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