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