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. Concentrated Niches Examples
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Store brand products - degree of self-service - leased products/services
Academy - trader joes - mens wearhouse
Product/service - pricing - promotion - distribution/location

2. Retail Product/Service examples
Coke and pepsi pay to have displays 26 weekends in a year each
Reduces channel costs
Store brand products - degree of self-service - leased products/services
Internet technology

3. Specialty Retailers
Focus on SPECIFIC customer market - stock products in depth
During urban growth
Reduces sales staff
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

4. Department store examples
Academy - trader joes - mens wearhouse
Affluence - compete on price base
List everywhere - social networking - video tours - texting
Macys - Neimen Marcus - Dillards

5. Department store innovation
Coke and pepsi pay to have displays 26 weekends in a year each
Interior design companies - custom home builders - home carpet companies
During urban growth
Reduce logistic costs

6. Retail Market Mix
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Product/service - pricing - promotion - distribution/location
Affluence - compete on price base
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

7. Supermarkets
Academy - trader joes - mens wearhouse
Internet technology
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Reduce logistic costs

8. Department stores
Compete on price - volume-oriented - limited assortment sizes
Reduces channel costs
Macys - Neimen Marcus - Dillards
High markups - lots of services - broad product lines

9. Supermarket innovation
Focus on SPECIFIC customer market - stock products in depth
During depression
Reduces sales staff
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

10. Internet retailers innovation
Coke and pepsi pay to have displays 26 weekends in a year each
Special aisle displays - store coupons - store demonstrations
Breakup of markets
Internet technology

11. Social Media examples
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Reduce logistic costs
High markups - lots of services - broad product lines
Compete on price - volume-oriented - limited assortment sizes

12. Retail location choices
Coke and pepsi pay to have displays 26 weekends in a year each
List everywhere - social networking - video tours - texting
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Internet technology

13. Discount store examples
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
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
Compete on price - volume-oriented - limited assortment sizes

14. Discount stores
Compete on price - volume-oriented - limited assortment sizes
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
During urban growth
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

15. Great affiliate of blinds.com
Reduce logistic costs
Affluence - compete on price base
Special aisle displays - store coupons - store demonstrations
Interior design companies - custom home builders - home carpet companies

16. Discounter innovation
Academy - trader joes - mens wearhouse
Affluence - compete on price base
Breakup of markets
Everyday low prices - weekend lower prices - cheaper prices with store credit card

17. Supply Chains cost savings
Product/service - pricing - promotion - distribution/location
Interior design companies - custom home builders - home carpet companies
Reduce logistic costs
Physical location - internet location - size of stores - # of stores in trading area

18. Internet strategies in Real Estate
Breakup of markets
Physical location - internet location - size of stores - # of stores in trading area
Academy - trader joes - mens wearhouse
List everywhere - social networking - video tours - texting

19. Internet selling cost savings
Reduces channel costs
Reduces sales staff
During urban growth
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

20. Retail revenue streams
Physical location - internet location - size of stores - # of stores in trading area
Store brand products - degree of self-service - leased products/services
Sale of product - credit - service - and warranty add-ons
Compete on price - volume-oriented - limited assortment sizes

21. Retail Distribution/location examples
Physical location - internet location - size of stores - # of stores in trading area
Reduces channel costs
Macys - Neimen Marcus - Dillards
List everywhere - social networking - video tours - texting

22. Retail Pricing examples
Physical location - internet location - size of stores - # of stores in trading area
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Reduces channel costs
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

23. Retail promotion examples
Special aisle displays - store coupons - store demonstrations
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
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

24. Display allowances in many supermarkets
Focus on SPECIFIC customer market - stock products in depth
Macys - Neimen Marcus - Dillards
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

25. Specialty Retailer examples
Product/service - pricing - promotion - distribution/location
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Academy - trader joes - mens wearhouse
Affluence - compete on price base

26. Self- service cost savings
List everywhere - social networking - video tours - texting
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 sales staff

27. Specialty market innovation
Breakup of markets
Compete on price - volume-oriented - limited assortment sizes
Product/service - pricing - promotion - distribution/location
Store brand products - degree of self-service - leased products/services

28. Online jewelrer Blue Nile
Reduces sales staff
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Special aisle displays - store coupons - store demonstrations
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

29. Internet retailer examples
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Special aisle displays - store coupons - store demonstrations
Product/service - pricing - promotion - distribution/location
Reduces channel costs