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. Great affiliate of blinds.com
Reduces sales staff
List everywhere - social networking - video tours - texting
Focus on SPECIFIC customer market - stock products in depth
Interior design companies - custom home builders - home carpet companies

2. Retail Product/Service examples
Internet technology
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Store brand products - degree of self-service - leased products/services
High markups - lots of services - broad product lines

3. Internet selling cost savings
Macys - Neimen Marcus - Dillards
During urban growth
Affluence - compete on price base
Reduces channel costs

4. Retail promotion examples
Reduces channel costs
Physical location - internet location - size of stores - # of stores in trading area
Special aisle displays - store coupons - store demonstrations
Everyday low prices - weekend lower prices - cheaper prices with store credit card

5. Department store innovation
Compete on price - volume-oriented - limited assortment sizes
During urban growth
Sale of product - credit - service - and warranty add-ons
High markups - lots of services - broad product lines

6. Specialty Retailer examples
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
During depression

7. Specialty Retailers
High markups - lots of services - broad product lines
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Focus on SPECIFIC customer market - stock products in depth
Internet technology

8. Retail Pricing examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Product/service - pricing - promotion - distribution/location
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Special aisle displays - store coupons - store demonstrations

9. Discount stores
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
Compete on price - volume-oriented - limited assortment sizes
Macys - Neimen Marcus - Dillards

10. Online jewelrer Blue Nile
Reduce logistic costs
Special aisle displays - store coupons - store demonstrations
Coke and pepsi pay to have displays 26 weekends in a year each
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

11. Internet retailer examples
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Interior design companies - custom home builders - home carpet companies
Physical location - internet location - size of stores - # of stores in trading area

12. Retail Market Mix
Product/service - pricing - promotion - distribution/location
Special aisle displays - store coupons - store demonstrations
Coke and pepsi pay to have displays 26 weekends in a year each
Reduce logistic costs

13. Internet strategies in Real Estate
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Internet technology
Affluence - compete on price base
List everywhere - social networking - video tours - texting

14. Self- service cost savings
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Reduces sales staff
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

15. Retail revenue streams
Macys - Neimen Marcus - Dillards
List everywhere - social networking - video tours - texting
Sale of product - credit - service - and warranty add-ons
Internet technology

16. Concentrated Niches Examples
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Academy - trader joes - mens wearhouse
Special aisle displays - store coupons - store demonstrations
During urban growth

17. Internet retailers innovation
Affluence - compete on price base
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Internet technology
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

18. Retail Distribution/location examples
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Physical location - internet location - size of stores - # of stores in trading area
Compete on price - volume-oriented - limited assortment sizes

19. Discount store examples
Reduces sales staff
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
High markups - lots of services - broad product lines

20. Retail location choices
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
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
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

21. Supermarket innovation
Reduce logistic costs
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
During depression
High markups - lots of services - broad product lines

22. Department stores
Product/service - pricing - promotion - distribution/location
Academy - trader joes - mens wearhouse
Reduces sales staff
High markups - lots of services - broad product lines

23. Supply Chains cost savings
Compete on price - volume-oriented - limited assortment sizes
Reduce logistic costs
Academy - trader joes - mens wearhouse
Interior design companies - custom home builders - home carpet companies

24. Display allowances in many supermarkets
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Coke and pepsi pay to have displays 26 weekends in a year each
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Affluence - compete on price base

25. Department store examples
Macys - Neimen Marcus - Dillards
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Compete on price - volume-oriented - limited assortment sizes

26. Discounter innovation
Affluence - compete on price base
Compete on price - volume-oriented - limited assortment sizes
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

27. Social Media examples
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
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
Store brand products - degree of self-service - leased products/services

28. Supermarkets
Breakup of markets
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Affluence - compete on price base
Academy - trader joes - mens wearhouse

29. Specialty market innovation
During urban growth
Breakup of markets
Internet technology
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer