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