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