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. Display allowances in many supermarkets
Special aisle displays - store coupons - store demonstrations
Macys - Neimen Marcus - Dillards
Reduce logistic costs
Coke and pepsi pay to have displays 26 weekends in a year each

2. Retail Product/Service examples
During urban growth
Store brand products - degree of self-service - leased products/services
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Coke and pepsi pay to have displays 26 weekends in a year each

3. Discount store examples
Coke and pepsi pay to have displays 26 weekends in a year each
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Focus on SPECIFIC customer market - stock products in depth
List everywhere - social networking - video tours - texting

4. Retail Market Mix
Breakup of markets
Product/service - pricing - promotion - distribution/location
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

5. Department stores
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
High markups - lots of services - broad product lines
Focus on SPECIFIC customer market - stock products in depth
Compete on price - volume-oriented - limited assortment sizes

6. Specialty Retailers
Breakup of markets
Focus on SPECIFIC customer market - stock products in depth
Reduces sales staff
During depression

7. Department store examples
Internet technology
Academy - trader joes - mens wearhouse
Macys - Neimen Marcus - Dillards
Store brand products - degree of self-service - leased products/services

8. Retail Distribution/location examples
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
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
Focus on SPECIFIC customer market - stock products in depth

9. Concentrated Niches Examples
Reduces sales staff
Academy - trader joes - mens wearhouse
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Sale of product - credit - service - and warranty add-ons

10. Self- service cost savings
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Reduces sales staff
Internet technology

11. Specialty market innovation
Interior design companies - custom home builders - home carpet companies
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Reduces channel costs
Breakup of markets

12. Internet selling cost savings
Reduces channel costs
Store brand products - degree of self-service - leased products/services
Macys - Neimen Marcus - Dillards
Internet technology

13. Retail promotion examples
Special aisle displays - store coupons - store demonstrations
Internet technology
List everywhere - social networking - video tours - texting
Reduces channel costs

14. Specialty Retailer examples
Interior design companies - custom home builders - home carpet companies
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Sale of product - credit - service - and warranty add-ons

15. Supermarkets
Coke and pepsi pay to have displays 26 weekends in a year each
Store brand products - degree of self-service - leased products/services
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Academy - trader joes - mens wearhouse

16. Internet retailer examples
Physical location - internet location - size of stores - # of stores in trading area
Reduce logistic costs
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com
Everyday low prices - weekend lower prices - cheaper prices with store credit card

17. Supermarket innovation
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
Internet technology
Product/service - pricing - promotion - distribution/location
During depression

18. Discount stores
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
Everyday low prices - weekend lower prices - cheaper prices with store credit card

19. Online jewelrer Blue Nile
During urban growth
Store brand products - degree of self-service - leased products/services
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

20. Internet strategies in Real Estate
Affluence - compete on price base
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Sale of product - credit - service - and warranty add-ons
List everywhere - social networking - video tours - texting

21. Retail location choices
Affluence - compete on price base
During depression
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Everyday low prices - weekend lower prices - cheaper prices with store credit card

22. Department store innovation
Reduce logistic costs
Physical location - internet location - size of stores - # of stores in trading area
During urban growth
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

23. Internet retailers innovation
Special aisle displays - store coupons - store demonstrations
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Internet technology
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

24. Social Media examples
Affluence - compete on price base
During depression
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Physical location - internet location - size of stores - # of stores in trading area

25. Supply Chains cost savings
High markups - lots of services - broad product lines
Reduce logistic costs
During urban growth
Internet technology

26. Retail revenue streams
Sale of product - credit - service - and warranty add-ons
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

27. Retail Pricing examples
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
Product/service - pricing - promotion - distribution/location
Compete on price - volume-oriented - limited assortment sizes

28. Discounter innovation
Reduce logistic costs
Focus on SPECIFIC customer market - stock products in depth
Affluence - compete on price base
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

29. Great affiliate of blinds.com
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers
Product/service - pricing - promotion - distribution/location
Coke and pepsi pay to have displays 26 weekends in a year each
Interior design companies - custom home builders - home carpet companies