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. Display allowances in many supermarkets
Coke and pepsi pay to have displays 26 weekends in a year each
Affluence - compete on price base
Reduce logistic costs
Reduces channel costs

2. Discount store examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Reduces sales staff
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Interior design companies - custom home builders - home carpet companies

3. Great affiliate of blinds.com
Academy - trader joes - mens wearhouse
Interior design companies - custom home builders - home carpet companies
During urban growth
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

4. Social Media examples
Reduces sales staff
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
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

5. Retail Product/Service examples
Internet technology
During urban growth
Product/service - pricing - promotion - distribution/location
Store brand products - degree of self-service - leased products/services

6. Retail Pricing examples
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Macys - Neimen Marcus - Dillards

7. Department stores
Reduces channel costs
Affluence - compete on price base
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

8. Retail Distribution/location examples
Macys - Neimen Marcus - Dillards
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Physical location - internet location - size of stores - # of stores in trading area
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

9. Internet strategies in Real Estate
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Special aisle displays - store coupons - store demonstrations
List everywhere - social networking - video tours - texting
Focus on SPECIFIC customer market - stock products in depth

10. Supermarkets
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Store brand products - degree of self-service - leased products/services
Physical location - internet location - size of stores - # of stores in trading area

11. Internet retailer examples
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Affluence - compete on price base
Academy - trader joes - mens wearhouse
Interior design companies - custom home builders - home carpet companies

12. Discount stores
Breakup of markets
Physical location - internet location - size of stores - # of stores in trading area
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Compete on price - volume-oriented - limited assortment sizes

13. Specialty market innovation
Interior design companies - custom home builders - home carpet companies
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Breakup of markets
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

14. Internet retailers innovation
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Internet technology
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Compete on price - volume-oriented - limited assortment sizes

15. Retail promotion examples
High markups - lots of services - broad product lines
Compete on price - volume-oriented - limited assortment sizes
Special aisle displays - store coupons - store demonstrations
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

16. Online jewelrer Blue Nile
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Reduces channel costs
Compete on price - volume-oriented - limited assortment sizes
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

17. Supply Chains cost savings
Reduces channel costs
Breakup of markets
Reduce logistic costs
Special aisle displays - store coupons - store demonstrations

18. Supermarket innovation
During depression
Physical location - internet location - size of stores - # of stores in trading area
Reduce logistic costs
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

19. Retail location choices
Special aisle displays - store coupons - store demonstrations
Internet technology
During urban growth
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

20. Internet selling cost savings
Reduces channel costs
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Breakup of markets
Macys - Neimen Marcus - Dillards

21. Specialty Retailers
Affluence - compete on price base
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Focus on SPECIFIC customer market - stock products in depth
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

22. Self- service cost savings
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Reduces sales staff
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Macys - Neimen Marcus - Dillards

23. Retail revenue streams
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
Reduces sales staff
Sale of product - credit - service - and warranty add-ons

24. Department store examples
Product/service - pricing - promotion - distribution/location
High markups - lots of services - broad product lines
Macys - Neimen Marcus - Dillards
Interior design companies - custom home builders - home carpet companies

25. Department store innovation
During urban growth
Breakup of markets
Store brand products - degree of self-service - leased products/services
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

26. Discounter innovation
Store brand products - degree of self-service - leased products/services
Affluence - compete on price base
Macys - Neimen Marcus - Dillards
High markups - lots of services - broad product lines

27. Concentrated Niches Examples
Product/service - pricing - promotion - distribution/location
Physical location - internet location - size of stores - # of stores in trading area
Academy - trader joes - mens wearhouse
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

28. Specialty Retailer examples
Compete on price - volume-oriented - limited assortment sizes
Breakup of markets
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Macys - Neimen Marcus - Dillards

29. Retail Market Mix
Product/service - pricing - promotion - distribution/location
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Sale of product - credit - service - and warranty add-ons
Interior design companies - custom home builders - home carpet companies