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Test your basic knowledge |
Fashion And Retail Merchandizing
Start Test
Study First
Subjects
:
business-skills
,
industries
Instructions:
Answer 49 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. Refers to how people live - how they spend their time and money - what activities they pursue - and their attitudes and opinions about the world in which they live.
Habitual Decision Making
Lifestyle or Psychographics
SKU
Hedonic Needs
2. Competition between the same type of retailers (e.g. - Kroger versus Safeway).
Fair Trade
Party Plan
Intratype Competition
Limited Problem Solving
3. End-of-season merchandise that will not be used in following seasons.
Close-outs
Category Specialists
Geodemographic Segmentation
Internal Sources of Information
4. A model of customer decision making based on the notion that customers see a retailer or a product as a collection of attributes or characteristics. The model can also be used for evaluating a retailer - product - or vendor. The model uses a weighte
Party Plan
Multi-Attribute Model
Second Tier Department Stores
Off-Price Retailers
5. Deep and Narrow Assortments - Destination Stores - Category killers - Low Price and Service - Wholesaling to Business Customers and Retailing to Consumers - Incredible Growth
Third Tier Department Stores
Category Specialists
Extended Problem Solving
Irregulars
6. North American Industry Classification System Classification of retail firms into a hierarchical set of six-digit codes based on the types of products and services they produce and sell.
Scrambled Merchandising
NAICS Codes
Lifestyle or Psychographics
Hedonic Needs
7. Needs motivating consumers to go shopping to accomplish a specific task.
Corporate Social Responsibility
Intratype Competition
Utilitarian Needs
Irregulars
8. Retailers sell more modestly priced merchandise with less customer service - Ex: Macy's
Extended Problem Solving
Retail Strategy
Second Tier Department Stores
Demographic Variables
9. In these cultures - social relationships are more important and material goods are less important to consumers.
Collectivist Cultures
Retail Market Segment
Backward Integration
Geodemographic Segmentation
10. Social Class: Lower - Middle - Upper Lifestyle: Striver - driver - devoted - intimate - altruist - fun seeker - creative Personality: Agressive - shy - emotional
Cross-Shopping
Psychosocial Segments
Fair Trade
External Sources of Information
11. Close-out retailers - They offer an inconsistent assortment of brand name merchandise at low prices. Ex: TJX Companies (which operates T.J.Maxx - Marshalls - Winners - HomeGoods - TKMaxx - AJWright - and HomeSense) - Ross - Burlington Coat Factory -
Scrambled Merchandising
Information Search
Off-Price Retailers
Cross-Shopping
12. A set of business activities that adds value to the products and services sold to consumers for their personal or family use.
Limited Problem Solving
Retail Strategy
Internal Sources of Information
Retailing
13. One or more people whom a person uses as a basis of comparison for beliefs - feelings and behaviors.
Reference Group
Second Tier Department Stores
Forward Integration
Third Tier Department Stores
14. Selling merchandise or retailers through more than one channel. Ex: Stores - catalogs - and the internet.
Multi-Channel
SKU
Cannibalization
Utilitarian Needs
15. A firm performs more than one set of activities in the supply chain. Ex: retailer invests in wholesaling or manufacturing
Psychosocial Segments
Party Plan
'Birds of a feather flock together'
Vertical Integration
16. A contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a retail outlet using a name and format developed and supported by the franchisor.
Forward Integration
Franchising
Off-Price Retailers
Scrambled Merchandising
17. A merchant establishment operated by a concern that is primarily engaged in buying - taking title to - usually storing - and physically handling goods in large quantities - and reselling the goods (usually in smaller quantities) to retailers or indus
Extended Problem Solving
Wholesaler
Reference Group
Franchising
18. A buying process in which customers spend considerable time making a decision because it is important and because they have limited knowledge of alternatives.
First Tier Department Stores
Geodemographic Segmentation
Extended Problem Solving
Psychosocial Segments
19. Stock-Keeping Unit The smallest unit available for keeping inventory control. In soft goods merchandise - a SKU usually means a size - color - and style.
Specialty Retailers
SKU
Internal Sources of Information
Franchising
20. Information in a customer's memory - such as names - images - and past experiences with different stores.
Cannibalization
SKU
Retail Market Segment
Internal Sources of Information
21. Ex.: Consumers in the same neighborhood tend to buy the same types of vars - appliances - and shop at the same retailers.
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22. System in which salespeople encourage customers to act as hosts and invite friends or coworkers to a 'party' at which the merchandise is demonstrated.
Party Plan
Limited Problem Solving
Cannibalization
Intratype Competition
23. The number of different merchandise categories within a store or department.
Utilitarian Needs
Variety
Information Search
Habitual Decision Making
24. When geographic and demographic characteristics are used to classify consumers.
Franchising
Lifestyle or Psychographics
Internal Sources of Information
Geodemographic Segmentation
25. Purchasing from factories that pay workers at a living wage - well more than the prevailing minimum wage - and offer other benefits - like onsite medical treatment.
