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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. Germany - Spain - Eastern Block

2. Place where sellers display sample goods and buyers survey and place orders for merchandise which will be delivered later

3. Variety of low priced merchandise

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

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

6. When merchandise (inventory and ordered) is GREATER than need

7. Ads; focuses on business itself

8. Television or computer shopping

9. Focuses on a particular item or product

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

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

12. 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

13. Buying - selling - and planning of merchandise

14. 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

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

16. Focuses on management and market research

17. Price - Buying plans - What is selling - Needs of the consumer - Buyer completes order which is then approved by DMM

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

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

20. Most aware of what is selling (bias)

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

22. Mass - staples

23. Selling responsibilities

24. Image Merchandise/promotional -advertising agencies bid for client accounts

25. Small specialized store of a department store

26. Must be selected for membership - All couture houses do custom dressmaking but also have ready-to-wear line

27. Sales records - Sales people

28. Typically 6 months prior to season

29. Order from catalog and pick up immediately

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

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

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

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

34. Merchandising offerings - Appropriate for customers

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

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

37. Focuses on the business itself

38. Market area - Assists specialized (central) buyer

39. Responsible for several areas

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

41. 2nd largest leasing space available

42. Shoplifting - internal theft - inaccurate records

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

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

45. 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

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

47. Manufacturers Attend Market to...

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

49. Compare what is available from the competition

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