What is the difference between convenience products and specialty products?
Convenience products you don't take time to decide about the purchase, specialty you put in time and research before you buy
Is reordering of Fashion Merchandise easy compared to basic stock reordering?
No. It is not easy compared to basic stock
Women wearing longer length skirts would probably cause changes in all of the following products except?
What is the difference between a fashion and a fad?
A fashion is a currently accepted or popular style and a fad is pop up trend of fashion.
Of the product life cycle stages which stage will the product be accepted by only a few people?
Fashion adoption theories: which one is based on the wealthy having the most influence on fashion?
Fashion adoption theories with opinion leaders within a specific market segment having the strongest influence?
Is mass customization only in the apparel segment of retailing?
No, it is in other places. Automobiles!
Does Haute Couture make big money for designers? What is its purpose?
No. Its purpose is to make the designer stand out and make them unique/name for themselves. Popularize their name, brand awareness, designer name recognition, it is an inspiration.
What is it called when a product is designed or sold through a celebrity or corporate name?
What are some of the things buyers need to consider when they are forecasting?
Existing and potential competition, target market
Difference between primary data and secondary?
Primary data is collected by you first hand, secondary is what has already been published. Secondary data example: Trade publications
What is the inventory planning method that maintains stock levels in a specific relation to sales called?
Stock to sales ratio method
Which one of these activities would NOT decrease stock turnover?
Reducing the price of merchandise in the store
T/F forecasts that attempt to predict sales far into the future will be less accurate then short term predictions
In basic stock planning the re order period is the time the order is placed and the merchandise is on the floor
Which one of the four things should not factor into merchandise selections?
The buyers personal opinion/likes
Using the following info how many are in stock.
(Subtract returns to vendor)
(Add Customer Returns)
Do retailers hire outside firms to do their physical inventories?
Yes, to maintain accuracy of the books. Avoid shrinkage
Does EDI reduce clearical and administrative costs for a retailer? What is EDI
IT WILL REDUCE.
Electronic Data Interchange.....Quick Response....The vendor
Know the Differences between exclusive, selective, integrated and differentiated- CHAPTER 11
Exclusive-vendors only sell the product to one retailer in a trading area. Selective-Sell to one or more selected retailer in the same trading area.
Chief benefit that vendor owned stores give to designers?
More space to show entire line to the public
T/F Purchases from a wholesaler rather than buying directly from manufacturer will result in a higher cost.
Why would you ever buy from a wholesaler?
Small stores because manufacturer wants you to buy in huge amounts
Retail buying invloves
Selecting and purchasing products to satisfy wants and needs of consumers, keeping sales and inventory records
Benefits of direc marketing for consumers include all the following except:
Better quality products guaranteed
T/F Departmentalization occurs in retailing when the owner can no longer handle all the duties required of him or her
A stores organizational structure will have little impact on how buying is conducted in that store
The warehouse requisition plan gives the store manager more freedom to
make purchase decisions than does the central merchandising plan.
The key limitation to relying on store records to predict consumer
demand is that they do not reflect what the customer would ave purchased
if it had been in stock
A customer choosing to make a purchase at one store because he or she has always shopped there is an example of which type of buying motive?
Using past sales records to forecast sales is more reliable for basic merchandise than for fashion merchandising
Comparing sales figures from this year with sales at the same time last year is an example of marketing research
Which of the following best describes how buyers determine how many sources they will use before making purchasing decisions?
Type of information needed to make the purchase, type of merchandise they are purchasing, time available to make the purchase, (All of the above)
Markup is a quantitative performance objective against which buyers can be evaluated. Markup is defined as the difference between
Merchandise cost and its selling price
A specialty store's typical customer is female between the age of 35-55 and has a household income of more than $40,000. This information is best described as what type of data?
When analyzing trends, buyers must realize that a general trend for the
country may not be valid for a particular region or city.
A buyer who has been on the job two years is being considered for promotion. To which of the following positions would the buyer probably be promoted?
