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