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Gaining a Competitive Retail Advantage Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. How does the focus strategy differ from the other strategies identified in the lesson?

Question 2 2. What type of strategy involves serving the unique or specialized needs of a segment of a market?

Question 3 3. A cost strategy functions by:

Question 4 4. Which of the following would a company do when it decides to 'harvest' a product made by an SBU?

Question 5 5. What are the four different strategic alternatives?

Page 2

Question 6 6. Which of these products would be classified as a star on the portfolio matrix ?

Question 7 7. Ansoff's matrix is useful for what?

Question 8 8. Joanie wants to open a new store location 100 miles from her existing shop. Which of these strategies is she considering?

Question 9 9. Dana has just moved to Tampa and is planning to open a new business specializing in the sale of various sizes of picnic baskets. Which strategy is Dana using?

Question 10 10. What are the two factors considered in Porter's matrix of generic strategies?

Page 3

Question 11 11. Which of the following best describes the situation in which a company tries to be all things to all customers?

Question 12 12. Which of the following is NOT one of Porter's generic strategies?

Question 13 13. Explain how place strategies work.

Question 14 14. What type of market segmentation strategy is used by Disney?

Question 15 15. Which part of the marketing mix is the most flexible and easiest to change?

Page 4

Question 16 16. Which of the following is a method that can be used to place emphasis on the features of a product?

Question 17 17. Let's assume that you have a business selling oranges. Your main competitor has been in the same business for ten years and is very successful. For that reason, your competitor is seen as the standard when it comes to selling oranges. What is the term used to describe this?

Question 18 18. Something, such as a symbol, sign or marquee, that represents an organization and distinguishes it from others is known as what?

Question 19 19. Which of the following is an example of competitive advantage?

Question 20 20. Thomas owns a large IT company. He attempts to gain an upper hand in the market by using very skilled workers and inexpensive raw materials. Overall, he is very focused on controlling the costs in order to maximize the value of his products to consumers. How is this an example of cost-competitive advantage?

Page 5

Question 21 21. Which of the following is an example of a company using a niche competitive marketing strategy?

Question 22 22. Which of the following is a step in creating an action plan?

Question 23 23. What can a proactive company do to ensure that a value chain is effective?

Question 24 24. Why should companies analyze what actions are important to customers?

Question 25 25. Which of the following is the best explanation of a business strategy?

Page 6

Question 26 26. What is a strategic alternative?

Question 27 27. Tom has decided to expand his store hours and offer discounted pricing on his existing line of pet supplies. Which strategy is Tom considering?

Question 28 28. Which of the following is an example of a company that has pursued a low-cost strategy?

Question 29 29. What is included in promotional strategies?

Question 30 30. What is a competitive advantage?

Gaining a Competitive Retail Advantage Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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