Test your basic knowledge |

Fashion Merchandizing

Instructions:
  • Answer 50 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. Price - Buying plans - What is selling - Needs of the consumer - Buyer completes order which is then approved by DMM






2. Focus specifically on product






3. Menswear






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






5. Buying - selling - and planning of merchandise






6. Completed once the estimated demand has been made - The merchandise plan is both by: Dollar or Merchandise (amount and quantity)






7. Money left to buy- when merchandise NEEDS to exceed merchandise available






8. Responsible for establishing the store's image






9. Larger orders may allow for...






10. Shopping the stores - Using resident buying offices - Vendors - Trade publications - Reporting services - Trade associations - Market research - In-store success






11. Italian fashion - Knits - Shoes - Menswear






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






13. Customer makes choices out of a catalog and places order by phone - mail - or at a facility






14. 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






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






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






17. These reach out and sell to - small fashion retailers in surrounding areas - serve as a wholesale selling facility for apparel producers - Better understanding of the local consumer






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






19. Merchandising - Buying - Product Development Organizations






20. Variety of low priced merchandise






21. Market area - Assists specialized (central) buyer






22. Located in market






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






24. Tells buyer dollar amount of purchases that can be made - Actual stock- planned stock






25. Regional center for bridal - evening wear






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






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






28. Television or computer shopping






29. Merchandising offerings - Appropriate for customers






30. Ads; focuses on business itself






31. Selling responsibilities






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






33. Screens the market for the store buyer (represents the buyer) - Group buying- allows for lower prices due to volume buying - Assist with private label- product development sourcing - Assist with foreign buying






34. Responsible for several areas






35. Small specialized store of a department store






36. Net sales- total merchandise costs (Allow for overhead taxes and profit)






37. Some sample will be altered - To show merchandise in best possible way to accessorize it the way they intended it to be and sometimes on models - Opportunity to develop PR






38. Creates fashion looks for magazine phot - shoots - company catalogs - etc.






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






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






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






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






43. Germany - Spain - Eastern Block






44. To actually see the merchandise and judge how it will look in store - To find new resources for merchandise - Stores will always carry some traditional vendors But are constantly seeking new sources - Talk to other and get a feel for the trends and






45. Door-to-door or house parties






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






47. Anticipating future needs - Interpreting consumer demand - Evaluating current sales






48. Typically 6 months prior to season






49. Focuses on the business itself






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