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. Compare what is available from the competition






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






3. Current information on trends






4. Large number of resources centered in 7th Avenue area - Largest and most important domestically






5. Television or computer shopping






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






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






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






9. Quantity of different items offered






10. Selling responsibilities






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






12. Small specialized store of a department store






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


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






15. 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






16. People who shop for clients






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






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






19. Order from catalog and pick up immediately






20. Most aware of what is selling (bias)






21. Largest portion of promotion budget (approx. 1.3% of sales) - Planning - writing - design - and scheduling of paid announcements






22. Manufacturers Attend Market to...






23. Customer makes choices out of a catalog and places order by phone - mail - or at a facility






24. Conduct own research






25. Market area - Assists specialized (central) buyer






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






27. Responsible for a department/area






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






29. 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






30. Where store execs are housed






31. Typically 6 months prior to season






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






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






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






35. Door-to-door or house parties






36. Focuses on management and market research






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






38. 2nd largest leasing space available






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






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






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






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






43. Cotton Inc. - Wool Bureau






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






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






46. Focuses on a particular item or product






47. 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






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






49. Chain






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