Description
Retailing Management 10Th Edition By Michael Levy – Test Bank
Retailing Management, 10e (Levy)
Chapter 5 Retail Market Strategy
1) A retail format describes the nature of the retailer’s operations that it will use to satisfy the needs of its target market.
Answer: TRUE
Explanation: A retail format describes the nature of the retailer’s operations—its retail mix (type of merchandise and services offered, pricing policy, advertising and promotion programs, store design and visual merchandising, typical locations, and customer services)—that it will use to satisfy the needs of its target market.
Difficulty: 1 Easy
Topic: What is a Retail Strategy?
Learning Objective: 05-01 Define retail strategy.
Bloom’s: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
2) After selecting a target market and a retail mix, the final element in a retail strategy is the identification of prospective wholesalers.
Answer: FALSE
Explanation: 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.
Difficulty: 1 Easy
Topic: What is a Retail Strategy?
Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage.
Bloom’s: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
3) Building strong relationships with wholesalers is one of the three approaches for developing a sustainable competitive advantage.
Answer: FALSE
Explanation: Three approaches for developing a sustainable competitive advantage are (1) building strong relationships with customers, (2) building strong relationships with suppliers, and (3) achieving efficient internal operations.
Difficulty: 1 Easy
Topic: How Retailers Build a Sustainable Competitive Advantage
Learning Objective: 05-02 Illustrate how retailers build a sustainable competitive advantage.
Bloom’s: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
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