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MKT 310 WK 3 Quiz 2 Chapter 3,4 & All Possible Questions
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<div><div><div>MKT 310 WK 3 Quiz 2 Chapter 3,4 - All Possible Questions 1) An overall framework of action that guides a retailer is its ________.A) mission statementB) corporate philosophyC) retail tacticsD) retail strategy 2) A major advantage of a firm's developing a retail plan is that it ________.A) focuses on short-run tacticsB) anticipates and may avoid a crisisC) balances sales forecasts with inventory requirementsD) shows likely competitor reactions 3) Each of the steps in a retail strategy is ________.A) interdependent with other stepsB) independent of each otherC) organized on the basis of strategy and tacticsD) 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 analysisB) implementation and analysisC) philosophy of businessD) 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 strategyB) organizational missionC) long-term planD) 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) franchisingB) sole proprietorshipC) corporationD) partnership 7) In which ownership and management alternative is the owner personally liable with regard to legal claims from suppliers, creditors, and others?A) franchisingB) sole proprietorshipC) corporationD) partnership 8) Benefits, profits, risks, and costs are shared in which retail ownership and management alternative?A) franchisingB) sole proprietorshipC) corporationD) 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 ownershipB) sole proprietorshipC) corporationD) partnership 11) Which retail ownership form has the greatest capacity for long-term existence?A) sole proprietorshipB) partnershipC) corporationD) franchise 12) Ownership may be separated from management in which retail ownership form?A) sole proprietorshipB) partnershipC) government storesD) corporation 13) A major advantage of buying an established business versus starting a new business is ________.A) flexibility in locationB) the generation of ongoing sales and profitsC) beginning with an unknown name and imageD) 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 ownerB) having a time lag until the business is ready to openC) developing an inventory of goodsD) the existence of financing from the seller 15) A retail ownership form which combines independent ownership and managerial assistance is ________.A) a corporationB) a partnershipC) franchisingD) a sole proprietorship 16) Rigid operations' standards and a limitation on the product lines sold characterize ________.A) the owner-manager systemB) partnershipsC) franchisingD) chain ownership 17) In which management format does planning tend to be more formal and systematic?A) centralized structureB) corporateC) professional manager systemD) owner-manager system 18) Planning authority is limited to top management or ownership in a(n) ________.A) professional manager systemB) owner-manager systemC) centralized systemD) decentralized system 19) Managers in individual departments have major input into decision making in a(n) ________.A) centralized structureB) decentralized structureC) franchise systemD) 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 loanB) a personal drawing accountC) withdrawal of monies from personal savings' accountsD) loans made with life insurance policies as collateral 21) Sales objectives are generally in the form of ________.A) return on investment, efficiency, and levelB) satisfaction of stockholders and customersC) maintenance of status quoD) growth, stability, and/or market share 22) Market share sales' objectives are generally ________.A) pursued by only larger retailers or retail chainsB) pursued by small, local independent retail businessesC) based on existing store sales, not new store salesD) used to determine store awareness 23) Return on investment objectives are generally used by retailers that ________.A) have large capital expendituresB) are vertically integratedC) are labor intensiveD) have high efficiency 24) A retailer with sales of $10 million and operating expenses of $2 million has an efficiency rating of ________.A) 25 percentB) 40 percentC) 80 percentD) 400 percent 25) Objectives that seek to satisfy stockholders, customers, suppliers, employees, and government are called ________.A) social marketingB) satisfaction of publics' objectivesC) macromarketingD) consumerism-based 26) A retailer can determine how consumers and others perceive its company through use of ________.A) control analysisB) situation analysisC) target market assessmentD) positioning 27) The growth of specialty stores and boutiques illustrates the popularity of ________.A) bifurcated retailingB) niche retailingC) mass merchandisingD) dual channels of distribution 28) A firm's target market best represents the ________.A) consumer group sought by a retailerB) image that a retailer desires to projectC) product quality that a retailer sellsD) 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 segmentationB) mass marketingC) target marketingD) multiple segmentation 30) A retailer aims efforts at two or more distinct consumer groups, with different retailing approaches for each group, in ________.A) market segmentationB) concentrated marketingC) mass marketingD) differentiated marketing 31) The distinct competencies of a retailer relative to competitors is referred to as its ________.A) competitive advantagesB) cost advantagesC) economies of scaleD) 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 variablesB) uncontrollable variablesC) strategyD) tactics 33) Which of the following is not a controllable variable?A) store locationB) pricingC) merchandise managementD) technology 34) Decision making relating to a retailer's daily and short-term operations involve ________.A) tacticsB) target market determinationC) competitive advantage determinationD) strategies 35) Sales revenues and employee turnover represent forms of ________.A) retail auditsB) tacticsC) feedbackD) 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 advantageB) organizational missionC) satisfaction of publicsD) 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 categoryB) organizational missionC) target marketD) competitive advantage 38) Which retail ownership and management alternative is most likely to have limited capital and expertise?A) open corporationB) closed corporationC) sole proprietorshipD) partnership 39) Which characteristic is shared by both sole proprietorships and partnerships?A) depersonalizationB) management successionC) single taxationD) 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 followingB) management assistance and trainingC) time lag before openingD) nonpayment for goodwill 41) An advantage of buying an existing business versus starting a new business is ________.A) no cost for goodwillB) no time lag before openingC) favorable lease termsD) 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 agoB) a storefront that was renovated 10 years agoC) the reason why the existing retailer is seeking to sell the businessD) 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 businessB) accept the seller's "word"C) sample sales during a representative two-week time periodD) 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 unitsB) independently owned unitsC) franchisesD) partnership-owned units 45) A major advantage of franchising from the perspective of the franchisor is ________.A) franchisor management assistance and troubleshootingB) lower operating costs due to shared purchases and advertisingC) rigid operations standards may limit franchisees from taking advantage of trendsD) 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 systemB) centralized structureC) decentralized structureD) 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 structureB) decentralized structureC) professional manager systemD) 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 structureB) decentralized structureC) professional manager systemD) owner-manager system 49) Intensive owner participation in a business is most likely to occur when ________.A) a firm has strong financial controlsB) store hours are longC) a business cannot be easily automated or mechanizedD) a retailer is well capitalized 50) Profitability objectives are most likely to be used when a retailer ________.A) has a strong regional market presenceB) has high debt serviceC) is privately heldD) is publicly held More Questions are Included…</div></div></div>
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