MKT 320 Guidepost Questions Ch. 5

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.
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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(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
Positioning is the __________.
process of creating an image in the customer's mind, relative to the retailer's competitors
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
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 __________.
positioning its brand in a way that clearly differentiates it from competitors
offering attractive rewards through a frequent shopper program
training employees to deliver superior customer service
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
In 1985, Kroger Co. purchased Turkey Hill Minit Markets (a Lancaster, Pennsylvania-based chain of convenience store/gas stations). As part of the same deal, Kroger also acquired Turkey Hill Minit Markets' sister company - Turkey Hill Dairy, based in Conestoga, Pennsylvania - a producer of fresh milk products, ice cream, frozen yogurt, and bottled drinks.
In total, Kroger's Turkey Hill acquisition was part of a(n) __________ growth strategy.
diversification
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
At which stage of the strategic retail planning process does a retailer analyze the impact - or potential impact - of economic conditions on its sales?
In Step 2, as it conducts a SWOT analysis.