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 promotion examples
Academy - trader joes - mens wearhouse
Special aisle displays - store coupons - store demonstrations
Interior design companies - custom home builders - home carpet companies
Macys - Neimen Marcus - Dillards

2. Discount store examples
Product/service - pricing - promotion - distribution/location
Internet technology
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Focus on SPECIFIC customer market - stock products in depth

3. Retail Product/Service examples
Store brand products - degree of self-service - leased products/services
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Reduces channel costs
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

4. Online jewelrer Blue Nile
Coke and pepsi pay to have displays 26 weekends in a year each
High markups - lots of services - broad product lines
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

5. Specialty Retailer examples
List everywhere - social networking - video tours - texting
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Special aisle displays - store coupons - store demonstrations

6. Internet strategies in Real Estate
Academy - trader joes - mens wearhouse
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Internet technology
List everywhere - social networking - video tours - texting

7. Display allowances in many supermarkets
Breakup of markets
During urban growth
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Coke and pepsi pay to have displays 26 weekends in a year each

8. Supermarkets
Focus on SPECIFIC customer market - stock products in depth
Special aisle displays - store coupons - store demonstrations
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

9. Self- service cost savings
During urban growth
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Reduces sales staff
Focus on SPECIFIC customer market - stock products in depth

10. Internet selling cost savings
Reduces channel costs
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Compete on price - volume-oriented - limited assortment sizes
Reduce logistic costs

11. Discount stores
Compete on price - volume-oriented - limited assortment sizes
Reduces channel costs
Academy - trader joes - mens wearhouse
Breakup of markets

12. Discounter innovation
Sale of product - credit - service - and warranty add-ons
Compete on price - volume-oriented - limited assortment sizes
Affluence - compete on price base
Internet technology

13. Retail revenue streams
Sale of product - credit - service - and warranty add-ons
High markups - lots of services - broad product lines
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Academy - trader joes - mens wearhouse

14. Supply Chains cost savings
Coke and pepsi pay to have displays 26 weekends in a year each
Reduce logistic costs
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Everyday low prices - weekend lower prices - cheaper prices with store credit card

15. Retail Pricing examples
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
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
Interior design companies - custom home builders - home carpet companies

16. Specialty Retailers
Focus on SPECIFIC customer market - stock products in depth
Reduces channel costs
List everywhere - social networking - video tours - texting
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

17. Department stores
Reduces channel costs
Special aisle displays - store coupons - store demonstrations
High markups - lots of services - broad product lines
List everywhere - social networking - video tours - texting

18. Concentrated Niches Examples
Reduces sales staff
Reduce logistic costs
Physical location - internet location - size of stores - # of stores in trading area
Academy - trader joes - mens wearhouse

19. Specialty market innovation
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Product/service - pricing - promotion - distribution/location
Macys - Neimen Marcus - Dillards
Breakup of markets

20. Great affiliate of blinds.com
Academy - trader joes - mens wearhouse
List everywhere - social networking - video tours - texting
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

21. Internet retailers innovation
High markups - lots of services - broad product lines
Internet technology
Product/service - pricing - promotion - distribution/location
Interior design companies - custom home builders - home carpet companies

22. Internet retailer examples
During urban growth
Compete on price - volume-oriented - limited assortment sizes
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

23. Retail Distribution/location examples
Macys - Neimen Marcus - Dillards
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Reduces channel costs
Physical location - internet location - size of stores - # of stores in trading area

24. Department store innovation
Everyday low prices - weekend lower prices - cheaper prices with store credit card
During urban growth
List everywhere - social networking - video tours - texting
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston

25. Retail location choices
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Interior design companies - custom home builders - home carpet companies
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Product/service - pricing - promotion - distribution/location

26. Social Media examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
List everywhere - social networking - video tours - texting
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

27. Department store examples
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Macys - Neimen Marcus - Dillards
Focus on SPECIFIC customer market - stock products in depth
During depression

28. Retail Market Mix
Product/service - pricing - promotion - distribution/location
Sale of product - credit - service - and warranty add-ons
Internet technology
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

29. Supermarket innovation
Special aisle displays - store coupons - store demonstrations
During depression
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Store brand products - degree of self-service - leased products/services