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