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. Department store examples
Reduces channel costs
Affluence - compete on price base
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Macys - Neimen Marcus - Dillards

2. Retail Distribution/location examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Physical location - internet location - size of stores - # of stores in trading area
Focus on SPECIFIC customer market - stock products in depth
Breakup of markets

3. Internet retailers innovation
Focus on SPECIFIC customer market - stock products in depth
Internet technology
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
During depression

4. Concentrated Niches Examples
Academy - trader joes - mens wearhouse
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Internet technology
Reduces channel costs

5. Internet strategies in Real Estate
List everywhere - social networking - video tours - texting
Affluence - compete on price base
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Reduces sales staff

6. Self- service cost savings
During depression
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Reduces sales staff
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

7. Department store innovation
During urban growth
Reduce logistic costs
Special aisle displays - store coupons - store demonstrations
Coke and pepsi pay to have displays 26 weekends in a year each

8. Specialty Retailers
Compete on price - volume-oriented - limited assortment sizes
Academy - trader joes - mens wearhouse
Focus on SPECIFIC customer market - stock products in depth
Macys - Neimen Marcus - Dillards

9. Department stores
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Coke and pepsi pay to have displays 26 weekends in a year each
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
High markups - lots of services - broad product lines

10. Specialty market innovation
Macys - Neimen Marcus - Dillards
Breakup of markets
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Focus on SPECIFIC customer market - stock products in depth

11. Online jewelrer Blue Nile
Macys - Neimen Marcus - Dillards
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Affluence - compete on price base
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

12. Social Media examples
Compete on price - volume-oriented - limited assortment sizes
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
During depression
Reduces sales staff

13. Supermarkets
During urban growth
Compete on price - volume-oriented - limited assortment sizes
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

14. Discounter innovation
Special aisle displays - store coupons - store demonstrations
Product/service - pricing - promotion - distribution/location
Affluence - compete on price base
Reduce logistic costs

15. Retail Market Mix
Product/service - pricing - promotion - distribution/location
List everywhere - social networking - video tours - texting
Macys - Neimen Marcus - Dillards
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

16. Retail Pricing examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Affluence - compete on price base
Internet technology

17. Retail revenue streams
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
High markups - lots of services - broad product lines
Sale of product - credit - service - and warranty add-ons
Compete on price - volume-oriented - limited assortment sizes

18. Discount store examples
Interior design companies - custom home builders - home carpet companies
Coke and pepsi pay to have displays 26 weekends in a year each
During urban growth
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

19. Retail Product/Service examples
Reduces channel costs
Store brand products - degree of self-service - leased products/services
Compete on price - volume-oriented - limited assortment sizes
Physical location - internet location - size of stores - # of stores in trading area

20. Supply Chains cost savings
Compete on price - volume-oriented - limited assortment sizes
Reduce logistic costs
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Everyday low prices - weekend lower prices - cheaper prices with store credit card

21. Internet retailer examples
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Sale of product - credit - service - and warranty add-ons
Reduces channel costs
Breakup of markets

22. Display allowances in many supermarkets
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Interior design companies - custom home builders - home carpet companies
Internet technology
Coke and pepsi pay to have displays 26 weekends in a year each

23. Supermarket innovation
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Special aisle displays - store coupons - store demonstrations
During urban growth
During depression

24. Specialty Retailer examples
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Reduces channel costs
List everywhere - social networking - video tours - texting

25. Great affiliate of blinds.com
During urban growth
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Breakup of markets
Interior design companies - custom home builders - home carpet companies

26. Retail promotion examples
Special aisle displays - store coupons - store demonstrations
Affluence - compete on price base
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Reduce logistic costs

27. Retail location choices
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Sale of product - credit - service - and warranty add-ons
Everyday low prices - weekend lower prices - cheaper prices with store credit card

28. Discount stores
Compete on price - volume-oriented - limited assortment sizes
Academy - trader joes - mens wearhouse
Physical location - internet location - size of stores - # of stores in trading area
Interior design companies - custom home builders - home carpet companies

29. Internet selling cost savings
Special aisle displays - store coupons - store demonstrations
Reduces channel costs
During depression
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores