Test your basic knowledge |

Retail Strategy

Instructions:

Answer 29 questions in 15 minutes.
If you are not ready to take this test, you can study here.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.

1. Retail Distribution/location examples
Physical location - internet location - size of stores - # of stores in trading area
Coke and pepsi pay to have displays 26 weekends in a year each
Breakup of markets
Focus on SPECIFIC customer market - stock products in depth

2. Specialty Retailers
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Focus on SPECIFIC customer market - stock products in depth
Compete on price - volume-oriented - limited assortment sizes
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

3. Discount stores
Internet technology
Compete on price - volume-oriented - limited assortment sizes
Interior design companies - custom home builders - home carpet companies
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

4. Internet retailer examples
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
High markups - lots of services - broad product lines
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
During urban growth

5. Discounter innovation
Affluence - compete on price base
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
During urban growth
Reduces channel costs

6. Self- service cost savings
Store brand products - degree of self-service - leased products/services
Compete on price - volume-oriented - limited assortment sizes
Reduces sales staff
Coke and pepsi pay to have displays 26 weekends in a year each

7. Internet retailers innovation
High markups - lots of services - broad product lines
Sale of product - credit - service - and warranty add-ons
Focus on SPECIFIC customer market - stock products in depth
Internet technology

8. Department store innovation
Reduce logistic costs
Macys - Neimen Marcus - Dillards
Special aisle displays - store coupons - store demonstrations
During urban growth

9. Retail Market Mix
Breakup of markets
High markups - lots of services - broad product lines
Product/service - pricing - promotion - distribution/location
Sale of product - credit - service - and warranty add-ons

10. Online jewelrer Blue Nile
Reduce logistic costs
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Academy - trader joes - mens wearhouse

11. Retail revenue streams
High markups - lots of services - broad product lines
Physical location - internet location - size of stores - # of stores in trading area
Sale of product - credit - service - and warranty add-ons
Breakup of markets

12. Department store examples
Macys - Neimen Marcus - Dillards
Reduces channel costs
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

13. Supermarket innovation
Interior design companies - custom home builders - home carpet companies
Compete on price - volume-oriented - limited assortment sizes
Reduces channel costs
During depression

14. Display allowances in many supermarkets
Coke and pepsi pay to have displays 26 weekends in a year each
Physical location - internet location - size of stores - # of stores in trading area
Focus on SPECIFIC customer market - stock products in depth
Sale of product - credit - service - and warranty add-ons

15. Supermarkets
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Affluence - compete on price base
Compete on price - volume-oriented - limited assortment sizes
During depression

16. Internet selling cost savings
Reduces channel costs
Sale of product - credit - service - and warranty add-ons
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Everyday low prices - weekend lower prices - cheaper prices with store credit card

17. Retail Product/Service examples
Reduces sales staff
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Store brand products - degree of self-service - leased products/services
Academy - trader joes - mens wearhouse

18. Great affiliate of blinds.com
Reduces channel costs
Interior design companies - custom home builders - home carpet companies
Macys - Neimen Marcus - Dillards
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

19. Social Media examples
Product/service - pricing - promotion - distribution/location
Coke and pepsi pay to have displays 26 weekends in a year each
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

20. Retail Pricing examples
Sale of product - credit - service - and warranty add-ons
Internet technology
Everyday low prices - weekend lower prices - cheaper prices with store credit card
List everywhere - social networking - video tours - texting

21. Specialty Retailer examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Store brand products - degree of self-service - leased products/services

22. Retail promotion examples
Focus on SPECIFIC customer market - stock products in depth
Physical location - internet location - size of stores - # of stores in trading area
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Special aisle displays - store coupons - store demonstrations

23. Specialty market innovation
Macys - Neimen Marcus - Dillards
During depression
Breakup of markets
Reduces channel costs

24. Concentrated Niches Examples
Academy - trader joes - mens wearhouse
Special aisle displays - store coupons - store demonstrations
During urban growth
Affluence - compete on price base

25. Supply Chains cost savings
Coke and pepsi pay to have displays 26 weekends in a year each
Physical location - internet location - size of stores - # of stores in trading area
Affluence - compete on price base
Reduce logistic costs

26. Department stores
High markups - lots of services - broad product lines
Interior design companies - custom home builders - home carpet companies
Sale of product - credit - service - and warranty add-ons
Special aisle displays - store coupons - store demonstrations

27. Discount store examples
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Store brand products - degree of self-service - leased products/services
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

28. Retail location choices
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

29. Internet strategies in Real Estate
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Compete on price - volume-oriented - limited assortment sizes
List everywhere - social networking - video tours - texting
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot