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