Retailing - Retail Market Strategy | Practice Test / Quiz / MCQs

Home > Retail Business > Quizzes > Retailing - Retail Market Strategy

Retailing - Retail Market Strategy

Fast practice, instant feedback. Timer auto-submits when time’s up.

Avg score: 20% • Most missed: “Competitive rivalry”

Study First Challenge a Friend Stats

Retailing - Retail Market Strategy

Time left 00:00

25 Questions

1. Price

All of the things within the retailer's control - including the retail product that will be sold - the price for the product - the store location - the promotion and visual image of the store - the processes - and human resource management decisionsA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors do

2. Related diversification

A diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doPrestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)All of the things within the retailer's control - including the retail product that will be sold - the price for the product - the store location - the promotion and visual image of the store - the processes - and human resource management decisions

3. Retailing concept

All of the things within the retailer's control - including the retail product that will be sold - the price for the product - the store location - the promotion and visual image of the store - the processes - and human resource management decisionsA management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doPrestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)

4. Micro-environment

A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)All of the things within the retailer's control - including the retail product that will be sold - the price for the product - the store location - the promotion and visual image of the store - the processes - and human resource management decisions

5. Customer loyalty

A diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Customers' commitment to shopping at a storePrestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors do

6. Physical

A diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Store design and displays - store atmosphereA management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doPrestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)

7. Mission statement

A broad description of the scope of activites a business plans to undertakeA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors do

8. Veritcal integration

A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Diversification by retailers into wholesaling or manufacturingPrestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)

9. Private-label brands

A diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)Products developed and marketed by a retailer and available for sale only by that retailer; also called store brandsA management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors do

10. Target market

Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)The market segment(s) toward which the retailer plans to focus its resources and retail mix

11. Retail format development opportunity

Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)An investment opportunity strategy in which a retailer offers a new retail format - a format involving a different retail mix - to the same target marketA management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)

12. Scale economies

13. Sustainable competitive advantage

A diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A distinct competency of a retailer relative to its competitors that can be maintained over a considerable time period - Done by: building strong relationships with consumers - building strong relationships with suppliers - and achieving efficient internal operationsA management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors do

14. People

15. Diversification opportunity

A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doPrestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A strategic investment opportunity that involves an entirely new retail format directed toward a market segment not presently being servedA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)

16. Retail market

A group of consumers with similar needs and a group of retailers using a similar retail format to satisfy those consumer needsA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors do

17. Market penetration opportunity

A diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)An investment opportunity strategy that focuses on increasing sales to present customers using the present retailing formatPrestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors do

18. Perceptual map

A diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doPrestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)Frequently used to represent the customer's image and preference for retailers

19. Market expansion opportunity

A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doA strategic investment opportunity that employs the existing retailing format in new market segmentsPrestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)

20. Bargaining power of vendors

A diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A competitive factor that makes a market unattractive when a few vendors control the merchandise sold in it (e.g. - estee lauder and l'oréal provide the most desired premium brands)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors do

21. Brand images

Sets of associations consumers have about a brand that are usuallyPrestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)

22. Barriers to entry

A diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)Conditions in a retail market that make it difficult for firms to enter the marketA management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors do

23. Positioning

The design and implementation of a retail mix to create in the customer's mind an image of the retailer relative to its competitors; also called brand buildingPrestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)

24. Retail format

The retailers' type of retail mix (product - price - promotion - place - people - and processes)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors doA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)

25. Product

Product and or/service - package - warranty - after-sales service - brand name - company image - return policies - and other factorsA diversification opportunity strategy in which the retailer's present offering and market share something in common with the market and format being considered (e.g. - canadian tire purchasing sportchek)Prestige pricing - competitive (at-the-market) pricing - discount pricing - everyday low pricing (edlp)A management orientation that holds that the key task of a retailer is to determine the needs and wants of its target markets and to direct the firm toward satisfying those needs and wants more effectively and efficiently that competitors do

⚡ Recently practiced quizzes in this topic

Live quiz activity

Retail Management Costco Optical Department Best Buy Sales Induction Final Test! Publix Manager Test 2 Costco Training Retail Trainee Associate Exam Retail Management Practice Test Questions Visual Merchandising Review 1 Retailing - Store Design - Layout - and Visual Merchandising Strategy Visual Merchandising Final Review

25 Questions

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

25 Questions

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know? Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com