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. Online jewelrer Blue Nile
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
List everywhere - social networking - video tours - texting

2. Self- service cost savings
Macys - Neimen Marcus - Dillards
List everywhere - social networking - video tours - texting
Reduces sales staff
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

3. Retail promotion examples
Reduces sales staff
Special aisle displays - store coupons - store demonstrations
Coke and pepsi pay to have displays 26 weekends in a year each
Everyday low prices - weekend lower prices - cheaper prices with store credit card

4. Retail location choices
Academy - trader joes - mens wearhouse
Special aisle displays - store coupons - store demonstrations
Breakup of markets
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

5. Specialty market innovation
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Breakup of markets
Focus on SPECIFIC customer market - stock products in depth
Sale of product - credit - service - and warranty add-ons

6. Internet selling cost savings
Reduces channel costs
Reduces sales staff
List everywhere - social networking - video tours - texting
Physical location - internet location - size of stores - # of stores in trading area

7. Retail Market Mix
During urban growth
Affluence - compete on price base
Special aisle displays - store coupons - store demonstrations
Product/service - pricing - promotion - distribution/location

8. Great affiliate of blinds.com
Interior design companies - custom home builders - home carpet companies
Everyday low prices - weekend lower prices - cheaper prices with store credit card
During urban growth
During depression

9. Department stores
Compete on price - volume-oriented - limited assortment sizes
High markups - lots of services - broad product lines
Internet technology
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

10. Specialty Retailer examples
Affluence - compete on price base
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

11. Specialty Retailers
Product/service - pricing - promotion - distribution/location
Focus on SPECIFIC customer market - stock products in depth
During depression
Coke and pepsi pay to have displays 26 weekends in a year each

12. Retail Distribution/location examples
Physical location - internet location - size of stores - # of stores in trading area
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Macys - Neimen Marcus - Dillards
Breakup of markets

13. Internet retailer examples
During depression
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
List everywhere - social networking - video tours - texting
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

14. Retail Product/Service examples
Sale of product - credit - service - and warranty add-ons
Store brand products - degree of self-service - leased products/services
Internet technology
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

15. Supply Chains cost savings
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Reduce logistic costs
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
During urban growth

16. Display allowances in many supermarkets
Coke and pepsi pay to have displays 26 weekends in a year each
Internet technology
Reduces channel costs
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

17. Internet strategies in Real Estate
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
During urban growth
List everywhere - social networking - video tours - texting

18. Internet retailers innovation
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Reduce logistic costs
Interior design companies - custom home builders - home carpet companies
Internet technology

19. Social Media examples
Special aisle displays - store coupons - store demonstrations
Affluence - compete on price base
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

20. Supermarkets
Breakup of markets
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Reduce logistic costs
Focus on SPECIFIC customer market - stock products in depth

21. Supermarket innovation
During depression
Focus on SPECIFIC customer market - stock products in depth
Affluence - compete on price base
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

22. Concentrated Niches Examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Product/service - pricing - promotion - distribution/location
Reduces sales staff
Academy - trader joes - mens wearhouse

23. Department store examples
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Macys - Neimen Marcus - Dillards
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Interior design companies - custom home builders - home carpet companies

24. Retail Pricing examples
Internet technology
Special aisle displays - store coupons - store demonstrations
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

25. Retail revenue streams
Sale of product - credit - service - and warranty add-ons
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
List everywhere - social networking - video tours - texting
Breakup of markets

26. Department store innovation
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
During urban growth
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

27. Discounter innovation
Academy - trader joes - mens wearhouse
Affluence - compete on price base
Special aisle displays - store coupons - store demonstrations
Interior design companies - custom home builders - home carpet companies

28. Discount store examples
Compete on price - volume-oriented - limited assortment sizes
Breakup of markets
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

29. Discount stores
Internet technology
During urban growth
Compete on price - volume-oriented - limited assortment sizes
Affluence - compete on price base