Test your basic knowledge |

Fashion Merchandizing

Instructions:
  • Answer 50 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. Sometimes called the 6 month plan - Balances planned stock and planned sales in dollars - Previous 6 months plan is used as a guideline






2. Store open another facility in a different location - often in suburbs






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






4. Planned sales - Planned stock - Turnover - Average stock - Planned purchases - Shortage - Gross margin percentage - Open-to-buy






5. Most aware of what is selling (bias)






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






7. Small area within a store for designers or popular manufacturers






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






9. Mass - staples






10. Ads; focuses on business itself






11. Order from catalog and pick up immediately






12. Conduct own research






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






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






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






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






17. Leased department: rents space to an outside firm which runs the department (makeup counters) -In-store boutique






18. Shoplifting - internal theft - inaccurate records






19. 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






20. Merchandising - Buying - Product Development Organizations






21. Shopping the stores - Using resident buying offices - Vendors - Trade publications - Reporting services - Trade associations - Market research - In-store success






22. Focuses on management and market research






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






24. Tells buyer dollar amount of purchases that can be made - Actual stock- planned stock






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






26. Germany - Spain - Eastern Block






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






28. 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






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






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






31. Offer merchandise at prices below recognized levels -Emphasis on self-service - limited services -Volume-oriented






32. Not paid for by the retailer and the retailer doesn't have control over what is said






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






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






35. Menswear






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






37. Run by private enterprises - members subscribe for a fee (e.g. Doneger Group)






38. When merchandise (inventory and ordered) is GREATER than need






39. Quantity of different items offered






40. Manufacturers may not always produce everything they show in regional market (even if orders have been placed) - May not have many new manufacturers






41. Responsible for establishing the store's image






42. Store owner - Specialized store buyer - Central buyer - Resident buyer






43. Small specialized store of a department store






44. Chain






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






46. Market area - Assists specialized (central) buyer






47. Sales records - Sales people






48. Manufacturers Attend Market to...






49. Where store execs are housed






50. Develops clothing for actors in plays - movies - and television