Buyer for a major department
More working women in the United States will result in all of the following except:
More casual clothing
Which of the following best describes good marketing research?
Is it collected systematically, it involves using information from different sources, it is a step by step process
(All of the above)
Kohl's has established itself in a market niche between department stores and
discount department stores
The number of people who are going to be over 65 in a decade from now cannot be forecasted
All customer requests identified through a want slip system should be stocked by the store
What is a key benefit of separating the buying and selling functions in retailing?
Buyers can devote more of their time to product and market knowledge
Being able to forecast consumer demand is a skill needed by buyers. Which personality trait should they exhibit?
One recent research survey indicated that many consumers tend to go green only when other people can see it.
An applicant for a job as a buyer has a college degree. Which trait would best indicate that the applicant possesses?
All of the following items have been directed at calming and relaxing customers except:
Home Size Water fountains
A new retailer with limited funds would most likely select which of the following types of buying offices?
Buyers at some retail stores have responsibility for purchasing only one category of merchandise
A customer purchasing a new car because of improved gas milage would be an example of which type of buying motive?
Which function within the retail store would have responsibility for moving merchandise purchased by the buyer to the sales floor?
Fashion forecasters are business consultants that retailers can hire to help predict the number of items they should purchase
Skills needed by retail includes computer literacy, which involves all of the following except:
ability to design computer programs
Market studies have shown that customers are more trusting of retail advice given by a computer terminal than by a salesperson
The original "Mazur Plan" used to organize most retail stores included all of the following functions except:
Cumulative markup percentage has meaning for a buyer when it is compared against all of the following except:
Individual Markup percentages
Individual markup percentages
All of the following are reasons for buyers to get input from sales associates except:
Customers ask sales associates for merchandise they cannot find stocked in the store
Sales associates have more knowledge about why merchandise is not selling
Sales associates are in continuous contact with customers
Sales associates have more knowledge about market conditions than do buyers
Sales associates have more knowledge about market conditions than do buyers
The external source that provides the most current information about hte product trends would be?
The employment outlook for buyers is expected to grow slower than the average for all occupations
A store with a product assortment appealing to weightlifters is using which type of target marketing?
When buyers use numbers to state quantitative performance measurements, which is more important?
After the fear of credit card fraud, which of the following is the primary concern of online customers?
Which of the following publications would give the buyer the best information about current economic trends?
All of the following are drawbacks to central buying except?
Merchandise selection for local conditions may be difficult
Cooperation between buyers and store managers may be strained
Enthusiastic and more knowledgeable sales staffs are easier to maintain
Enthusiastic and more knowledgable sales staffs are easier to maintain
Which of the following is the best example of a quantitative performance goal for a retail buyer?
To maintain an ending inventory of $50,000
Knowing that most of the customers of a local department store view themselves as conservative is an example of which type of data?
In most large retail stores, all of the following are major job duties of merchandise managers except?
careers in retail buying require individuals who are analytical and quantitative; little creativity is required.
Decentralization involves moving buyers from indivudal retail stores to the chain's headquarters
Retail stores represented by buying offices can have their buyers make fewer and shorter trips to the market
For which of the following types of merchandise will buyers probably have more difficulty in making purchasing decisions?
fashion or basic merchandising
Knowing that the typical consumer member of a warehouse club spends $75 per visit is an example of which type of data?
Key sources of internal information for making buying decisions include all the following except
Data that buyers collect in marketing research will lead to an immediate solution to their questions
Which job title listed below would be primarily responsible for evaluating fashion trends?
The primary advantage of central buying includes all of the following except:
Buying decisions are made by specialists
Lower merchandise costs can result
Centeralized data make trends easier to detect
Sales forecasts for the entire chain are less reliable
Sales forecasts are less reliable
Searching through computer data to find trends and patterns that might otherwise have gone unnoticed is known as:
The three types of departmentalization typically found in retail stores include all of the following except