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. Quantity of different items offered






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






3. People who shop for clients






4. 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






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






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






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






8. Italian fashion - Knits - Shoes - Menswear






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






10. Regional center for bridal - evening wear






11. Responsible for several areas






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






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






14. Germany - Spain - Eastern Block






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






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






17. Compare what is available from the competition






18. Focus specifically on product






19. Manufacturers Attend Market to...






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






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






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






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






24. Offerings limited to geographical area - Vendor policies (Minimums) - Vendor services (On time shipments)






25. Located in market






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






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






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

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






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






31. Small specialized store of a department store






32. Menswear






33. Focuses on management and market research






34. Sales records - Sales people






35. Buying - selling - and planning of merchandise






36. Discounts for early payment - Any discounts available (special buys) - Delivery agreements (especially when goods change ownership) - Services (co-op advertising)






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






38. 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






39. Departments are managed separately - Separate buyers for each department - Extra customer services - Checkout in each department






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






41. Chain






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






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






44. Television or computer shopping






45. Mass - staples






46. Door-to-door or house parties






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. Larger orders may allow for...






49. Selling responsibilities






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