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
During depression
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Physical location - internet location - size of stores - # of stores in trading area
Academy - trader joes - mens wearhouse

2. Internet retailer examples
High markups - lots of services - broad product lines
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Macys - Neimen Marcus - Dillards
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

3. Specialty market innovation
Reduces sales staff
Internet technology
Breakup of markets
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

4. Retail Pricing examples
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Reduces channel costs
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Breakup of markets

5. Online jewelrer Blue Nile
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Focus on SPECIFIC customer market - stock products in depth
Coke and pepsi pay to have displays 26 weekends in a year each
High markups - lots of services - broad product lines

6. Retail promotion examples
Academy - trader joes - mens wearhouse
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Reduces sales staff
Special aisle displays - store coupons - store demonstrations

7. Supermarket innovation
During depression
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Affluence - compete on price base
Everyday low prices - weekend lower prices - cheaper prices with store credit card

8. Self- service cost savings
Reduces sales staff
Interior design companies - custom home builders - home carpet companies
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

9. Specialty Retailer examples
Special aisle displays - store coupons - store demonstrations
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Focus on SPECIFIC customer market - stock products in depth
High markups - lots of services - broad product lines

10. Discount store examples
Reduce logistic costs
Affluence - compete on price base
Breakup of markets
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

11. Internet strategies in Real Estate
High markups - lots of services - broad product lines
List everywhere - social networking - video tours - texting
Breakup of markets
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

12. Display allowances in many supermarkets
Coke and pepsi pay to have displays 26 weekends in a year each
During depression
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Academy - trader joes - mens wearhouse

13. Supermarkets
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Coke and pepsi pay to have displays 26 weekends in a year each
Interior design companies - custom home builders - home carpet companies
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

14. Great affiliate of blinds.com
Interior design companies - custom home builders - home carpet companies
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Internet technology
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

15. Supply Chains cost savings
Macys - Neimen Marcus - Dillards
Special aisle displays - store coupons - store demonstrations
Academy - trader joes - mens wearhouse
Reduce logistic costs

16. Retail Product/Service examples
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Reduce logistic costs
Store brand products - degree of self-service - leased products/services
During urban growth

17. Retail revenue streams
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Sale of product - credit - service - and warranty add-ons
Reduces sales staff
Store brand products - degree of self-service - leased products/services

18. Social Media examples
Physical location - internet location - size of stores - # of stores in trading area
Coke and pepsi pay to have displays 26 weekends in a year each
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Reduce logistic costs

19. Retail Distribution/location 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
List everywhere - social networking - video tours - texting

20. Department store innovation
Internet technology
Compete on price - volume-oriented - limited assortment sizes
Affluence - compete on price base
During urban growth

21. Department store examples
Focus on SPECIFIC customer market - stock products in depth
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Product/service - pricing - promotion - distribution/location
Macys - Neimen Marcus - Dillards

22. Internet retailers innovation
Physical location - internet location - size of stores - # of stores in trading area
Internet technology
Coke and pepsi pay to have displays 26 weekends in a year each
Affluence - compete on price base

23. Specialty Retailers
Store brand products - degree of self-service - leased products/services
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Focus on SPECIFIC customer market - stock products in depth
Academy - trader joes - mens wearhouse

24. Department stores
Special aisle displays - store coupons - store demonstrations
Academy - trader joes - mens wearhouse
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
High markups - lots of services - broad product lines

25. Retail Market Mix
Special aisle displays - store coupons - store demonstrations
Product/service - pricing - promotion - distribution/location
Reduces sales staff
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

26. Retail location choices
Reduce logistic costs
Academy - trader joes - mens wearhouse
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Affluence - compete on price base

27. Internet selling cost savings
Academy - trader joes - mens wearhouse
Reduces channel costs
Product/service - pricing - promotion - distribution/location
During depression

28. Discount stores
Reduces channel costs
Compete on price - volume-oriented - limited assortment sizes
During urban growth
Product/service - pricing - promotion - distribution/location

29. Discounter innovation
During urban growth
Store brand products - degree of self-service - leased products/services
Affluence - compete on price base
Physical location - internet location - size of stores - # of stores in trading area