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






2. Door-to-door or house parties






3. 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






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






5. People who shop for clients






6. Responsible for a department/area






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






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






9. Compare what is available from the competition






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






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






12. Focuses on management and market research






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






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






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






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






17. Shoplifting - internal theft - inaccurate records






18. Menswear






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






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






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






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






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






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






25. WWD - DNR - stores (consumer fashion magazines)






26. Market area - Assists specialized (central) buyer






27. Number of different items offered






28. Focuses on a particular item or product






29. Located in market






30. Selling responsibilities






31. Ads; focuses on business itself






32. Mass - staples






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






34. Cotton Inc. - Wool Bureau






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






36. Germany - Spain - Eastern Block






37. Current information on trends






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






39. Responsible for several areas






40. Typically 6 months prior to season






41. Small operation






42. Chain






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






44. Store's own label for career and casual sportswear; prices vary (better to moderate)






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






46. 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






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






48. 2nd largest leasing space available






49. Manufacturers Attend Market to...






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