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Test your basic knowledge |
Fashion And Retail Merchandizing
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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. A set of business activities that adds value to the products and services sold to consumers for their personal or family use.
Retailer
First Tier Department Stores
Retailing
Close-outs
2. A type of store concentrating on a limited number of complementary merchandise categories and providing a high level of service.
Multi-Channel
Lifestyle or Psychographics
Limited Problem Solving
Specialty Retailers
3. A retailer performs some distribution and manufacturing activities - such as operating warehouses. Ex: JCPenney sells Arizona jeans (Private Label)
Demographic Variables
First Tier Department Stores
Backward Integration
Franchising
4. 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
Party Plan
Warehouse Clubs
Utilitarian Needs
Backward Integration
5. A purchase decision involving little or no conscious effort. Customer loyalty.
'Birds of a feather flock together'
Limited Problem Solving
Cannibalization
Habitual Decision Making
6. Stock-Keeping Unit The smallest unit available for keeping inventory control. In soft goods merchandise - a SKU usually means a size - color - and style.
SKU
'Birds of a feather flock together'
Multi-Attribute Model
Geodemographic Segmentation
7. Competition between the same type of retailers (e.g. - Kroger versus Safeway).
Conversion Rate
Habitual Decision Making
Cannibalization
Intratype Competition
8. 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
Intratype Competition
Multi-Attribute Model
Collectivist Cultures
Limited Problem Solving
9. Percentage of consumers who buy the product after viewing it.
Internal Sources of Information
Conversion Rate
Irregulars
Reference Group
10. To cut into; cause to become reduced; diminish.
Cannibalization
Extended Problem Solving
Vertical Integration
Utilitarian Needs
11. The way customers use the information they have and collect about alternatives - evaluate the alternatives - and make the choice that best satisfy their needs.
Vertical Integration
Choice of Alternatives
Psychosocial Segments
Party Plan
12. System in which salespeople encourage customers to act as hosts and invite friends or coworkers to a 'party' at which the merchandise is demonstrated.
Party Plan
Scrambled Merchandising
External Sources of Information
Multi-Channel
13. One or more people whom a person uses as a basis of comparison for beliefs - feelings and behaviors.
Third Tier Department Stores
Reference Group
Retailer
Hedonic Needs
14. 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.
Limited Problem Solving
Multi-Attribute Model
Intertype Competition
Psychosocial Segments
15. Competition between retailers that sell similar merchandise using different formats - such as discount and department stores.
Backward Integration
Intertype Competition
Utilitarian Needs
Conversion Rate
16. End-of-season merchandise that will not be used in following seasons.
Geodemographic Segmentation
Close-outs
Demographic Variables
First Tier Department Stores
17. When geographic and demographic characteristics are used to classify consumers.
Geodemographic Segmentation
Scrambled Merchandising
Psychosocial Segments
Cross-Shopping
18. Information in a customer's memory - such as names - images - and past experiences with different stores.
Internal Sources of Information
Category Specialists
Fair Trade
'Birds of a feather flock together'
19. 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
NAICS Codes
'Birds of a feather flock together'
Forward Integration
Limited Problem Solving
20. Deep and Narrow Assortments - Destination Stores - Category killers - Low Price and Service - Wholesaling to Business Customers and Retailing to Consumers - Incredible Growth
Psychosocial Segments
Extended Problem Solving
Category Specialists
Cannibalization
21. Merchandise that has minor mistakes in construction.
Retail Strategy
Hedonic Needs
Vertical Integration
Irregulars
22. 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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23. The number of different merchandise categories within a store or department.
Variety
Geodemographic Segmentation
Lifestyle or Psychographics
Irregulars
24. Needs motivating consumers to go shopping to accomplish a specific task.
Off-Price Retailers
Utilitarian Needs
Wholesaler
Internal Sources of Information
25. 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
Multi-Attribute Model
Retail Strategy
Collectivist Cultures
Wholesaler
26. 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.
Multi-Attribute Model
Retail Market Segment
Corporate Social Responsibility
Conversion Rate
27. 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.
NAICS Codes
Extended Problem Solving
Backward Integration
Supply Chain
28. In these cultures - social relationships are more important and material goods are less important to consumers.
Collectivist Cultures
Category Specialists
NAICS Codes
Extended Problem Solving
29. Social Class: Lower - Middle - Upper Lifestyle: Striver - driver - devoted - intimate - altruist - fun seeker - creative Personality: Agressive - shy - emotional
Party Plan
Psychosocial Segments
Conversion Rate
Limited Problem Solving
30. 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.
Lifestyle or Psychographics
'Birds of a feather flock together'
Franchising
Scrambled Merchandising
31. The pattern of buying both premium and low-priced merchandise or patronizing both expensive - status-oriented retailers and price-oriented retailers.
Scrambled Merchandising
Cross-Shopping
Category Specialists
Warehouse Clubs
32. 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.
Retail Strategy
Franchising
Retail Market Segment
Specialty Retailers
33. 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.
Second Tier Department Stores
SKU
Cross-Shopping
Corporate Social Responsibility
34. Once customers identify a need - they may seek information about retailers or products to help them satisfy that need.
Hedonic Needs
Information Search
Corporate Social Responsibility
Conversion Rate
35. Needs motivating consumers to go shopping for pleasure.
Corporate Social Responsibility
Extended Problem Solving
Party Plan
Hedonic Needs
36. A buying process in which customers spend considerable time making a decision because it is important and because they have limited knowledge of alternatives.
Habitual Decision Making
Lifestyle or Psychographics
Extended Problem Solving
Warehouse Clubs
37. Information provided by ads and other people.
Demographic Variables
External Sources of Information
Collectivist Cultures
Specialty Retailers
38. 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 -
Category Specialists
Off-Price Retailers
Multi-Channel
Retail Market Segment
39. Upscale - high fashion chains with exclusive designer merchandise and excellent customer service - Ex: Nordstrom - Neiman Marcus - Saks
First Tier Department Stores
Franchising
Choice of Alternatives
NAICS Codes
40. 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.
Multi-Attribute Model
Demographic Variables
Vertical Integration
Intertype Competition
41. Selling merchandise or retailers through more than one channel. Ex: Stores - catalogs - and the internet.
Multi-Channel
Habitual Decision Making
Vertical Integration
Demographic Variables
42. 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
Wholesaler
SKU
Choice of Alternatives
Intratype Competition
43. 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.
Irregulars
Fair Trade
Intratype Competition
Second Tier Department Stores
44. Retailers sell more modestly priced merchandise with less customer service - Ex: Macy's
Hedonic Needs
Second Tier Department Stores
Retailer
Geodemographic Segmentation
45. A business that sells products and/or services to consumers for personal or family use.
Third Tier Department Stores
Retailer
Information Search
Intratype Competition
46. A firm performs more than one set of activities in the supply chain. Ex: retailer invests in wholesaling or manufacturing
Vertical Integration
Hedonic Needs
Intertype Competition
Limited Problem Solving
47. Value oriented - caters to more price conscious customer Ex: JCPenney - Sears - Kohl's
Forward Integration
Lifestyle or Psychographics
Third Tier Department Stores
Retailing
48. A set of firms that make and deliver a given set of goods and services to the ultimate consumer.
Specialty Retailers
Off-Price Retailers
Supply Chain
Warehouse Clubs
49. 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.
Scrambled Merchandising
Internal Sources of Information
Conversion Rate
Party Plan