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Test your basic knowledge |
Fashion And Retail Merchandizing
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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. A firm performs more than one set of activities in the supply chain. Ex: retailer invests in wholesaling or manufacturing
Extended Problem Solving
Retail Strategy
Utilitarian Needs
Vertical Integration
2. A set of firms that make and deliver a given set of goods and services to the ultimate consumer.
Cross-Shopping
Scrambled Merchandising
Supply Chain
Irregulars
3. To cut into; cause to become reduced; diminish.
SKU
Utilitarian Needs
Intratype Competition
Cannibalization
4. 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.
Intertype Competition
Utilitarian Needs
External Sources of Information
Scrambled Merchandising
5. 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
Retail Strategy
Retail Market Segment
Retailer
Variety
6. Percentage of consumers who buy the product after viewing it.
Vertical Integration
Conversion Rate
Warehouse Clubs
Forward Integration
7. The pattern of buying both premium and low-priced merchandise or patronizing both expensive - status-oriented retailers and price-oriented retailers.
Cannibalization
Information Search
Intertype Competition
Cross-Shopping
8. Competition between the same type of retailers (e.g. - Kroger versus Safeway).
Second Tier Department Stores
Warehouse Clubs
Intratype Competition
Retail Strategy
9. Information provided by ads and other people.
Specialty Retailers
Close-outs
External Sources of Information
Choice of Alternatives
10. Information in a customer's memory - such as names - images - and past experiences with different stores.
Internal Sources of Information
Forward Integration
Retailing
Category Specialists
11. Retailers sell more modestly priced merchandise with less customer service - Ex: Macy's
Scrambled Merchandising
Second Tier Department Stores
Choice of Alternatives
Limited Problem Solving
12. Needs motivating consumers to go shopping for pleasure.
Geodemographic Segmentation
Close-outs
Hedonic Needs
Scrambled Merchandising
13. Upscale - high fashion chains with exclusive designer merchandise and excellent customer service - Ex: Nordstrom - Neiman Marcus - Saks
Demographic Variables
First Tier Department Stores
Cannibalization
Supply Chain
14. 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.
NAICS Codes
Cross-Shopping
Intertype Competition
Close-outs
15. 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.
Intertype Competition
Hedonic Needs
Franchising
Psychosocial Segments
16. 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.
Party Plan
Franchising
Wholesaler
Demographic Variables
17. Social Class: Lower - Middle - Upper Lifestyle: Striver - driver - devoted - intimate - altruist - fun seeker - creative Personality: Agressive - shy - emotional
Backward Integration
Psychosocial Segments
Limited Problem Solving
Fair Trade
18. Competition between retailers that sell similar merchandise using different formats - such as discount and department stores.
Intratype Competition
Supply Chain
Intertype Competition
Off-Price Retailers
19. In these cultures - social relationships are more important and material goods are less important to consumers.
Conversion Rate
Collectivist Cultures
First Tier Department Stores
Irregulars
20. Deep and Narrow Assortments - Destination Stores - Category killers - Low Price and Service - Wholesaling to Business Customers and Retailing to Consumers - Incredible Growth
Warehouse Clubs
Close-outs
External Sources of Information
Category Specialists
21. 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
NAICS Codes
Retailing
Warehouse Clubs
Multi-Channel
22. Needs motivating consumers to go shopping to accomplish a specific task.
Forward Integration
Cross-Shopping
Second Tier Department Stores
Utilitarian Needs
23. A set of business activities that adds value to the products and services sold to consumers for their personal or family use.
Retailing
Backward Integration
Retail Market Segment
Retailer
24. Value oriented - caters to more price conscious customer Ex: JCPenney - Sears - Kohl's
Wholesaler
'Birds of a feather flock together'
Third Tier Department Stores
Choice of Alternatives
25. When geographic and demographic characteristics are used to classify consumers.
Second Tier Department Stores
Geodemographic Segmentation
'Birds of a feather flock together'
Retailer
26. 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.
Intertype Competition
Collectivist Cultures
Information Search
Limited Problem Solving
27. 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.
Reference Group
Retail Market Segment
Hedonic Needs
Variety
28. A retailer performs some distribution and manufacturing activities - such as operating warehouses. Ex: JCPenney sells Arizona jeans (Private Label)
Lifestyle or Psychographics
Backward Integration
Specialty Retailers
Internal Sources of Information
29. 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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30. 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.
Extended Problem Solving
Close-outs
Lifestyle or Psychographics
Information Search
31. 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
Second Tier Department Stores
Supply Chain
Intertype Competition
32. A buying process in which customers spend considerable time making a decision because it is important and because they have limited knowledge of alternatives.
Extended Problem Solving
Retail Strategy
Information Search
Second Tier Department Stores
33. The way customers use the information they have and collect about alternatives - evaluate the alternatives - and make the choice that best satisfy their needs.
Intertype Competition
Demographic Variables
Choice of Alternatives
Scrambled Merchandising
34. 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 -
Off-Price Retailers
Multi-Attribute Model
Forward Integration
SKU
35. Selling merchandise or retailers through more than one channel. Ex: Stores - catalogs - and the internet.
Category Specialists
Multi-Channel
Wholesaler
Warehouse Clubs
36. 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.
Corporate Social Responsibility
Retailer
Cross-Shopping
Cannibalization
37. A type of store concentrating on a limited number of complementary merchandise categories and providing a high level of service.
Close-outs
Specialty Retailers
Fair Trade
Habitual Decision Making
38. A business that sells products and/or services to consumers for personal or family use.
Close-outs
Off-Price Retailers
Lifestyle or Psychographics
Retailer
39. 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
Wholesaler
Backward Integration
Vertical Integration
Choice of Alternatives
40. 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
Hedonic Needs
Psychosocial Segments
Franchising
41. End-of-season merchandise that will not be used in following seasons.
Irregulars
Close-outs
Vertical Integration
Internal Sources of Information
42. 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
External Sources of Information
Multi-Attribute Model
Scrambled Merchandising
Second Tier Department Stores
43. A purchase decision involving little or no conscious effort. Customer loyalty.
Franchising
Habitual Decision Making
Supply Chain
Extended Problem Solving
44. 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
Geodemographic Segmentation
Party Plan
Third Tier Department Stores
Forward Integration
45. One or more people whom a person uses as a basis of comparison for beliefs - feelings and behaviors.
Retail Market Segment
Conversion Rate
Reference Group
Geodemographic Segmentation
46. Stock-Keeping Unit The smallest unit available for keeping inventory control. In soft goods merchandise - a SKU usually means a size - color - and style.
Fair Trade
Intratype Competition
SKU
Retailing
47. The number of different merchandise categories within a store or department.
Limited Problem Solving
External Sources of Information
Third Tier Department Stores
Variety
48. Once customers identify a need - they may seek information about retailers or products to help them satisfy that need.
Information Search
Irregulars
Cross-Shopping
Off-Price Retailers
49. Merchandise that has minor mistakes in construction.
Retail Strategy
Franchising
Irregulars
Second Tier Department Stores