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Fashion Merchandizing

  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. Place where sellers display sample goods and buyers survey and place orders for merchandise which will be delivered later

2. Ads; focuses on business itself

3. Offerings limited to geographical area - Vendor policies (Minimums) - Vendor services (On time shipments)

4. Selling responsibilities

5. Combine supermarket - appliances - toys - drug store items - apparel - etc. - everything under one roof

6. Buying - selling - and planning of merchandise

7. Market area - Assists specialized (central) buyer

8. Centrally located/organized with merchandising and buying in a central headquarters - Most of the separate stores look alike and carry the same merchandise - Example = Target

9. Merchandising offerings - Appropriate for customers

10. Manufacturers Attend Market to...

11. Responsible for several areas

12. Market trips - Sales reps wh - visit buyer - Catalogs - Resident buying offices - Store-owned resources

13. Store that concentrates on a specific classification of merchandise - Often more clearly defined market - Broad and shallow assortment

14. Germany - Spain - Eastern Block

15. Focuses on a particular item or product

16. 2nd largest leasing space available

17. Large number of resources centered in 7th Avenue area - Largest and most important domestically

18. Develops clothing for actors in plays - movies - and television

19. Manufacturer sells the rights to retail the product - Franchise has the right to use the name and stock the merchandise - Example = Panera

20. Larger orders may allow for...

21. Small area within a store for designers or popular manufacturers

22. Largest portion of promotion budget (approx. 1.3% of sales) - Planning - writing - design - and scheduling of paid announcements

23. Located in market

24. Not paid for by the retailer and the retailer doesn't have control over what is said

25. Run by private enterprises - members subscribe for a fee (e.g. Doneger Group)

26. Responsible for a department/area

27. Order from catalog and pick up immediately

28. Carry merchandise from many manufacturers -Originally owned by manufacturers as a way to get rid of excess merchandise

29. Sourcing - Logistics related to - importing - Managing information systems

30. Serves as group of stores - membership is by invitation only (e.g. Associated Merchandising Corporation)

31. Store owner - Specialized store buyer - Central buyer - Resident buyer

32. Where store execs are housed

33. Merchandising - Buying - Product Development Organizations

34. Leased department: rents space to an outside firm which runs the department (makeup counters) -In-store boutique

35. Management consultants - Technical consultants - Import and export consultants

36. Manufacturers may not always produce everything they show in regional market (even if orders have been placed) - May not have many new manufacturers

37. Sales records - Sales people

38. Planned sales - Planned stock - Turnover - Average stock - Planned purchases - Shortage - Gross margin percentage - Open-to-buy

39. Figure that tells the frequency with which the stock has been sold and replaced - Goal: increase turn = keep merchandise moving

40. Focuses on management and market research

41. Cotton Inc. - Wool Bureau

42. Additional service offered by resident buying offices- design staff of the buying office develops private label merchandise - Newest services

43. Focuses on the business itself

44. Quantity of different items offered

45. Stores are part of an ownership group - Corporation owns a number of autonomously operated retail organizations

46. Variety of low priced merchandise

47. Sometimes called the 6 month plan - Balances planned stock and planned sales in dollars - Previous 6 months plan is used as a guideline

48. Discounts for early payment - Any discounts available (special buys) - Delivery agreements (especially when goods change ownership) - Services (co-op advertising)

49. WWD - DNR - stores (consumer fashion magazines)

50. Pay a fee for what are supposed to be wholesale prices