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. Supermarkets
Store brand products - degree of self-service - leased products/services
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
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

2. Concentrated Niches Examples
Academy - trader joes - mens wearhouse
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
During urban growth

3. Internet strategies in Real Estate
Product/service - pricing - promotion - distribution/location
List everywhere - social networking - video tours - texting
High markups - lots of services - broad product lines
Reduce logistic costs

4. Internet selling cost savings
Special aisle displays - store coupons - store demonstrations
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Sale of product - credit - service - and warranty add-ons
Reduces channel costs

5. Retail revenue streams
Macys - Neimen Marcus - Dillards
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Breakup of markets
Sale of product - credit - service - and warranty add-ons

6. Retail location choices
Sale of product - credit - service - and warranty add-ons
Interior design companies - custom home builders - home carpet companies
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Internet technology

7. Retail promotion examples
Coke and pepsi pay to have displays 26 weekends in a year each
During depression
Internet technology
Special aisle displays - store coupons - store demonstrations

8. Supply Chains cost savings
High markups - lots of services - broad product lines
Reduce logistic costs
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

9. Department store innovation
Everyday low prices - weekend lower prices - cheaper prices with store credit card
During urban growth
Breakup of markets
Internet technology

10. Self- service cost savings
List everywhere - social networking - video tours - texting
Reduces sales staff
Affluence - compete on price base
Reduce logistic costs

11. Great affiliate of blinds.com
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Interior design companies - custom home builders - home carpet companies
Sale of product - credit - service - and warranty add-ons

12. Internet retailer examples
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Special aisle displays - store coupons - store demonstrations
List everywhere - social networking - video tours - texting

13. Retail Market Mix
Product/service - pricing - promotion - distribution/location
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

14. Department stores
Macys - Neimen Marcus - Dillards
List everywhere - social networking - video tours - texting
High markups - lots of services - broad product lines
Everyday low prices - weekend lower prices - cheaper prices with store credit card

15. Retail Pricing examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
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
High markups - lots of services - broad product lines

16. Social Media examples
Academy - trader joes - mens wearhouse
Physical location - internet location - size of stores - # of stores in trading area
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
During urban growth

17. Discount stores
Coke and pepsi pay to have displays 26 weekends in a year each
Sale of product - credit - service - and warranty add-ons
Compete on price - volume-oriented - limited assortment sizes
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

18. Online jewelrer Blue Nile
Reduce logistic costs
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
Academy - trader joes - mens wearhouse

19. Retail Distribution/location examples
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Compete on price - volume-oriented - limited assortment sizes
Reduces channel costs
Physical location - internet location - size of stores - # of stores in trading area

20. Display allowances in many supermarkets
Coke and pepsi pay to have displays 26 weekends in a year each
Sale of product - credit - service - and warranty add-ons
Special aisle displays - store coupons - store demonstrations
Breakup of markets

21. Specialty Retailers
Reduces channel costs
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
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

22. Retail Product/Service examples
Store brand products - degree of self-service - leased products/services
Breakup of markets
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Compete on price - volume-oriented - limited assortment sizes

23. Internet retailers innovation
Reduces channel costs
Product/service - pricing - promotion - distribution/location
Internet technology
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

24. Department store examples
Reduces sales staff
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Macys - Neimen Marcus - Dillards
Coke and pepsi pay to have displays 26 weekends in a year each

25. Discount store examples
Focus on SPECIFIC customer market - stock products in depth
Product/service - pricing - promotion - distribution/location
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

26. Specialty Retailer examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Internet technology
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

27. Specialty market innovation
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Reduces channel costs
Breakup of markets
During depression

28. Supermarket innovation
High markups - lots of services - broad product lines
During depression
During urban growth
Special aisle displays - store coupons - store demonstrations

29. Discounter innovation
During depression
Affluence - compete on price base
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot