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 retailers innovation
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Internet technology
Focus on SPECIFIC customer market - stock products in depth
Affluence - compete on price base

2. Retail promotion examples
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
Special aisle displays - store coupons - store demonstrations
Focus on SPECIFIC customer market - stock products in depth

3. Self- service cost savings
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Internet technology
Reduces sales staff

4. Internet strategies in Real Estate
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
During depression
List everywhere - social networking - video tours - texting
Breakup of markets

5. Supermarket innovation
Sale of product - credit - service - and warranty add-ons
Breakup of markets
During depression
Focus on SPECIFIC customer market - stock products in depth

6. Social Media examples
Reduce logistic costs
During urban growth
Coke and pepsi pay to have displays 26 weekends in a year each
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

7. Retail Distribution/location examples
Breakup of markets
During depression
Affluence - compete on price base
Physical location - internet location - size of stores - # of stores in trading area

8. Department store examples
Macys - Neimen Marcus - Dillards
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Interior design companies - custom home builders - home carpet companies
High markups - lots of services - broad product lines

9. Retail revenue streams
Store brand products - degree of self-service - leased products/services
Sale of product - credit - service - and warranty add-ons
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Macys - Neimen Marcus - Dillards

10. Specialty Retailer examples
Sale of product - credit - service - and warranty add-ons
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Academy - trader joes - mens wearhouse
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

11. Display allowances in many supermarkets
Breakup of markets
Coke and pepsi pay to have displays 26 weekends in a year each
Academy - trader joes - mens wearhouse
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

12. Department store innovation
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Academy - trader joes - mens wearhouse
During urban growth
Special aisle displays - store coupons - store demonstrations

13. Supermarkets
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Reduce logistic costs
Special aisle displays - store coupons - store demonstrations
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

14. Retail Market Mix
Compete on price - volume-oriented - limited assortment sizes
Store brand products - degree of self-service - leased products/services
High markups - lots of services - broad product lines
Product/service - pricing - promotion - distribution/location

15. Specialty Retailers
Product/service - pricing - promotion - distribution/location
Focus on SPECIFIC customer market - stock products in depth
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Compete on price - volume-oriented - limited assortment sizes

16. Online jewelrer Blue Nile
During depression
Focus on SPECIFIC customer market - stock products in depth
Store brand products - degree of self-service - leased products/services
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

17. Department stores
High markups - lots of services - broad product lines
Internet technology
Reduces channel costs
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

18. Discounter innovation
Affluence - compete on price base
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Physical location - internet location - size of stores - # of stores in trading area
Academy - trader joes - mens wearhouse

19. Discount stores
Special aisle displays - store coupons - store demonstrations
Focus on SPECIFIC customer market - stock products in depth
Compete on price - volume-oriented - limited assortment sizes
Coke and pepsi pay to have displays 26 weekends in a year each

20. Concentrated Niches Examples
Macys - Neimen Marcus - Dillards
Reduces channel costs
Academy - trader joes - mens wearhouse
Product/service - pricing - promotion - distribution/location

21. Discount store examples
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Product/service - pricing - promotion - distribution/location
Compete on price - volume-oriented - limited assortment sizes

22. Internet retailer 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
Reduce logistic costs
Breakup of markets

23. Retail Product/Service examples
Breakup of markets
During urban growth
Store brand products - degree of self-service - leased products/services
Physical location - internet location - size of stores - # of stores in trading area

24. Great affiliate of blinds.com
Internet technology
Reduces channel costs
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Interior design companies - custom home builders - home carpet companies

25. Supply Chains cost savings
Reduce logistic costs
Breakup of markets
Affluence - compete on price base
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

26. Internet selling cost savings
Store brand products - degree of self-service - leased products/services
Internet technology
Reduces channel costs
Product/service - pricing - promotion - distribution/location

27. Specialty market innovation
Breakup of markets
During depression
High markups - lots of services - broad product lines
Academy - trader joes - mens wearhouse

28. Retail location choices
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Academy - trader joes - mens wearhouse
Sale of product - credit - service - and warranty add-ons
Physical location - internet location - size of stores - # of stores in trading area

29. Retail Pricing examples
High markups - lots of services - broad product lines
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Reduces sales staff
Interior design companies - custom home builders - home carpet companies