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