MARK 463 CHAPTER 3
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 strategic planning by a retailer is that _____. a. crises are anticipated and often avoided b. it focuses mostly on controllable factors c. it focuses mostly on uncontrollable factors d. inventory needs and stock on hand are balanced 3. The steps in a retail strategy are _____. a. interdependent of each other b. independent of each other c. organized by specific and then general factors d. organized by short- and then long-term factors 4. The questions “What is the firm’s current status?” and “In which direction should it be heading?” are evaluated in which retail strategy stage? a. philosophy of business b. situation analysis c. strategy determination d. implementation and analysis 5. Defining and adhering to an organizational mission, evaluating ownership and management alternatives, and outlining the goods/service category to be sold are parts of which element of retail strategy? a. store operations b. situation analysis c. identification of consumer characteristics d. objectives determination 6. A retailer’s organizational mission is its _____. a. consumer orientation b. commitment to a type of business and to a distinctive role in the marketplace c. focus on determining and satisfying consumer wants
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 strategic planning by a retailer is that _____. a. crises are anticipated and often avoided b. it focuses mostly on controllable factors c. it focuses mostly on uncontrollable factors d. inventory needs and stock on hand are balanced 3. The steps in a retail strategy are _____. a. interdependent of each other b. independent of each other c. organized by specific and then general factors d. organized by short- and then long-term factors 4. The questions “What is the firm’s current status?” and “In which direction should it be heading?” are evaluated in which retail strategy stage? a. philosophy of business b. situation analysis c. strategy determination d. implementation and analysis 5. Defining and adhering to an organizational mission, evaluating ownership and management alternatives, and outlining the goods/service category to be sold are parts of which element of retail strategy? a. store operations b. situation analysis c. identification of consumer characteristics d. objectives determination 6. A retailer’s organizational mission is its _____. a. consumer orientation b. commitment to a type of business and to a distinctive role in the marketplace c. focus on determining and satisfying consumer wants