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Test your basic knowledge |
Fashion And Retail Merchandizing
Start Test
Study First
Subjects
:
business-skills
,
industries
Instructions:
Answer 49 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. Offer a limited and irregular assortment of food and general merchandise with little service at low prices - Use low-locations - inexpensive store design - little customer service. - Low inventory holding costs by carrying a limited assortment of fas
Scrambled Merchandising
Off-Price Retailers
NAICS Codes
Warehouse Clubs
2. A purchase decision involving a moderate amount of effort. Customers do this when they have some prior experience with the product or service and when their risk is moderate.
Retail Market Segment
Irregulars
Limited Problem Solving
Reference Group
3. Needs motivating consumers to go shopping to accomplish a specific task.
Utilitarian Needs
Extended Problem Solving
First Tier Department Stores
Supply Chain
4. Ex.: Consumers in the same neighborhood tend to buy the same types of vars - appliances - and shop at the same retailers.
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5. Information in a customer's memory - such as names - images - and past experiences with different stores.
Limited Problem Solving
Internal Sources of Information
Collectivist Cultures
Utilitarian Needs
6. The voluntary actions taken by a company to address the ethical - social - and environmental impacts of its business operations - in addition to the concerns of its stakeholders.
Lifestyle or Psychographics
First Tier Department Stores
Retailing
Corporate Social Responsibility
7. Deep and Narrow Assortments - Destination Stores - Category killers - Low Price and Service - Wholesaling to Business Customers and Retailing to Consumers - Incredible Growth
Warehouse Clubs
Category Specialists
Retail Market Segment
Extended Problem Solving
8. Value oriented - caters to more price conscious customer Ex: JCPenney - Sears - Kohl's
Extended Problem Solving
Choice of Alternatives
Third Tier Department Stores
Cross-Shopping
9. The way customers use the information they have and collect about alternatives - evaluate the alternatives - and make the choice that best satisfy their needs.
Variety
Vertical Integration
Choice of Alternatives
Third Tier Department Stores
10. It indicates how the firm plans to focus its resources to accomplish its objectives. It should identify: 1. The target market 2. The product and service mix 3. A long-term comparative advantage over competition
Party Plan
Specialty Retailers
Retail Strategy
Multi-Channel
11. North American Industry Classification System Classification of retail firms into a hierarchical set of six-digit codes based on the types of products and services they produce and sell.
Collectivist Cultures
Forward Integration
Cross-Shopping
NAICS Codes
12. Social Class: Lower - Middle - Upper Lifestyle: Striver - driver - devoted - intimate - altruist - fun seeker - creative Personality: Agressive - shy - emotional
Reference Group
Warehouse Clubs
Irregulars
Psychosocial Segments
13. Needs motivating consumers to go shopping for pleasure.
Hedonic Needs
Backward Integration
SKU
Collectivist Cultures
14. When retailers offer merchandise not typically associated with their type of store - such as clothing in a drug store - it results in scrambled merchandising. This increases intertype competition.
Retailer
Hedonic Needs
Scrambled Merchandising
Internal Sources of Information
15. A retailer performs some distribution and manufacturing activities - such as operating warehouses. Ex: JCPenney sells Arizona jeans (Private Label)
Retail Strategy
Backward Integration
Geodemographic Segmentation
Cannibalization
16. A set of business activities that adds value to the products and services sold to consumers for their personal or family use.
Information Search
Choice of Alternatives
NAICS Codes
Retailing
17. In these cultures - social relationships are more important and material goods are less important to consumers.
Retail Market Segment
'Birds of a feather flock together'
Collectivist Cultures
Supply Chain
18. End-of-season merchandise that will not be used in following seasons.
Specialty Retailers
Cross-Shopping
Close-outs
Conversion Rate
19. Refers to how people live - how they spend their time and money - what activities they pursue - and their attitudes and opinions about the world in which they live.
Information Search
'Birds of a feather flock together'
Lifestyle or Psychographics
Irregulars
20. Stock-Keeping Unit The smallest unit available for keeping inventory control. In soft goods merchandise - a SKU usually means a size - color - and style.
Retail Market Segment
Intertype Competition
Vertical Integration
SKU
21. One or more people whom a person uses as a basis of comparison for beliefs - feelings and behaviors.
Reference Group
Second Tier Department Stores
Third Tier Department Stores
Extended Problem Solving
22. A buying process in which customers spend considerable time making a decision because it is important and because they have limited knowledge of alternatives.
Forward Integration
Multi-Channel
Extended Problem Solving
Specialty Retailers
23. A business that sells products and/or services to consumers for personal or family use.
Choice of Alternatives
Retail Strategy
Retailer
Intratype Competition
24. Purchasing from factories that pay workers at a living wage - well more than the prevailing minimum wage - and offer other benefits - like onsite medical treatment.
