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






2. Responsible for establishing the store's image






3. Responsible for a department/area






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






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






6. Where store execs are housed






7. Variety of low priced merchandise






8. Television or computer shopping






9. Focus specifically on product






10. Focuses on a particular item or product






11. Focuses on management and market research






12. Selling responsibilities






13. Located in market






14. Conduct own research






15. 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






16. Sales records - Sales people






17. Cotton Inc. - Wool Bureau






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






19. Order from catalog and pick up immediately






20. Typically 6 months prior to season






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






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






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






24. Small specialized store of a department store






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






26. Mass - staples






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






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

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






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






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






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






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






34. Manufacturers Attend Market to...






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






36. Focuses on the business itself






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






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






39. Number of different items offered






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






41. Chain






42. Responsible for several areas






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






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






45. People who shop for clients






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






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






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






49. 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






50. Current information on trends