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 Product/Service examples
Reduces channel costs
Interior design companies - custom home builders - home carpet companies
List everywhere - social networking - video tours - texting
Store brand products - degree of self-service - leased products/services

2. Retail Pricing examples
Focus on SPECIFIC customer market - stock products in depth
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Interior design companies - custom home builders - home carpet companies
Everyday low prices - weekend lower prices - cheaper prices with store credit card

3. Department stores
During depression
High markups - lots of services - broad product lines
Reduces sales staff
Interior design companies - custom home builders - home carpet companies

4. Discount store examples
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Affluence - compete on price base
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

5. Retail revenue streams
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Sale of product - credit - service - and warranty add-ons
Coke and pepsi pay to have displays 26 weekends in a year each
During depression

6. Concentrated Niches Examples
Focus on SPECIFIC customer market - stock products in depth
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Macys - Neimen Marcus - Dillards
Academy - trader joes - mens wearhouse

7. Discounter innovation
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
Macys - Neimen Marcus - Dillards
Affluence - compete on price base

8. Self- service cost savings
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Affluence - compete on price base
Reduces sales staff
Macys - Neimen Marcus - Dillards

9. Internet retailers innovation
Internet technology
Reduce logistic costs
List everywhere - social networking - video tours - texting
Special aisle displays - store coupons - store demonstrations

10. Great affiliate of blinds.com
Reduce logistic costs
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Interior design companies - custom home builders - home carpet companies
During depression

11. Social Media examples
Store brand products - degree of self-service - leased products/services
Product/service - pricing - promotion - distribution/location
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Focus on SPECIFIC customer market - stock products in depth

12. Internet retailer examples
Compete on price - volume-oriented - limited assortment sizes
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
During urban growth
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

13. Retail promotion examples
Product/service - pricing - promotion - distribution/location
Special aisle displays - store coupons - store demonstrations
Physical location - internet location - size of stores - # of stores in trading area
Sale of product - credit - service - and warranty add-ons

14. Display allowances in many supermarkets
Interior design companies - custom home builders - home carpet companies
Academy - trader joes - mens wearhouse
Coke and pepsi pay to have displays 26 weekends in a year each
Reduces sales staff

15. Specialty Retailer examples
Interior design companies - custom home builders - home carpet companies
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Reduces channel costs

16. Specialty market innovation
Sale of product - credit - service - and warranty add-ons
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Product/service - pricing - promotion - distribution/location
Breakup of markets

17. Online jewelrer Blue Nile
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
Macys - Neimen Marcus - Dillards
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

18. Internet strategies in Real Estate
Special aisle displays - store coupons - store demonstrations
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
List everywhere - social networking - video tours - texting
Sale of product - credit - service - and warranty add-ons

19. Specialty Retailers
Academy - trader joes - mens wearhouse
Focus on SPECIFIC customer market - stock products in depth
Sale of product - credit - service - and warranty add-ons
During urban growth

20. Supermarket innovation
During depression
Compete on price - volume-oriented - limited assortment sizes
Breakup of markets
Sale of product - credit - service - and warranty add-ons

21. Internet selling cost savings
Product/service - pricing - promotion - distribution/location
Interior design companies - custom home builders - home carpet companies
Reduces channel costs
During urban growth

22. Supply Chains cost savings
Everyday low prices - weekend lower prices - cheaper prices with store credit card
High markups - lots of services - broad product lines
Academy - trader joes - mens wearhouse
Reduce logistic costs

23. Discount stores
Sale of product - credit - service - and warranty add-ons
Compete on price - volume-oriented - limited assortment sizes
Reduce logistic costs
Product/service - pricing - promotion - distribution/location

24. Retail Market Mix
Internet technology
Product/service - pricing - promotion - distribution/location
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Academy - trader joes - mens wearhouse

25. Retail Distribution/location examples
Reduces channel costs
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
Special aisle displays - store coupons - store demonstrations

26. Department store examples
During depression
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Macys - Neimen Marcus - Dillards
Interior design companies - custom home builders - home carpet companies

27. Supermarkets
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Special aisle displays - store coupons - store demonstrations
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

28. Retail location choices
Product/service - pricing - promotion - distribution/location
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Breakup of markets
High markups - lots of services - broad product lines

29. Department store innovation
Reduces sales staff
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Academy - trader joes - mens wearhouse
During urban growth