2024 – 1 An overall framework of action that guides a retailer is its 2 A

1) An overall framework of action that guides a retailer is its ________.

2) A major advantage of a firm’s developing a retail plan is that it ________.

3) Each of the steps in a retail strategy is ________.

4) The candid evaluation of the opportunities and potential problems facing a prospective or existing retailer is referred to as ________.

5) A retailer’s commitment to a type of business and to a distinctive role in the marketplace is its ________.

6) Which ownership and management alternative is fully controlled by the owner, operationally flexible, and subject to single taxation by the government?

7) In which ownership and management alternative is the owner personally liable with regard to legal claims from suppliers, creditors, and others?

8) Benefits, profits, risks, and costs are shared in which retail ownership and management alternative?

9) Which statement concerning the partnership form of ownership is not correct?

10) Which form of ownership is a legal entity apart from its individual officers or stockholders?

11) Which retail ownership form has the greatest capacity for long-term existence?

12) Ownership may be separated from management in which retail ownership form?

13) A major advantage of buying an established business versus starting a new business is ________.

14) A major disadvantage of buying an established business versus starting a new business is ________.

15) A retail ownership form which combines independent ownership and managerial assistance is ________.

16) Rigid operations’ standards and a limitation on the product lines sold characterize ________.

17) In which management format does planning tend to be more formal and systematic?

18) Planning authority is limited to top management or ownership in a(n) ________.

19) Managers in individual departments have major input into decision making in a(n) ________.

20) In planning his or her family’s financial needs during the unprofitable stage of a newly started business, a retailer should utilize ________.

21) Sales objectives are generally in the form of ________.

22) Market share sales’ objectives are generally ________.

23) Return on investment objectives are generally used by retailers that ________.

24) A retailer with sales of $10 million and operating expenses of $2 million has an efficiency rating of ________.

25) Objectives that seek to satisfy stockholders, customers, suppliers, employees, and government are called ________.

26) A retailer can determine how consumers and others perceive its company through use of ________.

27) The growth of specialty stores and boutiques illustrates the popularity of ________.

28) A firm’s target market best represents the ________.

29) A retailer sells its goods and services to a broad spectrum of consumers in ________.

30) A retailer aims efforts at two or more distinct consumer groups, with different retailing approaches for each group, in ________.

31) The distinct competencies of a retailer relative to competitors is referred to as its ________.

32) Those aspects of business that a retailer can directly affect (such as store hours and location) are referred to as ________.

33) Which of the following is not a controllable variable?

34) Decision making relating to a retailer’s daily and short-term operations involve ________.

35) Sales revenues and employee turnover represent forms of ________.

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 ________.

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 ________.

38) Which retail ownership and management alternative is most likely to have limited capital and expertise?

39) Which characteristic is shared by both sole proprietorships and partnerships?

40) An advantage of starting a new business (versus buying an existing business or becoming a franchisee) is the ________.

41) An advantage of buying an existing business versus starting a new business is ________.

42) The most important limitation to consider in purchasing an existing business is ________.

43) A retailer seeking to purchase an existing retail business needs to verify the seller’s statement of income. The prospective buyer should ________.

44) A uniform image is important for chain units and ________.

45) A major advantage of franchising from the perspective of the franchisor is ________.

46) Which management alternative is a sole proprietorship most likely to use?

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?

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?

49) Intensive owner participation in a business is most likely to occur when ________.

50) Profitability objectives are most likely to be used when a retailer ________.

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