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