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. Supply Chains cost savings
Product/service - pricing - promotion - distribution/location
During urban growth
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Reduce logistic costs

2. Specialty Retailers
Focus on SPECIFIC customer market - stock products in depth
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
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

3. Online jewelrer Blue Nile
Compete on price - volume-oriented - limited assortment sizes
Affluence - compete on price base
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Breakup of markets

4. Supermarket innovation
Coke and pepsi pay to have displays 26 weekends in a year each
During depression
Academy - trader joes - mens wearhouse
Reduces sales staff

5. Department store examples
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Reduce logistic costs
Macys - Neimen Marcus - Dillards
Compete on price - volume-oriented - limited assortment sizes

6. Retail location choices
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
During depression
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

7. Retail revenue streams
Macys - Neimen Marcus - Dillards
Reduces sales staff
Sale of product - credit - service - and warranty add-ons
Compete on price - volume-oriented - limited assortment sizes

8. Department store innovation
During urban growth
List everywhere - social networking - video tours - texting
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Internet technology

9. Discount store examples
Product/service - pricing - promotion - distribution/location
Compete on price - volume-oriented - limited assortment sizes
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Academy - trader joes - mens wearhouse

10. Internet selling cost savings
Coke and pepsi pay to have displays 26 weekends in a year each
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Reduces channel costs

11. Self- service cost savings
Reduces sales staff
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Store brand products - degree of self-service - leased products/services
Interior design companies - custom home builders - home carpet companies

12. Retail Product/Service examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Store brand products - degree of self-service - leased products/services
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

13. Display allowances in many supermarkets
Coke and pepsi pay to have displays 26 weekends in a year each
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Academy - trader joes - mens wearhouse
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

14. Department stores
Affluence - compete on price base
High markups - lots of services - broad product lines
Special aisle displays - store coupons - store demonstrations
Sale of product - credit - service - and warranty add-ons

15. Retail Market Mix
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Product/service - pricing - promotion - distribution/location
Reduce logistic costs
List everywhere - social networking - video tours - texting

16. Specialty Retailer examples
Product/service - pricing - promotion - distribution/location
Focus on SPECIFIC customer market - stock products in depth
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Affluence - compete on price base

17. Retail promotion examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Special aisle displays - store coupons - store demonstrations
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

18. Discount stores
Reduces sales staff
Reduce logistic costs
Compete on price - volume-oriented - limited assortment sizes
During depression

19. Internet retailer examples
Coke and pepsi pay to have displays 26 weekends in a year each
Academy - trader joes - mens wearhouse
Focus on SPECIFIC customer market - stock products in depth
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

20. Social Media examples
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
High markups - lots of services - broad product lines
During depression
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

21. Internet strategies in Real Estate
Special aisle displays - store coupons - store demonstrations
List everywhere - social networking - video tours - texting
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

22. Discounter innovation
Breakup of markets
Compete on price - volume-oriented - limited assortment sizes
Special aisle displays - store coupons - store demonstrations
Affluence - compete on price base

23. Internet retailers innovation
Interior design companies - custom home builders - home carpet companies
Internet technology
Breakup of markets
High markups - lots of services - broad product lines

24. Retail Distribution/location examples
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
Product/service - pricing - promotion - distribution/location
Internet technology

25. Great affiliate of blinds.com
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Interior design companies - custom home builders - home carpet companies
During urban growth
Reduce logistic costs

26. Specialty market innovation
Coke and pepsi pay to have displays 26 weekends in a year each
Academy - trader joes - mens wearhouse
During depression
Breakup of markets

27. Retail Pricing examples
Reduces channel costs
Everyday low prices - weekend lower prices - cheaper prices with store credit card
List everywhere - social networking - video tours - texting
Internet technology

28. Concentrated Niches Examples
Physical location - internet location - size of stores - # of stores in trading area
Academy - trader joes - mens wearhouse
Reduce logistic costs
Sale of product - credit - service - and warranty add-ons

29. Supermarkets
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Product/service - pricing - promotion - distribution/location
During urban growth
Focus on SPECIFIC customer market - stock products in depth