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