Retail Quiz: Test Your Fashion Knowledge

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Questions and Answers

What is one of the drawbacks of fast fashion?

The ability to change to outfits easily with the change of season

The increase of unwanted clothing ending up in landfill (correct)

The opportunity for new designers to enter the market

The number of great styles available to consumers

What does the first six digits of the Uniform Product Code typically start with?

3 followed by the five-digit code of the manufacturer

2 followed by the five-digit code of the manufacturer

0 followed by the five-digit code of the manufacturer (correct)

1 followed by the five-digit code of the manufacturer

What is the term for the movement of production closer to the consumer?

Vertically integrating

Near-shoring (correct)

Isolationism

Offshore manufacturing

What word is missing from the following statement: Brands are seeking supply chain solutions that enable them to get the product, to the consumer, at the time?

new, new, right Signup and view all the answers

What is the term for when companies send their production to factories in countries or locations outside of the company's home country?

Offshore manufacturing Signup and view all the answers

What was a factor in selecting factories prior to the phaseout of the Multi Fibre Agreement (MFA)?

The factory had the capacity to produce Signup and view all the answers

What is the weakest point in a supply chain?

The weakest link Signup and view all the answers

Who typically occupies the top position in a multinational publicly traded company's organizational chart?

The CEO Signup and view all the answers

What is not a key function of a finance department?

To set marketing strategies Signup and view all the answers

What does it mean to 'carry your own paper'?

You are financially sound Signup and view all the answers

What is a primary goal of a good marketing department?

To build relationships with customers Signup and view all the answers

What is not a function of trend forecasting?

To set financial budgets Signup and view all the answers

Why are Airbnb, Uber, and Hamilton considered industry disrupters?

Because they fundamentally challenge traditional engagement and/or purchasing habits of consumers Signup and view all the answers

What type of business model is the sharing economy considered to be?

Peer-to-peer business model Signup and view all the answers

What is open-to-buy?

The budgeted amount of merchandise allocated for a particular store or category of goods Signup and view all the answers

What type of services do Trunk Club, Stitch Fix, and Birchbox offer?

Subscription services Signup and view all the answers

What is not associated with m-commerce?

Transactions that only occur with a computer or laptop Signup and view all the answers

What is layering of materials to create design forms?

Not mentioned in the text Signup and view all the answers

Which of the following is an example of discrete data?

The number of dresses produced Signup and view all the answers

What type of data is 'The color of a dress' an example of?

Attribute data Signup and view all the answers

What do Six Sigma, TQM, and ISO 9000 relate to?

Process improvement Signup and view all the answers

What is retail shrinkage primarily associated with?

Markdown of items due to reduced sales Signup and view all the answers

What is another term for a focus on the reduction of waste?

Muda Signup and view all the answers

What is collateral in the context of lending?

A secondary means of repayment Signup and view all the answers

What type of retailer develops and directly controls its own product programs?

Private Labels Signup and view all the answers

What does the fourth digit in the NAICS code relate to?

Subsector Signup and view all the answers

Which retailer is an example of an off-price retailer?

TJX Signup and view all the answers

What is the main focus of a discount store?

Price Signup and view all the answers

Which retailer does Hudson Bay Company (HBC) own?

Lord & Taylor Signup and view all the answers

What is an attitude and behavior of the Millennial generation?

I prefer in-store shopping over online shopping. Signup and view all the answers

Study Notes

Retail Concepts

Product programs developed and controlled by retailers are called Private Labels.
The fourth digit in the NAICS code relates to the Subsector.
An example of an off-price retailer is TJX.
A discount store's main focus is price.
Each year, four million pounds of retail returns are sent to landfills.
Hudson Bay Company (HBC) also owns Lord & Taylor.
Brooks Brothers first opened in 1818.
Omnichannel refers to using multiple distribution channels; it is not limited to a singular method.
The original factory outlets originated from actual factories.

Millennial Generation Attitudes

Millennial attitudes do not include the desire for slow service; they prefer speed and efficiency.
Millennials trust friends over corporate messages and consider themselves social creators.

Business Organization and Finance

The CEO typically sits at the top of an organizational chart for a multinational publicly traded company.
Functions of a finance department include recording financial activities, managing risk, and fulfilling regulatory requirements.
Carrying your own paper implies being financially sound; it does not mean you are factored.

Marketing and Trend Forecasting

A proficient marketing department builds relationships, involves customers, and generates income.
Functions of trend forecasting do not include the availability of styles; it focuses on market trends.

Product and Supply Chain Management

The first six digits of the Uniform Product Code start with a 0 followed by a five-digit manufacturer code.
Near-shoring refers to relocating production closer to consumers, reducing lead times.

Supply Chain and Factory Location

Selecting a factory location should consider infrastructure aspects for efficient operations.

Companies like Airbnb and Uber disrupt industries by changing traditional consumer engagement and purchasing habits.
The sharing economy typically functions under a peer-to-peer business model.

Retail Inventory and Data Management

Open-to-buy is the budgeted amount of merchandise set for a specific store or category.
Trunk Club, Stitch Fix, and Birchbox are examples of subscription services.
Mcommerce (mobile commerce) includes transactions via smartphones; computer-dependent transactions are not included.
Discrete data example: The number of dresses produced; attribute data: The color of a dress.

Quality and Inventory Control

Six Sigma, TQM, and ISO 9000 are data types related to process improvement.
Retail shrinkage refers to inventory loss attributed to markdowns due to sales declines.
Muda is associated with waste reduction.
Inventory unavailability for sale is referred to as stockouts.

Financial Literacy

An asset can include cash, accounts receivable, and inventory.
Collateral serves as a secondary repayment option for loan defaults.
Third-party finance companies are referred to as factors.
Purchase order financing benefits include better cash flow management.

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Test your knowledge of the fashion industry, including consumer options, design, sustainability, and retail concepts. Explore topics like production, distribution, and marketing in the fashion world.

Fashion and Retail Quiz

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