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. Internet retailer examples
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
During urban growth
Macys - Neimen Marcus - Dillards
During depression

2. Self- service cost savings
Reduces channel costs
Reduces sales staff
Focus on SPECIFIC customer market - stock products in depth
Physical location - internet location - size of stores - # of stores in trading area

3. Internet strategies in Real Estate
List everywhere - social networking - video tours - texting
Product/service - pricing - promotion - distribution/location
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Store brand products - degree of self-service - leased products/services

4. Online jewelrer Blue Nile
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
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

5. Supply Chains cost savings
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
High markups - lots of services - broad product lines
Reduce logistic costs
Reduces sales staff

6. Concentrated Niches Examples
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Focus on SPECIFIC customer market - stock products in depth
Academy - trader joes - mens wearhouse

7. Retail location choices
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Special aisle displays - store coupons - store demonstrations
High markups - lots of services - broad product lines
Sale of product - credit - service - and warranty add-ons

8. Retail Distribution/location examples
Physical location - internet location - size of stores - # of stores in trading area
Internet technology
Reduces sales staff
Breakup of markets

9. Display allowances in many supermarkets
Coke and pepsi pay to have displays 26 weekends in a year each
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Product/service - pricing - promotion - distribution/location
Physical location - internet location - size of stores - # of stores in trading area

10. Retail revenue streams
Special aisle displays - store coupons - store demonstrations
Coke and pepsi pay to have displays 26 weekends in a year each
Sale of product - credit - service - and warranty add-ons
High markups - lots of services - broad product lines

11. Retail promotion examples
High markups - lots of services - broad product lines
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Store brand products - degree of self-service - leased products/services
Special aisle displays - store coupons - store demonstrations

12. Department store examples
Macys - Neimen Marcus - Dillards
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
List everywhere - social networking - video tours - texting

13. Specialty Retailer examples
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Special aisle displays - store coupons - store demonstrations
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Reduces channel costs

14. Internet selling cost savings
Academy - trader joes - mens wearhouse
Reduces channel costs
During depression
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

15. Discount store examples
Sale of product - credit - service - and warranty add-ons
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Affluence - compete on price base
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

16. Supermarkets
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Product/service - pricing - promotion - distribution/location
Focus on SPECIFIC customer market - stock products in depth
Interior design companies - custom home builders - home carpet companies

17. Supermarket innovation
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
Breakup of markets
During depression

18. Retail Product/Service examples
Special aisle displays - store coupons - store demonstrations
Store brand products - degree of self-service - leased products/services
Sale of product - credit - service - and warranty add-ons
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

19. Discounter innovation
Reduces sales staff
During urban growth
Compete on price - volume-oriented - limited assortment sizes
Affluence - compete on price base

20. Social Media examples
Compete on price - volume-oriented - limited assortment sizes
Affluence - compete on price base
Breakup of markets
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

21. Department stores
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
High markups - lots of services - broad product lines
During depression
During urban growth

22. Retail Market Mix
Product/service - pricing - promotion - distribution/location
Breakup of markets
During urban growth
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

23. Department store innovation
Reduce logistic costs
During urban growth
List everywhere - social networking - video tours - texting
Affluence - compete on price base

24. Specialty market innovation
Sale of product - credit - service - and warranty add-ons
Breakup of markets
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
List everywhere - social networking - video tours - texting

25. Great affiliate of blinds.com
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
During urban growth
Interior design companies - custom home builders - home carpet companies
During depression

26. Internet retailers innovation
Internet technology
Reduce logistic costs
High markups - lots of services - broad product lines
Store brand products - degree of self-service - leased products/services

27. Retail Pricing examples
High markups - lots of services - broad product lines
Affluence - compete on price base
Reduces channel costs
Everyday low prices - weekend lower prices - cheaper prices with store credit card

28. Discount stores
Compete on price - volume-oriented - limited assortment sizes
List everywhere - social networking - video tours - texting
Academy - trader joes - mens wearhouse
Reduce logistic costs

29. Specialty Retailers
Focus on SPECIFIC customer market - stock products in depth
List everywhere - social networking - video tours - texting
High markups - lots of services - broad product lines
During depression