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
Interior design companies - custom home builders - home carpet companies
Academy - trader joes - mens wearhouse
Product/service - pricing - promotion - distribution/location
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE

2. Retail Pricing examples
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Reduces channel costs
Macys - Neimen Marcus - Dillards

3. Retail location choices
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
Macys - Neimen Marcus - Dillards
List everywhere - social networking - video tours - texting

4. Internet strategies in Real Estate
Product/service - pricing - promotion - distribution/location
List everywhere - social networking - video tours - texting
Breakup of markets
Compete on price - volume-oriented - limited assortment sizes

5. Specialty Retailers
Affluence - compete on price base
Sale of product - credit - service - and warranty add-ons
Physical location - internet location - size of stores - # of stores in trading area
Focus on SPECIFIC customer market - stock products in depth

6. Discount store examples
Physical location - internet location - size of stores - # of stores in trading area
Walmart - Costco - Target (danton&hudson) - Suns Club in Houston
Interior design companies - custom home builders - home carpet companies
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot

7. Specialty Retailer examples
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Affluence - compete on price base
Reduce logistic costs
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer

8. Retail Market Mix
High markups - lots of services - broad product lines
Special aisle displays - store coupons - store demonstrations
Product/service - pricing - promotion - distribution/location
Affluence - compete on price base

9. Discount stores
Macys - Neimen Marcus - Dillards
Compete on price - volume-oriented - limited assortment sizes
Focus on SPECIFIC customer market - stock products in depth
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores

10. Supermarkets
Were primarily food products but have expanded into non-food products - & have SELF-SERVICE
High markups - lots of services - broad product lines
Product/service - pricing - promotion - distribution/location
Special aisle displays - store coupons - store demonstrations

11. Supply Chains cost savings
Internet technology
Reduce logistic costs
Special aisle displays - store coupons - store demonstrations
Reduces channel costs

12. Self- service cost savings
Reduces sales staff
Interior design companies - custom home builders - home carpet companies
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Academy - trader joes - mens wearhouse

13. Internet retailer examples
Reduces sales staff
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
Product/service - pricing - promotion - distribution/location

14. Internet selling cost savings
Physical location - internet location - size of stores - # of stores in trading area
Macys - Neimen Marcus - Dillards
Reduces channel costs
Affluence - compete on price base

15. Retail promotion examples
Macys - Neimen Marcus - Dillards
Special aisle displays - store coupons - store demonstrations
Sale of product - credit - service - and warranty add-ons
High markups - lots of services - broad product lines

16. Internet retailers innovation
Focus on SPECIFIC customer market - stock products in depth
Internet technology
Reduce logistic costs
Academy - trader joes - mens wearhouse

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

18. Concentrated Niches Examples
Academy - trader joes - mens wearhouse
Sale of product - credit - service - and warranty add-ons
Reduces channel costs
Physical location - internet location - size of stores - # of stores in trading area

19. Discounter innovation
Special aisle displays - store coupons - store demonstrations
During urban growth
Reduces channel costs
Affluence - compete on price base

20. Social Media examples
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
Macys - Neimen Marcus - Dillards
Focus on SPECIFIC customer market - stock products in depth

21. Display allowances in many supermarkets
Retail stores online - retail stores and add internet - internet stores only - internet stores and add retail stores
Coke and pepsi pay to have displays 26 weekends in a year each
During depression
Academy - trader joes - mens wearhouse

22. Specialty market innovation
During depression
Breakup of markets
Make a sale - collect the money - buy the diamonds from wholesalers - and then drop ship from wholesaler to customer
Push sales through social media - use twitter to fix customer complaints - use apps to draw in shoppers

23. Department store examples
Macys - Neimen Marcus - Dillards
Interior design companies - custom home builders - home carpet companies
List everywhere - social networking - video tours - texting
Compete on price - volume-oriented - limited assortment sizes

24. Retail Distribution/location examples
Product/service - pricing - promotion - distribution/location
Physical location - internet location - size of stores - # of stores in trading area
During depression
Everyday low prices - weekend lower prices - cheaper prices with store credit card

25. Supermarket innovation
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Focus on SPECIFIC customer market - stock products in depth
During depression
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

26. Retail revenue streams
Coke and pepsi pay to have displays 26 weekends in a year each
Sale of product - credit - service - and warranty add-ons
Home Depot - Best Buy (walmart competition) - Container Store - Office Depot
Warby parker - blinds.com - blue nile jewelry - real estate - 1-800-Flowers.com

27. Department stores
High markups - lots of services - broad product lines
Store brand products - degree of self-service - leased products/services
Everyday low prices - weekend lower prices - cheaper prices with store credit card
Product/service - pricing - promotion - distribution/location

28. Retail Product/Service examples
Special aisle displays - store coupons - store demonstrations
Store brand products - degree of self-service - leased products/services
Reduces sales staff
Interior design companies - custom home builders - home carpet companies

29. Department store innovation
During urban growth
During depression
Store brand products - degree of self-service - leased products/services
Internet technology