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Fashion And Retail Merchandizing

Instructions:
  • Answer 49 questions in 15 minutes.
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  • 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. A firm performs more than one set of activities in the supply chain. Ex: retailer invests in wholesaling or manufacturing






2. A set of firms that make and deliver a given set of goods and services to the ultimate consumer.






3. To cut into; cause to become reduced; diminish.






4. 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.






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






6. Percentage of consumers who buy the product after viewing it.






7. The pattern of buying both premium and low-priced merchandise or patronizing both expensive - status-oriented retailers and price-oriented retailers.






8. Competition between the same type of retailers (e.g. - Kroger versus Safeway).






9. Information provided by ads and other people.






10. Information in a customer's memory - such as names - images - and past experiences with different stores.






11. Retailers sell more modestly priced merchandise with less customer service - Ex: Macy's






12. Needs motivating consumers to go shopping for pleasure.






13. Upscale - high fashion chains with exclusive designer merchandise and excellent customer service - Ex: Nordstrom - Neiman Marcus - Saks






14. 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.






15. 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.






16. 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.






17. Social Class: Lower - Middle - Upper Lifestyle: Striver - driver - devoted - intimate - altruist - fun seeker - creative Personality: Agressive - shy - emotional






18. Competition between retailers that sell similar merchandise using different formats - such as discount and department stores.






19. In these cultures - social relationships are more important and material goods are less important to consumers.






20. Deep and Narrow Assortments - Destination Stores - Category killers - Low Price and Service - Wholesaling to Business Customers and Retailing to Consumers - Incredible Growth






21. 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






22. Needs motivating consumers to go shopping to accomplish a specific task.






23. A set of business activities that adds value to the products and services sold to consumers for their personal or family use.






24. Value oriented - caters to more price conscious customer Ex: JCPenney - Sears - Kohl's






25. When geographic and demographic characteristics are used to classify consumers.






26. 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.






27. 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.






28. A retailer performs some distribution and manufacturing activities - such as operating warehouses. Ex: JCPenney sells Arizona jeans (Private Label)






29. 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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30. 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.






31. System in which salespeople encourage customers to act as hosts and invite friends or coworkers to a 'party' at which the merchandise is demonstrated.






32. A buying process in which customers spend considerable time making a decision because it is important and because they have limited knowledge of alternatives.






33. The way customers use the information they have and collect about alternatives - evaluate the alternatives - and make the choice that best satisfy their needs.






34. 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 -






35. Selling merchandise or retailers through more than one channel. Ex: Stores - catalogs - and the internet.






36. 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.






37. A type of store concentrating on a limited number of complementary merchandise categories and providing a high level of service.






38. A business that sells products and/or services to consumers for personal or family use.






39. 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






40. 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.






41. End-of-season merchandise that will not be used in following seasons.






42. 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






43. A purchase decision involving little or no conscious effort. Customer loyalty.






44. 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






45. One or more people whom a person uses as a basis of comparison for beliefs - feelings and behaviors.






46. Stock-Keeping Unit The smallest unit available for keeping inventory control. In soft goods merchandise - a SKU usually means a size - color - and style.






47. The number of different merchandise categories within a store or department.






48. Once customers identify a need - they may seek information about retailers or products to help them satisfy that need.






49. Merchandise that has minor mistakes in construction.