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






2. Typically 6 months prior to season






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






4. Focus specifically on product






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






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






7. Market area - Assists specialized (central) buyer






8. Buying - selling - and planning of merchandise






9. Offer merchandise at prices below recognized levels -Emphasis on self-service - limited services -Volume-oriented






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






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






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






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






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






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






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






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






18. Television or computer shopping






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

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






21. Where store execs are housed






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






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






24. Responsible for establishing the store's image






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






26. Italian fashion - Knits - Shoes - Menswear






27. Variety of low priced merchandise






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






29. Focuses on management and market research






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






31. Germany - Spain - Eastern Block






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






33. Responsible for a department/area






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






35. 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






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






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






38. Small operation






39. Door-to-door or house parties






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






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






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






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






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






45. Shoplifting - internal theft - inaccurate records






46. Store's own label for career and casual sportswear; prices vary (better to moderate)






47. Cotton Inc. - Wool Bureau






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






49. Number of different items offered






50. Located in market