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
Macys - Neimen Marcus - Dillards
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Academy - trader joes - mens wearhouse
Everyday low prices - weekend lower prices - cheaper prices with store credit card

2. Supermarket innovation
Reduces channel costs
Coke and pepsi pay to have displays 26 weekends in a year each
During depression
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

3. Discounter innovation
Academy - trader joes - mens wearhouse
Store brand products - degree of self-service - leased products/services
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Affluence - compete on price base

4. Self- service cost savings
Affluence - compete on price base
Sale of product - credit - service - and warranty add-ons
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Reduces sales staff

5. Retail promotion examples
Coke and pepsi pay to have displays 26 weekends in a year each
Affluence - compete on price base
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Special aisle displays - store coupons - store demonstrations

6. Supply Chains cost savings
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Reduce logistic costs
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

7. Specialty Retailer examples
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Breakup of markets
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
During depression

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

9. Internet retailers innovation
Compete on price - volume-oriented - limited assortment sizes
High markups - lots of services - broad product lines
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Internet technology

10. Specialty market innovation
Physical location - internet location - size of stores - # of stores in trading area
Coke and pepsi pay to have displays 26 weekends in a year each
Affluence - compete on price base
Breakup of markets

11. 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
List everywhere - social networking - video tours - texting
Store brand products - degree of self-service - leased products/services

12. Department store innovation
During depression
High markups - lots of services - broad product lines
During urban growth
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

13. Department stores
Internet technology
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
High markups - lots of services - broad product lines
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

14. Retail Market Mix
Product/service - pricing - promotion - distribution/location
Reduces sales staff
Macys - Neimen Marcus - Dillards
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

15. Internet strategies in Real Estate
List everywhere - social networking - video tours - texting
Sale of product - credit - service - and warranty add-ons
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Physical location - internet location - size of stores - # of stores in trading area

16. Concentrated Niches Examples
Physical location - internet location - size of stores - # of stores in trading area
Academy - trader joes - mens wearhouse
Store brand products - degree of self-service - leased products/services
During depression

17. Retail location choices
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Reduces channel costs
Breakup of markets
Store brand products - degree of self-service - leased products/services

18. Internet selling cost savings
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Reduces channel costs
Focus on SPECIFIC customer market - stock products in depth
Coke and pepsi pay to have displays 26 weekends in a year each

19. Display allowances in many supermarkets
Coke and pepsi pay to have displays 26 weekends in a year each
Physical location - internet location - size of stores - # of stores in trading area
Breakup of markets
During urban growth

20. Retail Product/Service examples
Product/service - pricing - promotion - distribution/location
Special aisle displays - store coupons - store demonstrations
Store brand products - degree of self-service - leased products/services
Everyday low prices - weekend lower prices - cheaper prices with store credit card

21. Discount store examples
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
High markups - lots of services - broad product lines
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Reduces channel costs

22. Retail Distribution/location examples
High markups - lots of services - broad product lines
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

23. Retail revenue streams
During depression
Reduces sales staff
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Sale of product - credit - service - and warranty add-ons

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

25. Supermarkets
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Physical location - internet location - size of stores - # of stores in trading area
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

26. Online jewelrer Blue Nile
Reduces channel costs
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Academy - trader joes - mens wearhouse
Breakup of markets

27. Department store examples
Store brand products - degree of self-service - leased products/services
Special aisle displays - store coupons - store demonstrations
Macys - Neimen Marcus - Dillards
Interior design companies - custom home builders - home carpet companies

28. Great affiliate of blinds.com
List everywhere - social networking - video tours - texting
Affluence - compete on price base
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Interior design companies - custom home builders - home carpet companies

29. Discount stores
Compete on price - volume-oriented - limited assortment sizes
Reduces channel costs
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
During depression