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 stores
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Special aisle displays - store coupons - store demonstrations
Product/service - pricing - promotion - distribution/location
High markups - lots of services - broad product lines

2. Online jewelrer Blue Nile
Breakup of markets
Everyday low prices - weekend lower prices - cheaper prices with store credit card
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

3. Department store examples
Internet technology
Macys - Neimen Marcus - Dillards
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

4. Discount store examples
Breakup of markets
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Store brand products - degree of self-service - leased products/services
Coke and pepsi pay to have displays 26 weekends in a year each

5. Retail promotion examples
Special aisle displays - store coupons - store demonstrations
Focus on SPECIFIC customer market - stock products in depth
Reduces channel costs
Reduce logistic costs

6. Display allowances in many supermarkets
Physical location - internet location - size of stores - # of stores in trading area
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Reduces channel costs
Coke and pepsi pay to have displays 26 weekends in a year each

7. Internet selling cost savings
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Reduces sales staff
Interior design companies - custom home builders - home carpet companies
Reduces channel costs

8. Concentrated Niches Examples
Academy - trader joes - mens wearhouse
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Interior design companies - custom home builders - home carpet companies
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

9. Supply Chains cost savings
Affluence - compete on price base
Reduce logistic costs
Product/service - pricing - promotion - distribution/location
Interior design companies - custom home builders - home carpet companies

10. Self- service cost savings
Reduces sales staff
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Internet technology

11. Supermarkets
Reduces sales staff
During depression
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

12. Internet retailers innovation
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
During depression
Internet technology
Breakup of markets

13. Retail Distribution/location examples
Product/service - pricing - promotion - distribution/location
Physical location - internet location - size of stores - # of stores in trading area
Reduces sales staff
During urban growth

14. Retail Market Mix
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Product/service - pricing - promotion - distribution/location
High markups - lots of services - broad product lines
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

15. 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
List everywhere - social networking - video tours - texting
Store brand products - degree of self-service - leased products/services

16. Department store innovation
Academy - trader joes - mens wearhouse
During urban growth
Product/service - pricing - promotion - distribution/location
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

17. Retail revenue streams
Sale of product - credit - service - and warranty add-ons
Special aisle displays - store coupons - store demonstrations
Focus on SPECIFIC customer market - stock products in depth
Product/service - pricing - promotion - distribution/location

18. Social Media examples
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Focus on SPECIFIC customer market - stock products in depth
Reduces channel costs

19. Specialty Retailers
Product/service - pricing - promotion - distribution/location
Focus on SPECIFIC customer market - stock products in depth
During depression
Reduces sales staff

20. Discounter innovation
Reduces channel costs
Affluence - compete on price base
Interior design companies - custom home builders - home carpet companies
Compete on price - volume-oriented - limited assortment sizes

21. Specialty market innovation
Physical location - internet location - size of stores - # of stores in trading area
Breakup of markets
During depression
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

22. Discount stores
List everywhere - social networking - video tours - texting
During urban growth
Coke and pepsi pay to have displays 26 weekends in a year each
Compete on price - volume-oriented - limited assortment sizes

23. Specialty Retailer examples
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Focus on SPECIFIC customer market - stock products in depth
During depression
Coke and pepsi pay to have displays 26 weekends in a year each

24. Internet strategies in Real Estate
Internet technology
List everywhere - social networking - video tours - texting
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Macys - Neimen Marcus - Dillards

25. Retail location choices
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Compete on price - volume-oriented - limited assortment sizes
High markups - lots of services - broad product lines
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

26. Retail Product/Service examples
Affluence - compete on price base
Internet technology
Focus on SPECIFIC customer market - stock products in depth
Store brand products - degree of self-service - leased products/services

27. Internet retailer examples
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Internet technology
Compete on price - volume-oriented - limited assortment sizes
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

28. Supermarket innovation
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
During depression
Store brand products - degree of self-service - leased products/services
Compete on price - volume-oriented - limited assortment sizes

29. Great affiliate of blinds.com
Breakup of markets
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Interior design companies - custom home builders - home carpet companies
Store brand products - degree of self-service - leased products/services