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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. Quantity of different items offered

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

3. Responsible for a department/area

4. Larger orders may allow for...

5. 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

6. Focus specifically on product

7. Compare what is available from the competition

8. 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

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

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

11. Merchandising - Buying - Product Development Organizations

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

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

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

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

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

17. Mass - staples

18. Small operation

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

20. Where store execs are housed

21. Typically 6 months prior to season

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

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

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

25. 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

26. Small specialized store of a department store

27. Focuses on a particular item or product

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

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

30. Responsible for establishing the store's image

31. Market area - Assists specialized (central) buyer

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

33. Focuses on the business itself

34. Responsible for several areas

35. Cotton Inc. - Wool Bureau

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

37. Store open another facility in a different location - often in suburbs

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

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

40. Manufacturers Attend Market to...

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

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

43. 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

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

45. Most aware of what is selling (bias)

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

47. Located in market

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

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

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