Fair Trade
Vertical Integration
Reference Group
Warehouse Clubs
25. When geographic and demographic characteristics are used to classify consumers.
Hedonic Needs
Geodemographic Segmentation
Collectivist Cultures
Choice of Alternatives
26. The number of different merchandise categories within a store or department.
Vertical Integration
Variety
Close-outs
Third Tier Department Stores
27. Upscale - high fashion chains with exclusive designer merchandise and excellent customer service - Ex: Nordstrom - Neiman Marcus - Saks
Internal Sources of Information
First Tier Department Stores
Retail Market Segment
Irregulars
28. Once customers identify a need - they may seek information about retailers or products to help them satisfy that need.
Demographic Variables
Utilitarian Needs
Off-Price Retailers
Information Search
29. Retailers sell more modestly priced merchandise with less customer service - Ex: Macy's
Close-outs
Reference Group
Vertical Integration
Second Tier Department Stores
30. A type of store concentrating on a limited number of complementary merchandise categories and providing a high level of service.
Warehouse Clubs
Demographic Variables
Wholesaler
Specialty Retailers
31. Competition between the same type of retailers (e.g. - Kroger versus Safeway).
Scrambled Merchandising
Intratype Competition
Demographic Variables
Supply Chain
32. A model of customer decision making based on the notion that customers see a retailer or a product as a collection of attributes or characteristics. The model can also be used for evaluating a retailer - product - or vendor. The model uses a weighte
Third Tier Department Stores
Multi-Attribute Model
Hedonic Needs
Franchising
33. The most common means to define segments - because consumers in these segments can be easily identified - the market size can be determined - and the degree to which they can be reached by and are responsive to media can be easily assessed.
Second Tier Department Stores
Party Plan
Demographic Variables
Third Tier Department Stores
34. To cut into; cause to become reduced; diminish.
Retail Market Segment
Retailing
Category Specialists
Cannibalization
35. Selling merchandise or retailers through more than one channel. Ex: Stores - catalogs - and the internet.
Collectivist Cultures
SKU
Intertype Competition
Multi-Channel
36. A set of firms that make and deliver a given set of goods and services to the ultimate consumer.
Off-Price Retailers
Forward Integration
Cannibalization
Supply Chain
37. Competition between retailers that sell similar merchandise using different formats - such as discount and department stores.
Third Tier Department Stores
Intertype Competition
Retailing
Hedonic Needs
38. A firm performs more than one set of activities in the supply chain. Ex: retailer invests in wholesaling or manufacturing
Second Tier Department Stores
Warehouse Clubs
Information Search
Vertical Integration
39. System in which salespeople encourage customers to act as hosts and invite friends or coworkers to a 'party' at which the merchandise is demonstrated.
Second Tier Department Stores
Party Plan
NAICS Codes
Hedonic Needs
40. A purchase decision involving little or no conscious effort. Customer loyalty.
Information Search
Habitual Decision Making
Scrambled Merchandising
Irregulars
41. Manufacturers undertake retailing activities. Ex: Ralph Lauren (New York Jones - Liz Claiborne) operates its own retail stores Large retailers engage in both wholesaling and retailing Ex: Wal-Mart - Lowe's - Safeway - Brown Shoe Company
Hedonic Needs
SKU
Collectivist Cultures
Forward Integration
42. Close-out retailers - They offer an inconsistent assortment of brand name merchandise at low prices. Ex: TJX Companies (which operates T.J.Maxx - Marshalls - Winners - HomeGoods - TKMaxx - AJWright - and HomeSense) - Ross - Burlington Coat Factory -
Off-Price Retailers
SKU
Cannibalization
Geodemographic Segmentation
43. Percentage of consumers who buy the product after viewing it.
Fair Trade
SKU
Warehouse Clubs
Conversion Rate
44. Information provided by ads and other people.
External Sources of Information
Irregulars
Information Search
Second Tier Department Stores
45. A contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a retail outlet using a name and format developed and supported by the franchisor.
Multi-Attribute Model
Vertical Integration
Franchising
Lifestyle or Psychographics
46. A merchant establishment operated by a concern that is primarily engaged in buying - taking title to - usually storing - and physically handling goods in large quantities - and reselling the goods (usually in smaller quantities) to retailers or indus
Retailer
SKU
Choice of Alternatives
Wholesaler
47. Merchandise that has minor mistakes in construction.
Choice of Alternatives
Forward Integration
Intertype Competition
Irregulars
48. The pattern of buying both premium and low-priced merchandise or patronizing both expensive - status-oriented retailers and price-oriented retailers.
Geodemographic Segmentation
Cross-Shopping
Intratype Competition
Backward Integration
49. A group of customers whose needs will be satisfied by the same retail offering because they have similar needs and go through similar buying processes.
Internal Sources of Information
Lifestyle or Psychographics
First Tier Department Stores
Retail Market Segment