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Fashion Merchandizing

Instructions:
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. Screens the market for the store buyer (represents the buyer) - Group buying- allows for lower prices due to volume buying - Assist with private label- product development sourcing - Assist with foreign buying






2. Conduct own research






3. Manufacturer sells the rights to retail the product - Franchise has the right to use the name and stock the merchandise - Example = Panera






4. Figure that tells the frequency with which the stock has been sold and replaced - Goal: increase turn = keep merchandise moving






5. Merchandising - Buying - Product Development Organizations






6. Serves as group of stores - membership is by invitation only (e.g. Associated Merchandising Corporation)






7. Chain






8. Ads; focuses on business itself






9. Price - Buying plans - What is selling - Needs of the consumer - Buyer completes order which is then approved by DMM






10. Number of different items offered






11. Manufacturers Attend Market to...






12. Focuses on the business itself






13. Larger orders may allow for...






14. Quantity of different items offered






15. Sourcing - Logistics related to - importing - Managing information systems

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16. Some sample will be altered - To show merchandise in best possible way to accessorize it the way they intended it to be and sometimes on models - Opportunity to develop PR






17. Small operation






18. Where store execs are housed






19. Focuses on a particular item or product






20. To actually see the merchandise and judge how it will look in store - To find new resources for merchandise - Stores will always carry some traditional vendors But are constantly seeking new sources - Talk to other and get a feel for the trends and






21. Creates fashion looks for magazine phot - shoots - company catalogs - etc.






22. Order from catalog and pick up immediately






23. Variety of low priced merchandise






24. Net sales- total merchandise costs (Allow for overhead taxes and profit)






25. Menswear






26. Completed once the estimated demand has been made - The merchandise plan is both by: Dollar or Merchandise (amount and quantity)






27. Store that concentrates on a specific classification of merchandise - Often more clearly defined market - Broad and shallow assortment






28. Carry merchandise from many manufacturers -Originally owned by manufacturers as a way to get rid of excess merchandise






29. Combine supermarket - appliances - toys - drug store items - apparel - etc. - everything under one roof






30. Management consultants - Technical consultants - Import and export consultants






31. Sometimes called the 6 month plan - Balances planned stock and planned sales in dollars - Previous 6 months plan is used as a guideline






32. Money left to buy- when merchandise NEEDS to exceed merchandise available






33. Selling responsibilities






34. Specialize in brand and designer name clothing at discounted prices






35. Typically 6 months prior to season






36. Responsible for establishing the store's image






37. Image Merchandise/promotional -advertising agencies bid for client accounts






38. Focus specifically on product






39. Pay a fee for what are supposed to be wholesale prices






40. Place where sellers display sample goods and buyers survey and place orders for merchandise which will be delivered later






41. Door-to-door or house parties






42. Regional center for bridal - evening wear






43. These reach out and sell to - small fashion retailers in surrounding areas - serve as a wholesale selling facility for apparel producers - Better understanding of the local consumer






44. Additional service offered by resident buying offices- design staff of the buying office develops private label merchandise - Newest services






45. Market trips - Sales reps wh - visit buyer - Catalogs - Resident buying offices - Store-owned resources






46. Stores are part of an ownership group - Corporation owns a number of autonomously operated retail organizations






47. Must be selected for membership - All couture houses do custom dressmaking but also have ready-to-wear line






48. Television or computer shopping






49. People who shop for clients






50. Anticipating future needs - Interpreting consumer demand - Evaluating current sales







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