Term
Business to business transactions are assumed to be at ___price while sales of goods to ultimate consumers are at ___price.
A. wholesale; retail
B. retail; wholesale
C. wholesale; discount
D. none of the above |
|
Definition
|
|
Term
| (T/F)Benchmarks provide indicators of levels of a firm’s success relative to similar firms in a given industry sector. |
|
Definition
|
|
Term
A complete description of a retail organization includes which of the following aspects:
A. Assortment requirement, pricing position, presentation methods
B. Assortment requirement, pricing position, business organization
C. Assortment requirement, pricing position, business organization, presentation methods
D. pricing position, business organization, presentation methods |
|
Definition
| C. Assortment requirement, pricing position, business organization, presentation methods |
|
|
Term
Which of the following statements about trade channels are correct?
A. It could be brick-and-mortar, catalog, or online
B. Different trade channels for the same retailer may carry similar merchandise, but not necessarily the same merchandise assortments or the same prices
C. More and more today's retailers operate via multi-channels
D. All of the above |
|
Definition
D)
Which of the following statements about trade channels are correct?
A. It could be brick-and-mortar, catalog, or online
B. Different trade channels for the same retailer may carry similar merchandise, but not necessarily the same merchandise assortments or the same prices
C. More and more today's retailers operate via multi-channels |
|
|
Term
Referring to TAMS, the three fundamental components of the merchandising process are:
A. Planning, developing, and manufacturing
B. Planning, developing, and delivery
C. Developing, manufacturing, and delivering
D. Planning, developing, and presenting |
|
Definition
| D. Planning, developing, and presenting |
|
|
Term
Goals of product development is to produce____ products.
A. salable
B. serviceable
C. profitable
D. All of the above |
|
Definition
D)
A. salable
B. serviceable
C. profitable |
|
|
Term
Which of the following formulas related to income statements are correct?
A. Operating profit = Gross margin - Operating expenses
B. Gross margin = Net sales - Cost of goods sold
C. Net sales = Gross sales - Customer returns & allowances
D. All of the above |
|
Definition
D)
A. Operating profit = Gross margin - Operating expenses
B. Gross margin = Net sales - Cost of goods sold
C. Net sales = Gross sales - Customer returns & allowances |
|
|
Term
Which of the following is not an example of an income modification?
A. Cost of goods sold
B. Gross margin
C. Overhead expense
D. Other income |
|
Definition
|
|
Term
| (T/F)Adjusted gross margin is the revenue available to cover operating expenses and generate profit, sometimes also called gross profit. |
|
Definition
|
|
Term
According to the text, merchandise circle = ___weeks
A. 36
B. 52
C. 12
D. 25 |
|
Definition
|
|
Term
-Selling goods and services to ultimate customer
-Highly significant industry sector in overall economy (sales, employment) |
|
Definition
|
|
Term
-Cross shopping -Out shopping -Power shopping -Value+price+convenience -Purposive vs. Leisure
-Educated, savvy, technology consumers
-Real world needs, examples(lifestyle retailing)
-Shop less often but buy more per trip |
|
Definition
|
|
Term
|
Definition
| TAMS Taxonomy of Merchandising Processes |
|
|
Term
A combination of products whose style can:
-Satisfy similar customer needs
-Be sold at a specific price range
-Use similar marketing strategies |
|
Definition
| Product Line = Merchandise Line |
|
|
Term
-Interaction of firm constituencies
-Evaluate merchandise mix, forecasts, projections
-Develop merchandise budgets and assortment plans
-Considers past performance
-Delivery, allocation, timing plans |
|
Definition
|
|
Term
(to develop)
-Producible goods
-Serviceable goods
-Salable goods
-Profitable goods |
|
Definition
| Goals of Line Development |
|
|
Term
Income Measurements
-Gross Sales (total revenue)
-Net Sales (GS minus customer returns, allowances)
-Gross Margin (revenue to cover operating expenses)
-Operating Profit (what remains after expenses; efficiency measure)
-Net Profits (before tax profit) |
|
Definition
|
|