Fair Trade
Reference Group
Lifestyle or Psychographics
Vertical Integration
26. The way customers use the information they have and collect about alternatives - evaluate the alternatives - and make the choice that best satisfy their needs.
Warehouse Clubs
Intertype Competition
Choice of Alternatives
Collectivist Cultures
27. A purchase decision involving a moderate amount of effort. Customers do this when they have some prior experience with the product or service and when their risk is moderate.
Specialty Retailers
Lifestyle or Psychographics
Psychosocial Segments
Limited Problem Solving
28. Value oriented - caters to more price conscious customer Ex: JCPenney - Sears - Kohl's
Irregulars
SKU
Warehouse Clubs
Third Tier Department Stores
29. Once customers identify a need - they may seek information about retailers or products to help them satisfy that need.
Information Search
Conversion Rate
Second Tier Department Stores
Corporate Social Responsibility
30. Competition between retailers that sell similar merchandise using different formats - such as discount and department stores.
Intertype Competition
Demographic Variables
NAICS Codes
Hedonic Needs
31. Information provided by ads and other people.
First Tier Department Stores
External Sources of Information
'Birds of a feather flock together'
Corporate Social Responsibility
32. Percentage of consumers who buy the product after viewing it.
First Tier Department Stores
Conversion Rate
Retailer
Utilitarian Needs
33. Upscale - high fashion chains with exclusive designer merchandise and excellent customer service - Ex: Nordstrom - Neiman Marcus - Saks
Conversion Rate
Hedonic Needs
Habitual Decision Making
First Tier Department Stores
34. A purchase decision involving little or no conscious effort. Customer loyalty.
Multi-Channel
Conversion Rate
SKU
Habitual Decision Making
35. A type of store concentrating on a limited number of complementary merchandise categories and providing a high level of service.
Specialty Retailers
Hedonic Needs
Supply Chain
Retailer
36. A set of firms that make and deliver a given set of goods and services to the ultimate consumer.
Retail Market Segment
Corporate Social Responsibility
Supply Chain
Retail Strategy
37. Offer a limited and irregular assortment of food and general merchandise with little service at low prices - Use low-locations - inexpensive store design - little customer service. - Low inventory holding costs by carrying a limited assortment of fas
Multi-Attribute Model
Multi-Channel
Wholesaler
Warehouse Clubs
38. Needs motivating consumers to go shopping for pleasure.
Conversion Rate
Hedonic Needs
Geodemographic Segmentation
Warehouse Clubs
39. The most common means to define segments - because consumers in these segments can be easily identified - the market size can be determined - and the degree to which they can be reached by and are responsive to media can be easily assessed.
Reference Group
Demographic Variables
Off-Price Retailers
Backward Integration
40. A business that sells products and/or services to consumers for personal or family use.
Retailer
Wholesaler
Habitual Decision Making
Internal Sources of Information
41. The pattern of buying both premium and low-priced merchandise or patronizing both expensive - status-oriented retailers and price-oriented retailers.
Specialty Retailers
Cross-Shopping
Irregulars
Party Plan
42. Merchandise that has minor mistakes in construction.
Irregulars
Conversion Rate
Off-Price Retailers
Intratype Competition
43. Manufacturers undertake retailing activities. Ex: Ralph Lauren (New York Jones - Liz Claiborne) operates its own retail stores Large retailers engage in both wholesaling and retailing Ex: Wal-Mart - Lowe's - Safeway - Brown Shoe Company
External Sources of Information
Forward Integration
Warehouse Clubs
Specialty Retailers
44. To cut into; cause to become reduced; diminish.
Vertical Integration
Geodemographic Segmentation
Psychosocial Segments
Cannibalization
45. When retailers offer merchandise not typically associated with their type of store - such as clothing in a drug store - it results in scrambled merchandising. This increases intertype competition.
Scrambled Merchandising
SKU
Hedonic Needs
Intratype Competition
46. A group of customers whose needs will be satisfied by the same retail offering because they have similar needs and go through similar buying processes.
Geodemographic Segmentation
Scrambled Merchandising
NAICS Codes
Retail Market Segment
47. The voluntary actions taken by a company to address the ethical - social - and environmental impacts of its business operations - in addition to the concerns of its stakeholders.
Retailer
Vertical Integration
Demographic Variables
Corporate Social Responsibility
48. A retailer performs some distribution and manufacturing activities - such as operating warehouses. Ex: JCPenney sells Arizona jeans (Private Label)
Retailer
Irregulars
Backward Integration
Collectivist Cultures
49. It indicates how the firm plans to focus its resources to accomplish its objectives. It should identify: 1. The target market 2. The product and service mix 3. A long-term comparative advantage over competition
'Birds of a feather flock together'
NAICS Codes
Multi-Attribute Model
Retail Strategy