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Test your basic knowledge |
Fashion Merchandizing
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Subjects
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business-skills
,
industries
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. Italian fashion - Knits - Shoes - Menswear
Milan (Global Fashion Centers)
Look at offerings and need out and refine their line
Management Consultants (Consulting Services)
Product Development
2. Carry merchandise from many manufacturers -Originally owned by manufacturers as a way to get rid of excess merchandise
In-store Success (Sources
Department Store (Characteristics)
Factory Outlet (Specialty)
GMM (Merchandising; Retail Stores)
3. 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
Dallas
Los Angeles
Advertising
Resident Buyer
4. Store's own label for career and casual sportswear; prices vary (better to moderate)
Chain Store
Private Label
Open-to-buy (Dollar Merchandise Plan)
Market Research (Sources)
5. Store open another facility in a different location - often in suburbs
Branch (Classifications; Department Store
Specialty Store
Factors in Selecting a Resource (Buying
In-store Success (Sources
6. Larger orders may allow for...
Lower prices
Direct Selling (Non-store Retailing)
Business Consultant's Services
Open-to-buy (Dollar Merchandise Plan)
7. Merchandising - Buying - Product Development Organizations
Open-to-buy (Dollar Merchandise Plan)
Resident Buyer (Path for Buyers)
Independently owned services
Los Angeles
8. Cotton Inc. - Wool Bureau
Trade Associations (Sources)
Elements of Dollar Merchandize Plan
Factory Outlet (Specialty)
Specialized Store Buyer (Path for Buyers)
9. Offer merchandise at prices below recognized levels -Emphasis on self-service - limited services -Volume-oriented
GMM (Merchandising; Retail Stores)
Discount Store (Specialty)
New York (Market Centers)
Flagship (Classifications; Department Store)
10. Shopping the stores - Using resident buying offices - Vendors - Trade publications - Reporting services - Trade associations - Market research - In-store success
Branch (Classifications; Department Store
Shortage (Dollar Merchandise Plan)
Look at offerings and need out and refine their line
Sources of Information (Retail Merchandising)
11. When merchandise (inventory and ordered) is GREATER than need
DMM (Merchandising; Retail Store
Merchandisi
Overbought
Terms to be Negotiated (Buying)
12. Focuses on the business itself
Wholesale Warehouse Clubs (Specialty)
Image (Promotion)
Resident Buyer
Store Owner (Path for Buyers)
13. Ads; focuses on business itself
Resident Buyer (Path for Buyers)
Store Owned Organizations (Product Development Organizations
Image (Advertising)
Two basic kinds of ratail advertising
14. Regional center for bridal - evening wear
Dallas
Buyer (Retail Merchandising)
Catalog Showroom (Specialty)
Franchise
15. Management consultants - Technical consultants - Import and export consultants
Paths for Buyers
Trade Associations (Sources)
Broad-based Business Consulting Services
Specialty Store
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
Branch (Classifications; Department Store
Some samples may never be mass produced
Merchandise/Promotional (Advertising)
Gross Margin Percentage (Dollar Merchandise Plan)
17. Most aware of what is selling (bias)
Factory Outlet (Specialty)
Stylist
Vendors (Sources)
GMM (Merchandising; Retail Stores)
18. Focus specifically on product
Merchandise/Promotional (Advertising)
Factors to be Considered in Editing (Buying)
Twig (Classifications; Department Store)
Central Buyer (Path for Buyers)
19. Pay a fee for what are supposed to be wholesale prices
De
Confined merchandis
Using Resident Buying Offices (Sources)
Wholesale Warehouse Clubs (Specialty)
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
Trade Publications (Sources)
Turnover (Dollar Merchandise Plan)
Broad-based Business Consulting Services
Buyers Attend Market
21. Shoplifting - internal theft - inaccurate records
Personal Shopper
Limitations of regional marts
Store Ownership Group
Shortage (Dollar Merchandise Plan)
22. Buying - selling - and planning of merchandise
Merchandisi
Dallas
Independently owned services
Image (Promotion)
23. Leased department: rents space to an outside firm which runs the department (makeup counters) -In-store boutique
Resident Buyer
Specialized Store Buyer (Path for Buyers)
Store within a Store
Trade Publications (Sources)
24. Anticipating future needs - Interpreting consumer demand - Evaluating current sales
Personal Shopper
Buyer (Retail Merchandising)
Market
Private Label
25. Current information on trends
Reporting Services (Sources)
