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 Pricing examples
Sale of product - credit - service - and warranty add-ons
Product/service - pricing - promotion - distribution/location
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

2. Department store innovation
During urban growth
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
Everyday low prices - weekend lower prices - cheaper prices with store credit card

3. Supermarkets
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Special aisle displays - store coupons - store demonstrations
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

4. Retail Market Mix
Internet technology
Product/service - pricing - promotion - distribution/location
Interior design companies - custom home builders - home carpet companies
Special aisle displays - store coupons - store demonstrations

5. Department stores
Macys - Neimen Marcus - Dillards
Reduces channel costs
High markups - lots of services - broad product lines
Compete on price - volume-oriented - limited assortment sizes

6. Display allowances in many supermarkets
Special aisle displays - store coupons - store demonstrations
Affluence - compete on price base
Internet technology
Coke and pepsi pay to have displays 26 weekends in a year each

7. Supply Chains cost savings
Store brand products - degree of self-service - leased products/services
Internet technology
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Reduce logistic costs

8. Online jewelrer Blue Nile
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
During depression
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Breakup of markets

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

10. Retail Distribution/location examples
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
Physical location - internet location - size of stores - # of stores in trading area
Special aisle displays - store coupons - store demonstrations

11. Retail promotion examples
Compete on price - volume-oriented - limited assortment sizes
Sale of product - credit - service - and warranty add-ons
During urban growth
Special aisle displays - store coupons - store demonstrations

12. Discount stores
Compete on price - volume-oriented - limited assortment sizes
Macys - Neimen Marcus - Dillards
During depression
Interior design companies - custom home builders - home carpet companies

13. Internet retailers innovation
Special aisle displays - store coupons - store demonstrations
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Internet technology
Reduces channel costs

14. Specialty Retailers
Special aisle displays - store coupons - store demonstrations
Focus on SPECIFIC customer market - stock products in depth
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Everyday low prices - weekend lower prices - cheaper prices with store credit card

15. Internet retailer examples
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Sale of product - credit - service - and warranty add-ons
Reduce logistic costs

16. Discounter innovation
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Macys - Neimen Marcus - Dillards
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Affluence - compete on price base

17. Great affiliate of blinds.com
Interior design companies - custom home builders - home carpet companies
Academy - trader joes - mens wearhouse
Physical location - internet location - size of stores - # of stores in trading area
Store brand products - degree of self-service - leased products/services

18. Discount store examples
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
High markups - lots of services - broad product lines
Reduces channel costs
Special aisle displays - store coupons - store demonstrations

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

20. Specialty market innovation
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
High markups - lots of services - broad product lines
Breakup of markets

21. Retail revenue streams
Breakup of markets
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Sale of product - credit - service - and warranty add-ons
Focus on SPECIFIC customer market - stock products in depth

22. Social Media examples
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
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
During urban growth

23. Internet strategies in Real Estate
List everywhere - social networking - video tours - texting
Reduce logistic costs
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Breakup of markets

24. Retail location choices
Breakup of markets
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
Internet technology

25. Retail Product/Service examples
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Store brand products - degree of self-service - leased products/services
Product/service - pricing - promotion - distribution/location

26. Department store examples
Reduces channel costs
Physical location - internet location - size of stores - # of stores in trading area
Compete on price - volume-oriented - limited assortment sizes
Macys - Neimen Marcus - Dillards

27. Self- service cost savings
Reduce logistic costs
Reduces sales staff
Sale of product - credit - service - and warranty add-ons
Store brand products - degree of self-service - leased products/services

28. Internet selling cost savings
Reduces sales staff
Internet technology
Reduces channel costs
Affluence - compete on price base

29. Supermarket innovation
Reduces sales staff
Reduce logistic costs
Interior design companies - custom home builders - home carpet companies
During depression