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 location choices
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
Macys - Neimen Marcus - Dillards
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

2. Retail Distribution/location examples
Physical location - internet location - size of stores - # of stores in trading area
Internet technology
Interior design companies - custom home builders - home carpet companies
Reduces channel costs

3. Department store innovation
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
During urban growth
Breakup of markets
Reduces channel costs

4. Concentrated Niches Examples
During depression
Reduce logistic costs
Product/service - pricing - promotion - distribution/location
Academy - trader joes - mens wearhouse

5. Specialty Retailers
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
Compete on price - volume-oriented - limited assortment sizes
Focus on SPECIFIC customer market - stock products in depth

6. Self- service cost savings
Sale of product - credit - service - and warranty add-ons
Reduces sales staff
Reduce logistic costs
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

7. Specialty Retailer examples
Macys - Neimen Marcus - Dillards
Reduces channel costs
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

8. Supermarkets
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
During depression
Sale of product - credit - service - and warranty add-ons
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

9. Supermarket innovation
During depression
Physical location - internet location - size of stores - # of stores in trading area
Academy - trader joes - mens wearhouse
Coke and pepsi pay to have displays 26 weekends in a year each

10. Discount store examples
Breakup of markets
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Affluence - compete on price base
Store brand products - degree of self-service - leased products/services

11. Specialty market innovation
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Breakup of markets
Academy - trader joes - mens wearhouse

12. Retail Pricing examples
Affluence - compete on price base
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Interior design companies - custom home builders - home carpet companies
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

13. Discount stores
High markups - lots of services - broad product lines
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Affluence - compete on price base
Compete on price - volume-oriented - limited assortment sizes

14. Display allowances in many supermarkets
Affluence - compete on price base
Academy - trader joes - mens wearhouse
Coke and pepsi pay to have displays 26 weekends in a year each
Compete on price - volume-oriented - limited assortment sizes

15. Internet retailer examples
Internet technology
Compete on price - volume-oriented - limited assortment sizes
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Product/service - pricing - promotion - distribution/location

16. Supply Chains cost savings
Breakup of markets
Macys - Neimen Marcus - Dillards
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Reduce logistic costs

17. Department store examples
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
During urban growth
Reduces sales staff
Macys - Neimen Marcus - Dillards

18. Social Media examples
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
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
List everywhere - social networking - video tours - texting

19. Great affiliate of blinds.com
Reduces sales staff
Interior design companies - custom home builders - home carpet companies
Reduces channel costs
Affluence - compete on price base

20. Retail Product/Service examples
Store brand products - degree of self-service - leased products/services
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Reduces channel costs
Product/service - pricing - promotion - distribution/location

21. Retail Market Mix
Breakup of markets
Internet technology
Compete on price - volume-oriented - limited assortment sizes
Product/service - pricing - promotion - distribution/location

22. Retail promotion examples
Special aisle displays - store coupons - store demonstrations
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Compete on price - volume-oriented - limited assortment sizes
Product/service - pricing - promotion - distribution/location

23. Online jewelrer Blue Nile
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
Focus on SPECIFIC customer market - stock products in depth
Breakup of markets

24. Internet strategies in Real Estate
Focus on SPECIFIC customer market - stock products in depth
During depression
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
List everywhere - social networking - video tours - texting

25. Discounter innovation
Affluence - compete on price base
During urban growth
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Store brand products - degree of self-service - leased products/services

26. Retail revenue streams
Sale of product - credit - service - and warranty add-ons
Physical location - internet location - size of stores - # of stores in trading area
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
During urban growth

27. Department stores
High markups - lots of services - broad product lines
Reduces sales staff
Store brand products - degree of self-service - leased products/services
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

28. Internet retailers innovation
Internet technology
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
List everywhere - social networking - video tours - texting

29. Internet selling cost savings
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Reduces channel costs
Interior design companies - custom home builders - home carpet companies
Physical location - internet location - size of stores - # of stores in trading area