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 Market Mix
Product/service - pricing - promotion - distribution/location
List everywhere - social networking - video tours - texting
Affluence - compete on price base
Focus on SPECIFIC customer market - stock products in depth

2. Specialty Retailers
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
Macys - Neimen Marcus - Dillards
List everywhere - social networking - video tours - texting

3. Discount stores
Affluence - compete on price base
Compete on price - volume-oriented - limited assortment sizes
During depression
Physical location - internet location - size of stores - # of stores in trading area

4. Supply Chains cost savings
Reduce logistic costs
During urban growth
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Academy - trader joes - mens wearhouse

5. Supermarkets
Focus on SPECIFIC customer market - stock products in depth
Coke and pepsi pay to have displays 26 weekends in a year each
Academy - trader joes - mens wearhouse
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

6. Department stores
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
High markups - lots of services - broad product lines
Interior design companies - custom home builders - home carpet companies

7. Internet retailer examples
Reduces channel costs
Breakup of markets
Product/service - pricing - promotion - distribution/location
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

8. Internet selling cost savings
Reduces channel costs
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
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

9. Retail promotion examples
Special aisle displays - store coupons - store demonstrations
Interior design companies - custom home builders - home carpet companies
Product/service - pricing - promotion - distribution/location
Focus on SPECIFIC customer market - stock products in depth

10. Retail Pricing 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
Reduces sales staff
During urban growth

11. Display allowances in many supermarkets
Reduces channel costs
Internet technology
Compete on price - volume-oriented - limited assortment sizes
Coke and pepsi pay to have displays 26 weekends in a year each

12. Retail location choices
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
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
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

13. Discounter innovation
During urban growth
Affluence - compete on price base
High markups - lots of services - broad product lines
Store brand products - degree of self-service - leased products/services

14. Internet retailers innovation
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Internet technology
Store brand products - degree of self-service - leased products/services
During urban growth

15. Internet strategies in Real Estate
List everywhere - social networking - video tours - texting
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
High markups - lots of services - broad product lines

16. Department store examples
Breakup of markets
Store brand products - degree of self-service - leased products/services
Macys - Neimen Marcus - Dillards
Product/service - pricing - promotion - distribution/location

17. Department store innovation
During urban growth
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Everyday low prices - weekend lower prices - cheaper prices with store credit card
During depression

18. Supermarket innovation
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Reduces channel costs
During depression
Academy - trader joes - mens wearhouse

19. Great affiliate of blinds.com
Reduce logistic costs
Store brand products - degree of self-service - leased products/services
Interior design companies - custom home builders - home carpet companies
During depression

20. Online jewelrer Blue Nile
Affluence - compete on price base
Product/service - pricing - promotion - distribution/location
Breakup of markets
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

21. Specialty Retailer examples
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Internet technology
During depression

22. Retail Product/Service examples
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
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
Internet technology

23. Concentrated Niches Examples
Store brand products - degree of self-service - leased products/services
Academy - trader joes - mens wearhouse
Reduces channel costs
Everyday low prices - weekend lower prices - cheaper prices with store credit card

24. Social Media examples
Reduces sales staff
Special aisle displays - store coupons - store demonstrations
During urban growth
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

25. Discount store examples
Compete on price - volume-oriented - limited assortment sizes
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
High markups - lots of services - broad product lines
Academy - trader joes - mens wearhouse

26. Retail Distribution/location examples
Focus on SPECIFIC customer market - stock products in depth
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
List everywhere - social networking - video tours - texting
Physical location - internet location - size of stores - # of stores in trading area

27. Specialty market innovation
Breakup of markets
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Physical location - internet location - size of stores - # of stores in trading area
List everywhere - social networking - video tours - texting

28. Retail revenue streams
Sale of product - credit - service - and warranty add-ons
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Compete on price - volume-oriented - limited assortment sizes
Store brand products - degree of self-service - leased products/services

29. Self- service cost savings
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Reduces sales staff
Academy - trader joes - mens wearhouse
During depression