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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. 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

2. Selling responsibilities

3. Merchandising offerings - Appropriate for customers

4. Small operation

5. Chain

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

7. Television or computer shopping

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

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

10. Market area - Assists specialized (central) buyer

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

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

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

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

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

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

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

18. Italian fashion - Knits - Shoes - Menswear

19. Sales records - Sales people

20. Manufacturers Attend Market to...

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

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

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

24. Ads; focuses on business itself

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

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

27. Current information on trends

28. Most aware of what is selling (bias)

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

30. Order from catalog and pick up immediately

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

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

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

34. 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

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

36. Responsible for a department/area

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

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

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

40. Buying - selling - and planning of merchandise

41. Germany - Spain - Eastern Block

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

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

44. Mass - staples

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

46. Cotton Inc. - Wool Bureau

47. Typically 6 months prior to season

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

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

50. Larger orders may allow for...