Merchandisi
Confined merchandis
Independently owned services
26. Creates fashion looks for magazine phot - shoots - company catalogs - etc.
OB
De
Broad-based Business Consulting Services
Stylist
27. Discounts for early payment - Any discounts available (special buys) - Delivery agreements (especially when goods change ownership) - Services (co-op advertising)
Los Angeles
Lower prices
OB
Terms to be Negotiated (Buying)
28. Manufacturers may not always produce everything they show in regional market (even if orders have been placed) - May not have many new manufacturers
Limitations of regional marts
GMM (Merchandising; Retail Stores)
Merchandise Assortment Planning
Variety Store (Specialty)
29. Money left to buy- when merchandise NEEDS to exceed merchandise available
Direct Selling (Non-store Retailing)
Turnover (Dollar Merchandise Plan)
Look at offerings and need out and refine their line
OB
30. Germany - Spain - Eastern Block
Minor Fashion Industries (Global Fashion Centers)
Factors in Selecting a Resource (Buying
Branch (Classifications; Department Store
Discount Store (Specialty)
31. Where store execs are housed
Buyer (Retail Merchandising)
Advertising
Flagship (Classifications; Department Store)
Store Owned Organizations (Product Development Organizations
32. Responsible for establishing the store's image
Factory Outlet (Specialty)
GMM (Merchandising; Retail Stores)
Central Buyer (Path for Buyers)
Buyer (Retail Merchandising)
33. Market area - Assists specialized (central) buyer
Resident Buyer (Path for Buyers)
Twig (Classifications; Department Store)
DMM (Merchandising; Retail Store
In-store Boutique
34. Serves as group of stores - membership is by invitation only (e.g. Associated Merchandising Corporation)
Resident Buyer
Store Owned Organizations (Product Development Organizations
Department Store (Characteristics)
Sources of Merchandise (Buying)
35. Manufacturer sells the rights to retail the product - Franchise has the right to use the name and stock the merchandise - Example = Panera
Flagship (Classifications; Department Store)
Two basic kinds of ratail advertising
Franchise
Chain Store
36. Net sales- total merchandise costs (Allow for overhead taxes and profit)
Factors in Selecting a Resource (Buying
Image (Advertising)
Gross Margin Percentage (Dollar Merchandise Plan)
De
37. Largest portion of promotion budget (approx. 1.3% of sales) - Planning - writing - design - and scheduling of paid announcements
Advertising
Costume Designe
Independently owned services
Market Research (Sources)
38. People who shop for clients
Personal Shopper
Regional Marts
Tokyo (Global Fashion Centers
Hypermarkets (Specialty
39. Centrally located/organized with merchandising and buying in a central headquarters - Most of the separate stores look alike and carry the same merchandise - Example = Target
Product Development
Hypermarkets (Specialty
Chain Store
Sources of Merchandise (Buying)
40. Completed once the estimated demand has been made - The merchandise plan is both by: Dollar or Merchandise (amount and quantity)
Merchandise Assortment Planning
Independently Owed (Product Development Organizations)
Flagship (Classifications; Department Store)
Chain Store
41. Run by private enterprises - members subscribe for a fee (e.g. Doneger Group)
Independently Owed (Product Development Organizations)
Factors to be Considered in Editing (Buying)
Shortage (Dollar Merchandise Plan)
Store Owner (Path for Buyers)
42. Not paid for by the retailer and the retailer doesn't have control over what is said
Lower prices
Turnover (Dollar Merchandise Plan)
Branch (Classifications; Department Store
Publicity
43. Image Merchandise/promotional -advertising agencies bid for client accounts
Image (Advertising)
Store Ownership Group
Buyers Attend Market
Two basic kinds of ratail advertising
44. Tells buyer dollar amount of purchases that can be made - Actual stock- planned stock
Open-to-buy (Dollar Merchandise Plan)
OB
Resident Buyer (Path for Buyers)
Electronic Retailing (Non-store Retailing)
45. Conduct own research
Store Owned Organizations (Product Development Organizations
Hypermarkets (Specialty
Personal Shopper
Market Research (Sources)
46. Customer makes choices out of a catalog and places order by phone - mail - or at a facility
Catalog/Mail Order (Non-store Retai
Minor Fashion Industries (Global Fashion Centers)
Hypermarkets (Specialty
Variety Store (Specialty)
47. Chain
Central Buyer (Path for Buyers)
Trade Associations (Sources)
Independently Owed (Product Development Organizations)
GMM (Merchandising; Retail Stores)
48. Large number of resources centered in 7th Avenue area - Largest and most important domestically
Overbought
Flagship (Classifications; Department Store)
GMM (Merchandising; Retail Stores)
New York (Market Centers)
49. Offerings limited to geographical area - Vendor policies (Minimums) - Vendor services (On time shipments)
Confined merchandis
Specialty Store
London (Global Fashion Centers)
Wholesale Warehouse Clubs (Specialty)
50. Store that concentrates on a specific classification of merchandise - Often more clearly defined market - Broad and shallow assortment
Shortage (Dollar Merchandise Plan)
Resident Buyer (Path for Buyers)
Central Buyer (Path for Buyers)
Specialty Store
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