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