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. Located in market






2. Buying - selling - and planning of merchandise






3. Small specialized store of a department store






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






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






6. Door-to-door or house parties






7. Focuses on a particular item or product






8. Cotton Inc. - Wool Bureau






9. Specialize in brand and designer name clothing at discounted prices






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






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






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. Where store execs are housed






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






15. Typically 6 months prior to season






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






17. Most aware of what is selling (bias)






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






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






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






21. Television or computer shopping






22. 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






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






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






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






26. Order from catalog and pick up immediately






27. Mass - staples






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






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






30. Menswear






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






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






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






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

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35. Departments are managed separately - Separate buyers for each department - Extra customer services - Checkout in each department






36. 2nd largest leasing space available






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






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






39. Market area - Assists specialized (central) buyer






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






41. 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






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






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






44. Variety of low priced merchandise






45. Chain






46. Current information on trends






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






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






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






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