FM206 MIDTERM || QUESTIONS AND CORRECT DETAILED
ANSWERS.
Forecasting
Planning merchandise
Selecting vendors
Negotiating contracts
Pricing
Sales & inventory records
Reordering merchandise correct answers what retail buying involves
Major force impacting retail today correct answers social media
what makes a store brick and mortar correct answers physical store not online presence
businesses that offer both online and traditional brick-and-mortar services correct answers Click
and mortar
why do customers prefer online shopping correct answers more products
Convince
discounts
Major reason causing online shopping to accelerate correct answers
trends facing retail buying today correct answers New experiences for shoppers
Stores becoming mini fulfillment centers
Faster & more efficient fashion experience
Increased emphasis on sustainability
, Strategies for retail buyers to take during slowdown in economy correct answers Reduce
inventory levels
Develop merchandise strategies
Know market trends and economic conditions
Aware of fashion trends
Identify consumer wants and needs
Make regular market trips
Plan and select merchandise assortments
Represent the store to vendors
Negotiate with vendors
develop private brands
Price merchandise
Maintain stocks and assortments correct answers buyers responsibilities
Factors NOT affecting buyers job correct answers
difference between merchandise cost and its selling price correct answers markup
Formula for calculating markup correct answers Retail - cost/ retail= MU%
projects sales and inventories based on an analysis of sales history, current market trends and the
organization's performance objectives. correct answers Planner
Why buying for a small store is easier than a large retail store correct answers owner has one on
one relationship with customers so it's easier to make decisions
ANSWERS.
Forecasting
Planning merchandise
Selecting vendors
Negotiating contracts
Pricing
Sales & inventory records
Reordering merchandise correct answers what retail buying involves
Major force impacting retail today correct answers social media
what makes a store brick and mortar correct answers physical store not online presence
businesses that offer both online and traditional brick-and-mortar services correct answers Click
and mortar
why do customers prefer online shopping correct answers more products
Convince
discounts
Major reason causing online shopping to accelerate correct answers
trends facing retail buying today correct answers New experiences for shoppers
Stores becoming mini fulfillment centers
Faster & more efficient fashion experience
Increased emphasis on sustainability
, Strategies for retail buyers to take during slowdown in economy correct answers Reduce
inventory levels
Develop merchandise strategies
Know market trends and economic conditions
Aware of fashion trends
Identify consumer wants and needs
Make regular market trips
Plan and select merchandise assortments
Represent the store to vendors
Negotiate with vendors
develop private brands
Price merchandise
Maintain stocks and assortments correct answers buyers responsibilities
Factors NOT affecting buyers job correct answers
difference between merchandise cost and its selling price correct answers markup
Formula for calculating markup correct answers Retail - cost/ retail= MU%
projects sales and inventories based on an analysis of sales history, current market trends and the
organization's performance objectives. correct answers Planner
Why buying for a small store is easier than a large retail store correct answers owner has one on
one relationship with customers so it's easier to make decisions
