounts on classes and new fabric lines.The Fabric Lovers Club LLC.is a good way to develop:

John plans to start a grocery store in his locality.Which of the following is most likely to give him the least sustainable competitive advantage in the market?

Sally's LLC,a local supermarket,has all of the following characteristics.Which of the following characteristics of Sally's is most likely to be a more sustainable competitive advantage?

Gini's LLC,a footwear store,has the following characteristics.Which of the following characteristics of Gini's is most likely to be its least sustainable competitive advantage?

Although Rosa visits several retailers when shopping for suits,she always buys suits at Bow and Arrow Inc.Which of the following approaches best demonstrates her affinity for Bow and Arrow Inc.?

Why should a retailer be concerned with building a sustainable competitive advantage?

_____ are developed so that the distance between two retailers' positions on the map indicates how similar the stores appear to consumers.

Forester LLC,a jewelry store,has developed a sustainable competitive advantage.Which of the following characteristics of Forester is most likely to be the reason for this advantage?

After selecting a target market and a retail mix,the final element in a retail strategy is the retailer's approach to:

_____ is the design and implementation of a retail mix in order to create an image of the retailer within the customer's mind relative to its competitors.

Tara gets her oil changed only at Tires Plus Inc.This commitment to Tires Plus Inc.illustrates:

Wendy's Inc.has established itself in the fast food market as one of the top 5 restaurants in the city.Customers frequent Wendy's because of the impeccable quality of food associated with it.Which of the following is most likely to be the reason for Wendy's sustainable competitive advantage?

In perceptual maps,retailers that are closer to an ideal point are evaluated:

Positioning is the process of:

Myra wanted to purchase a vase as a wedding gift.Pier 1 Imports Inc.offers a better assortment and slightly lower prices,but she immediately went to her local gift shop instead of Pier 1 Imports Inc.This is an example of: