mkt 320 test 2

The authors of your text define conversion rate as __________.

the total number of customers who leave the store (or exit a website) having made a purchase, divided by the total number of shoppers who enter the store (or access the website)

Inside the corporate offices of a well-known store chain, marketing executives Carly Farley and Cecil Diesel are having a spirited discussion. Specifically, they are debating whether they should tailor the marketing mix of their new product to appeal to the "Achievers" market segment or the "Innovators" segment, or whether they should develop a separate marketing mix for each of those segments. From their use of labels like "Achievers" and "Innovators" to describe their target market, we can determine that Carly and Cecil's company has bought into the __________ segmentation typology.

VALS

To minimize conflict among franchisees, most franchise agreements grant franchisees an exclusive territory. This can be one of the benefits of operating a franchise, namely the avoidance of __________.

cannibalization

Barney Miller's is a third-generation family-owned electronics retailer that specializes in home and office automation, office audiovisual systems, and home theater. The store is located in a row of adjoining storefronts at 232 East Main Street (between Quality Street and South Martin Luther King Boulevard) in Lexington, Kentucky.Which of the following is the correct label for Barney Miller's location?

central business district

Fayette Cigar Store is located at 137 East Main Street (between North Martin Luther King Boulevard and North Limestone) in Lexington, Kentucky. It adjoins the Fayette County District Court on one side and the Pam Miller Downtown Arts Center on the other.Which of the following is the correct label for Fayette Cigar Store's location?

central business district

Sunrise Bakery is located in a row of adjoining storefronts at 111 West Main Street (between North Limestone and North Upper) in Lexington, Kentucky.Which of the following is the correct label for Sunrise Bakery's location?

central business district

Fayette Place in Lexington, Kentucky is an L-shaped shopping center whose tenants include Ross Dress for Less, Shoe Carnival, Pier 1 Imports, Party City, Dollar Tree, and Half Price Books.The authors of your textbook would categorize Fayette Place as a(n) __________.

community shopping center

Regency Centre in Lexington, Kentucky is anchored by Kroger, Michael's, and T.J. Maxx. The shopping center, which has an L-shaped layout, also is also home to Five Below, Pet Supermarket, Sally's Beauty Supply, GNC, and IHOP.The authors of your textbook would categorize Recency Centre as a(n) __________.

community shopping center

To report chainwide sales growth statistics, retailers and retail industry analysts generally exclude locations that have been open for less than one year. The resulting figure is known as __________ .

comparable sales growth

If a retailer identifies customers in its target market by benefits sought, lifestyles, and demographics, it is taking the __________ approach to segmentation.

composite

When evaluating the performance of a retailer, which of the following is the best financial performance measurement to use?

return on assets

The strategic profit model graphically summarizes the factors that affect a retail firm's financial performance. A manager or analyst who completes the strategic profit model will compute several dollar figures and ratios and "plug them into" the model. The final computation - and the main point of using the model ____-, which is reported as a ______.

return on assets ratio

To report chainwide sales growth statistics, retailers and retail industry analysts generally exclude locations that have been open for less than one year. The resulting figure is known as __________ or, alternately, "comparable store sales growth."

same store sales growth

From the perspective of top management at Wendy's, the fact that their restaurants are able to deliver the quickest service in the drive-through sector of the restaurant industry would be classified as a(n) __________.

strength

swot - s

strengths

The authors of your textbook would describe McDonald's at Palomar Centre as a(n) __________.

outparcel

Common sense tells us that customers will stay away from a shopping center if there are too few parking spaces. The textbook authors tell us, however, that too many empty spaces may also send a negative signal (i.e., that the stores are unpopular). For a shopping center, retail industry experts recommend _____ spaces per thousand square feet of retail store space.

5.5

According to the authors of your textbook, one of the ways a retailer can develop a sustainable competitive advantage is by building strong relationships with customers, i.e., by cultivating customer loyalty. All other things being equal, retailers can build strong customer loyalty by __________.

- all of the above A. offering unique merchandise B. offering attractive rewards through a frequent shopper program C. using its websites and social media to build a strong retail community

At which stage of the strategic retail planning process does a retailer establish numerical indices against which progress may be measured, and determine the level of investment needed to achieve its objectives?

. In Step 5, as it establishes specific objectives and allocates resources.

Common sense tells us that customers will stay away from a shopping center if there are too few parking spaces.The textbook authors tell us, however, that too many empty spaces may also be a problem; people see the empty spaces and think it means the stores are unpopular.For a supermarket, retail industry experts recommend _____ spaces per thousand square feet of retail store space.

10 to 15

Kent Dent and his partner "Scratch" Hatch own Scratch & Dent Appliance, which is located in an old house that Scratch inherited from his grandmother. They sell otherwise-new, perfectly usable refrigerators, washers and dryers, and dishwashers that have minor cosmetic damage or defects.Key financial figures for Scratch & Dent for fiscal year 2018 include:Net Sales: $610,000Total Current Assets: $59,115Fixed Assets: $177,700Net After-Tax Profit: $55,900Taxes: $50,000Cost of Goods Sold: $410,000What was Scratch & Dent's return on assets (ROA) in FY 2018?

23.6%

Shirley Turley owns Ballistic Bazaar, a gun shop and shooting range. Key financial figures for Shirley's business for fiscal year 2021 include: Net Sales: $274,000 Operating Expenses: $22,000 Interest Expense: $900 Average Inventory: $21,200 Total Current Assets: $33,300 Fixed Assets: $111,100 Net After-Tax Profit: $56,300 Taxes: $21,000 Cost of Goods Sold: $173,800 What was Ballistic Bazaar's return on assets (ROA) in FY 2019?

38.99%

Sara Herrera runs an Internet-based retail operation from her spare bedroom. The online storefront - named For Reality Lovers - sells DVDs, posters, figurines, bobblehead dolls, collectors' cards, licensed logo apparel, and other memorabilia from TV reality shows such as Survivor, Dance Moms, Fear Factor, American Idol, The Apprentice, The Amazing Race, Dating in the Dark, Top Chef, Project Runway, Big Brother, Kate Plus 8, Dancing with the Stars, Jersey Shore, Naked and Afraid, Tough Enough, Real Housewives of [insert city name], Dog the Bounty Hunter, The Glee Project, Bachelor in Paradise, Here Comes Honey Boo Boo, Duck Dynasty, and Keeping Up with the Kardashians.Key financial figures for Sara's business for fiscal year 2018 include:Net Sales: $23,000Operating Expenses: $2,200Interest Expense: $0Average Inventory: $5,900Total Current Assets: $8,400Fixed Assets: $9,400Net After-Tax Profit: $8,150Taxes: $3,450Cost of Goods Sold: $9,200What was For Reality Lovers' return on assets (ROA) in FY 2018

45.79%

With regard to building a sustainable competitive advantage through customer loyalty, which of the following statements is consistent with the information that appears in your textbook?

A. Unique merchandise has enabled Lululemon to create customer loyalty. B. Outstanding customer service has helped Ritz-Carlton hotels to build customer loyalty. C. Starbucks has boosted customer loyalty by building a strong online retail community.

Bianca Wonka has inherited a candy store chain that was started by her uncle. Bianca has completed an analysis of the company's financial statements and is now strategizing to improve the company's performance. Which of the following actions would result in greater return on assets (ROA)?

All of the above Bianca successfully implements a market penetration growth strategy, which increases the company's "top line" (i.e., net sales). At the same time, she negotiates with vendors and lowers the company's per-unit cost of goods sold. Bianca reduces operating expenses by finding ways to reduce energy costs and cut waste. Bianca identifies idle and underperforming company assets and sells them. The money from the sale of assets is then used to pay off all of the company's debt.

Garrett Jarrett owns The Sweat, Stink & Suffer Health Spa (also known as the "Triple S Gym"). Garrett believes he can segment his market into three distinct groups: those who want to join a spa so they can lose weight those who seek a target-rich environment for checking out potential dates those who want a gym only for serious pumpage of iron Thus, Garrett segments his market into those who are seeking a higher level of physical fitness, those who are seeking companionship, and those who are seeking a bulkier or more cut build. Which label most closely resembles the segmentation base that Garrett is using in order to understand and target his market?

Benefit Segmentation

Shirley Turley owns Ballistic Bazaar (a gun shop and shooting range). Shirley decides she can segment her market into three distinct groups: those who want a weapon for home protection those who want a weapon for seasonal hunting of varmints collectors who enjoy owning a wide variety of firearms for their intrinsic and aesthetic value Thus, she segments her market into those who are seeking safety for their household and/or family, those who are seeking recreation, and those who are seeking the satisfaction of ownership in and of itself. Which label most closely resembles the dimension that Shirley is using to segment her market?

Benefit Segmentation

_______________ is the process of grouping consumers into market segments based on what they want the product to do for them.

Benefit Segmentation

The emerging international markets that are sometimes referred to as "the BRIC" countries are __________.

Brazil, Russia, India, and China

inventory turnover

COGS/Inventory

Which of the following describes a consumer who is using an internal source of information during the information search step of the buying process?

Cierra Barrera "takes mental inventory" of what she has learned from her past shopping and purchase experiences.

With regard to developing and maintaining a sustainable competitive advantage, with which of the following statements would the authors of your textbook likely agree?

Efficient internal operations (e.g., human resource management) can be a source of sustainable competitive advantage. . Location can be the most important source of sustainable competitive advantage.

To get this proprietary analysis of the population surrounding a prospective retail site, a retailer would need to buy it from

Esri

__________ is a type of product or way of behaving that is temporarily adopted by a large number of consumers because the product, service, or behavior is considered socially appropriate for the time and place.

Fashion

At which stage of the strategic retail planning process does a retailer answer the questions "Who are our customers?" and "what are our capabilities?"

In Step 1, as it defines its business mission.

At which stage of the strategic retail planning process does a retailer analyze market factors, competitive factors, environmental factors, and its own internal strengths and weaknesses?

In Step 2, as it conducts a SWOT analysis.

Which of the following does not describe asset turnover?

In the strategic profit model, it is on the profit management path.

net profit margin percentage

Net profit/net sales x 100

Which of the following examples best illustrates a hedonic need?

Sophie Brophy buys herself a new pair of shoes to cheer herself up at the end of a bad day.

With regard to developing and maintaining a sustainable competitive advantage, with which of the following statements would the authors of your textbook likely agree? (three part)

Supply chain efficiency can be a source of sustainable competitive advantage.B. Location can be a source of sustainable competitive advantage.C. A carefully-cultivated brand image can be a source of sustainable competitive

For a retailer, which of the following is a potential disadvantage of locating in an enclosed mall?

all of the above

Regarding omnicenters, with which of the following statements would the authors of your textbook likely agree?

all of the above

When a retailer is deciding upon a type of location (e.g., freestanding location, Main Street, regional mall, community strip center), it needs to select a location that is consistent with __________.

all of the above

Retail executives who are examining trade areas for a potential store will typically buy information packages (often as a software subscription, sometimes as a complete hardware + software combination) to help them make an informed decision. Such systems describe the spatial features of an area, such as rivers and roads, street addresses and the characteristics of the household at an address, and information about competing retailers in the area. The authors of your textbook give __________ as an example of a company that sells this sort of information to retailers.

all of the above A. Nielsen Claritas B. Pitney Bowes C. ESRI

Regarding a Metropolitan Statistical Area (MSA), which of the following is true?

all the above

The asset turnover management path is one of two analytical sequences that are woven into the strategic profit model. The information that is used to analyze a retailer's asset management path comes primarily from the retailer's __________.

balance sheet

On her way home from classes at the university, Staci Casey remembers that she used her last paper towel that morning. Staci is aware that Walmart is likely to have the best price in town on national brands such as Bounty or Brawny. She also knows that Kroger may have one brand of paper towels or another on sale at a reasonable price. Staci does not alter her course to drive toward either Walmart or Kroger; rather, she turns into the parking lot of a Walgreens drug store that is directly on her route home from school. Staci enters the store with the intention of buying whatever brand of paper towels is available, in whatever quantity of rolls the package contains, at whatever price Walgreens is charging. The authors of your textbook would say that this scenario illustrates which "shopping situation"?

convenience shopping

__________ refers to the total amount of money that a retailer pays vendors for the merchandise that it (i.e., the retailer) subsequently sells.

cost of goods sold(cogs)

Trade area zones are best determined based upon __________.

customer drive tmie

Which method of entering the global marketplace is the least expensive and also the least risky - but also has the lowest profit potential?

franchising

Decision makers at a department store chain know from market research that their average customer comes from a household of $60,000 annual income, 33% of their customers have children at home, 51% of their customers have a college education, and the median age of their customers is 42. These statistics are an example of __________ information that a retailer might use for market segmentation.

demographic

Which method of entering the global marketplace is the most expensive and also the most risky - but also offers the highest profit potential?

direct investment

Operating profit margin is also referred to as __________.

earnings before interest and taxes (EBIT)

The authors of your textbook would classify Fayette Mall as a(n) __________.

enclosed regional mall

Kirk Burke is shopping for tires for his pride and joy, i.e., his 2016 Camaro SS. When Kirk bought the car new, it came equipped with Pirelli P Zero tires. Kirk is not sure he wants to replace the original tires with more of the same. The Pirellis performed admirably in the spring and summer months. However, for the $850 to $1,100 that he'll end up spending, Kirk suspects that there may be other brands and types of tires that would be more appropriate for year-round driving. Kirk also knows that some tires are more appropriate than others for a cool car like his. He wouldn't want to buy tires that he and his buddies think of as belonging on their grandfathers' Oldsmobiles (such as Uniroyal, Goodyear, or General), just like he wouldn't want to disgrace his beloved Camaro by buying tires that would look more at home on the Volvos, Subarus, and minivans of cautious "soccer moms." Maybe BFGoodrich? Toyo? Stick with Pirelli? Kirk isn't at all sure what to buy. All he knows at this point is that he'll visit a lot of websites and tire retailers, and he'll have a lot of conversations with service representatives before he makes his final choice. Kirk's tire shopping behavior most closely resembles __________.

extended problem solving

All other things being equal, retailers can expect a consumer's most important reference group to be his or her __________.

family

During the ____ stage, some consumers who are recognized as fashion leaders or innovators adopt the fashion and start a trend in their social group.

first

The fashion life cycle has _____ stages

five

Magee's Bakery is located at 726 East Main Street (near the intersection of East Main and South Ashland Avenue). The bakery/café adjoins a parking lot and is the sole occupant of its building.Which of the following is the correct label for Magee's location?

freestanding

To develop and refine its target marketing and positioning, a retailer may rely on a two-dimensional plot of consumers' perceptions of the retailer and its competitors. This visual aid is called a __________.

perceptual map

Sondra Alondra owns Gothic Ghoullery, a specialty apparel and accessories retailer. At present, the retailer has eleven locations: three at regional malls, six in strip centers, and two standalone stores. Sondra has five-year leases for each of her standalone locations. At one of these (the Batwing Boulevard location), Sondra pays a monthly amount that is equal to $1.30 per square foot. At the other store (located on Darque Alley), Sondra pays a monthly amount that is equal to 7 percent of her previous month's sales, but no more than $3,100 per month. Sondra's current lease at the Batwing Boulevard location is a(n) __________. The Darque Alley lease, on the other hand, is a(n) __________ lease.

fixed-rate lease percentage

During the _____ stage, the fashion begins to decline in popularity.

fourth

Orlando, Florida-based Darden Restaurants, Inc., the world's largest full-service restaurant company, owns a portfolio of brands that includes Olive Garden, LongHorn Steakhouse, Capital Grille, Seasons 52, Eddie V's, Yard House, and Bahama Breeze. In Lexington, the Olive Garden and LongHorn locations are wholly owned by Darden, as are most other U.S. locations. However, if you were to visit a Middle East or North Africa location of one of these three restaurants - such as the LongHorn Steakhouse in Riyadh, Saudi Arabia or the Olive Garden in Abu Dhabi, United Arab Emirates - you might notice a wall plaque stating that the restaurant is operated by Americana Group. Indeed, Americana Group (headquartered in Kuwait City) has paid an upfront fee to Darden for the right to operate a total of 60 Darden-branded restaurants. In addition to that, Americana pays a monthly fee to Darden based on the restaurants' sales performance. Americana Group also operates TGI Fridays (a TriArtisan Capital Companies brand), KFC (a Yum! brand), Pizza Hut (also a Yum! brand), and Krispy Kreme locations in the Middle East, under agreements that are similar to the company's agreement with Darden. If the authors of your textbook were to use this scenario to illustrate nondomestic market entry, they would cite it as an example of __________.

franchising

Spalding's Bakery is located at 760 Winchester Road (near the intersection of Winchester Road and Walton Avenue). The bakery adjoins a parking lot and is the sole occupant of its building. Which of the following is the correct label for Spalding's location?

freestanding

Many inner-city areas are going through a process of ________, which is the renewal and rebuilding of offices, housing, and retailers in deteriorating areas. This practice has been criticized by some, because it often results in more affluent people moving into the area and lower-income residents having to leave because they cannot afford to stay.

gentrification

A retailer might use this information if it wished to take a _______ approach to market segmentation.

geodemographic

Retail executives who are examining trade areas for a potential store will typically buy information packages (often as a software subscription, sometimes as a complete hardware + software combination) to help them make an informed decision. Such systems describe the spatial features of an area, such as rivers and roads, street addresses and the characteristics of the household at an address, and information about competing retailers in the area. The authors of your textbook refer to this type of information resource as a(n) __________.

geographic information system (GIS)

Jared Sherrod prefers Nike athletic shoes over any other brand. He does not, however, have a strong preference for any particular retailer, or even for any category of retailer. His next pair of Nikes may be purchased at Finish Line, Shoe Carnival, Foot Locker, JCPenney . . . one never knows. And, since Jared wears his Nikes as an all-around sneaker rather than for playing a particular sport, his next pair may be running shoes, basketball shoes, cross trainers - whatever happens to be convenient to purchase when it's time to buy. Jared's purchase behavior, when it comes to athletic shoes, most closely resembles __________.

habitual decision making

Tucker Rucker has little to no preference for a brand of tires. He says, "Goodyear, Bridgestone, Toyo, Michelin, Uniroyal, Dunlop, BF Goodrich, Cooper, Hankook, Yokohama, Mastercraft, Cooper, General - they're all about the same. Round, black, and made of rubber." Tucker will go only one place to buy tires for his Ford F-150 truck and for the family Taurus: Walmart Auto Care Center. If one of the vehicles needs tires, Tucker goes to Walmart. Once he's there, he'll try to keep the process short and simple by buying whatever the sales associate recommends, unless he considers the price to be outrageously out of line. Based on the authors' explanation of "types of buying decisions," Tucker's tire shopping behavior most closely resembles __________.

habitual decision making

One of the four criteria for deciding whether a retail segment is a viable target market is "substantiality." A substantial segment:

has enough buying power to justify developing a special retailing mix.

The profit margin management path is one of two analytical sequences that make up the strategic profit model. The information that is used to analyze a retailer's profit management path comes from the retailer's __________.

income statement

At Fayette Mall, which of the following is an anchor store?

macy's jcpenny dick's sporting goods h&m Dillard's

One of the four criteria for deciding whether a retail segment is a viable target market is "identifiability." An identifiable segment:

is a segment whose population is of known or knowable size, social characteristics, and demographic features.

One of the four criteria for deciding whether a retail segment is a viable target market is "actionability." An actionable segment:

is made up of customers whose needs are significantly different from those of customers in other segments - and the retailer knows how to satisfy these needs.

One of the four criteria for deciding whether a retail segment is a viable target market is "reachability." A reachable segment:

is one to which the retailer can effectively target promotions and other elements of the retail mix.

AutoZone's purchase of the chain in 1992 more closely resembled the textbook definition of a(n) __________ growth strategy

market expansion

Finley McKinley has little to no preference for a brand of tires. He says, "Goodyear, Hoosier, Firestone, Toyo, Michelin, Uniroyal, Dunlop, BF Goodrich, Cooper, Hankook, Yokohama, Mastercraft, Bridgestone, Nexxen, Cooper, General — they're all about the same. Round, black, and made of rubber." Finley will go only one place to buy tires for his Toyota Camry: NTB (National Tire and Battery) Auto Center. When the tires on the Camry are worn enough to need replacement, Finley goes to NTB. Once he's there, Finley will look at the displays and read the signs and brochures, as well as talking to the service representative (if necessary). Finley's strategy is to choose the tires that have the best warranty in his price range. Based on the authors' explanation of "types of buying decisions," Finley's tire shopping behavior most closely resembles __________.

limited problem solving

Cayley Fraley is a merchandise planner at H&M. Cayley believes that fashion spreads from peer group to peer group, with each group having its own fashion leaders who play key roles in their own social networks. The authors of your textbook would say that Cayley subscribes to the __________ fashion theory.

mass-market

The Summit at Fritz Farm has over 70 shops, including Whole Foods Market, Anthropologie, Lululemon, Brooks Brothers, Frye, and Bath & Body Works. Other features include restaurants, luxury apartments, a boutique hotel, and office space.The authors of your textbook would classify The Summit at Fritz Farm as a(n) __________.

mixed use development

By recent estimates, the Nashville-Davidson-Murfreesboro-Franklin __________ had a population of 1,670,890, with 691,243 of those individuals residing within Nashville itself. By similar estimates, the Somerset KY __________ is populated by 63,063, of whom 11,487 live within the community of Somerset itself.

msa misa

At the time of the 2010 U.S. Census, the Nashville-Davidson-Murfreesboro-Franklin __________ had a population of 1,670,890 and ranked 36th in the nation in size. In that same census year, the Louisville-Jefferson County __________ had a population of 1,235,708 and ranked 45th.

msa msa

At the time of the 2010 U.S. Census, the Lexington-Fayette Metropolitan Statistical Area (MSA) had a population of 473,306 and ranked 106th in the nation in size. In that same census year, the Cincinnati Tri-State Metropolitan Statistical Area (MSA) had a population of 2,117,729 and ranked 29th.

msa msa

In the five-stage buying process, as it is presented by the authors of your textbook, a customer enters the __________ stage because of an unsatisfied need.

need recognition

The authors of your textbook describe a buying process that begins with _______ and ends with _______.

need recognition postpurchase evaluation

Lansdowne Shoppes is located on Tates Creek Road in Lexington. The shopping center is anchored by Fresh Market. The center is also home to Rite Aid, Baskin-Robbins, Ann's Hallmark Shop, Chico's, a few locally-owned stores, a florist, and a few dining option, such as Malone's and Drake's.The authors of your textbook would categorize Lansdowne Shoppes as a(n) __________.

neighborhood shopping center

Which of the following ratios appears in the strategic profit model and is one of the terms used to calculate return on assets (ROA)?

net profit margin

Return on Assets (ROA)

net profit margin/total assets net profit margin x asset turnover

asset turnover

net sales/total assets

Regarding a Metropolitan Statistical Area (MSA), which of the following is true? A. By definition, an MSA has 10,000 to 49,999 inhabitants in its core urban area. B. There are 579 MSAs in the United States, five of which are in Puerto Rico. C. An MSA usually can support only one location of a retail chain.

none of the above

Regarding legal issues that affect a retailer's location decision, with which of the following would the authors of your textbook likely agree?

none of the above

swot - o

opportunities

The authors of your textbook would describe Fazoli's at Zandale Shopping Center as a(n) __________.

outparcel

According to the authors of your textbook, the three kinds of locations that available to retailers are __________, __________, and __________.

planned; unplanned; nontraditional

Merritt Creek Farm Shopping Center in Barboursville, West Virginia is anchored by a Target and a Home Depot. The shopping center also is home to an Office Depot, a Marshall's, a Petco, a Dollar Tree, a Starbucks, a Sally Beauty Supply, an O'Charley's, a Bellacino's Pizza & Grinders, a GameStop, an A.C. Moore Arts & Crafts, and a handful of independent specialty retailers.The authors of your textbook would describe Merrit Creek Farm as a(n) _________.

power center

A store's __________is the geographic area from which it draws 50 to 70 percent of its customers. Its _______________ is located immediately beyond that area, and generates another 20 to 30 percent of the store's customers. The remaining customers come from the store's ____________ .

primary trading area secondary trading area tertiary trading area

Positioning is the __________.

process of creating an image in the customer's mind, relative to the retailer's competitors

For 7-Eleven, the acquisition of Chief Auto Parts in 1979 was part of a(n) ______ growth strategy;

related diversivation

A(n) __________ describes the nature of the retailer's operations - its retail mix - that will be used to satisfy the needs of its target market.

retail format

A "Walmart Market" is smaller than a Walmart Supercenter or a standard Walmart discount store. It occupies, on average, 38,000 square feet, whereas the average Walmart Supercenter covers 179.000 square feet and the average size of a standard discount store is 105,000 square feet. A Walmart Market offers about 28,000 items, including fresh produce, meat and dairy products, bakery and deli items, household supplies, health and beauty aids, and a pharmacy. At present, there are approximately 200 Walmart Markets compared with approximately 3,000 Supercenters and about 600 standard Walmart discount stores. When Wal-Mart Stores, Inc. originally launched the Walmart Market concept (which it then called "Walmart Neighborhood Market") in 1998, the company's expansion into this new store configuration was part of a __________ growth strategy.

retail format development

A(n) __________ is a group of consumers with similar needs and a group of retailers that satisfy those needs using a similar retail format.

retail market segment

Calvin Galvin is a regional manager at Urban Outfitters. Calvin believes that fashions are generated within groups of younger, less-affluent consumers—sometimes unintentionally—and then make their way into mainstream consumer classes. The authors of your textbook would say that Calvin subscribes to the __________ fashion theory.

subculture

The _____ system classifies all U.S. neighborhoods into 67 segments based on demographics and socioeconomic characteristics.

tapestry

All other things being equal, the best area for locating a store is __________.

the area that will generate the greatest long-term profit

The authors of your textbook define a retail strategy as a statement that identifies (1) the retailer's target market, (2) the format the retailer plans to use to satisfy the target market's needs, and (3) __________.

the bases on which the retailer plans to build a sustainable competitive advantage

The authors of your textbook define a retail strategy as a statement that identifies (1) the retailer's target market, (2) _______, (3) the bases on which the retailer plans to build a sustainable competitive advantage.

the format the retailer plans to use to satisfy the target market's needs

The authors of your textbook define a retail strategy as a statement that identifies (1) __________, (2) the format the retailer plans to use to satisfy the target market's needs, and (3) the bases on which the retailer plans to build a sustainable competitive advantage.

the retailer's target market

Consultants at Insula Research are presenting a SWOT analysis of McDonald's to McDonald's senior executives.The Insula consultants mention that of all QSR (quick-service restaurant) chains, Wendy's has the fastest average service time in the drive-through lane, averaging 133.63 seconds per vehicle. Insula's research study found Wendy's closest competitors in average service time to be Taco Bell (at 158.03 seconds per vehicle), Taco John's (at 181.19 seconds per vehicle), McDonald's (at 189.49 seconds per vehicle), and Burger King (at 198.48 seconds per vehicle).From the perspective of top management at McDonald's, the ability of Wendy's to deliver consistently-speedier drive-through service would be classified as a(n) __________.

threat

swot - t

threats

total assets

total current assets + fixed assests + long term assets

Devin Bevin is senior vice president at Nordstrom. Devin believes that after wealthy, well-educated consumers adopt a fashion, the fashion is then slowly adopted by consumers in lower social classes. The authors of your textbook would say that Devin subscribes to the __________ fashion theory.

trickle-down

According to the authors of your textbook, people go shopping because of __________ needs.

utilitarian and hedonic

Consultants at Sandelman & Associates, a foodservice market research firm, are presenting a SWOT analysis to top managers at CKE Restaurants, Inc. CKE is the parent company of the Carl's Jr., Hardee's, Red Burrito, and Green Burrito chains.The Sandelman consultants mention that of all QSR (quick-service restaurant) chains in the United States, McDonald's has the largest share of drive-through sales, followed (in this order) by Wendy's, Taco Bell, Burger King, and Sonic.For management at CKE, the fact that their own drive-through traffic volume is not sufficient to rank in the top five would be classified as a(n) __________.

weakness

Consultants at Insula Research are presenting a SWOT analysis of McDonald's to McDonald's senior executives. The Insula consultants mention that of all QSR (quick-service restaurant) chains, Wendy's has the fastest average service time in the drive-through lane, averaging 133.63 seconds per vehicle. Insula's research study found Wendy's closest competitors in average service time to be Taco Bell (at 158.03 seconds per vehicle), Taco John's (at 181.19 seconds per vehicle), McDonald's (at 189.49 seconds per vehicle), and Burger King (at 198.48 seconds per vehicle). From the perspective of top management at McDonald's, the ability of Wendy's to deliver consistently-speedier drive-through service would be classified as a(n) __________.

weaknesses

swot - w

weaknesses