AM 101 Final Edition 1. Why does a buyer attend a market?To choose styles for upcoming seasons2. What is a foreign market?A market outside the US3. Define market centerGeographic location where fashion is offered and sold wholesale4. Where is the primary market center in the US?New York5. What are the cities in the up coming market centers?Los Angeles, Dallas, and Miami 6. Which city is the only market center without a mart and why?These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.New York because typically buyers move from showroom to showroom during the market weeks 7. Which city is the oldest merchandise mart?Chicago, which opened in the 1930’s8. Define sales repThey are independent, and carry several non- competing lines to offer retail clients more variety9. How do sales reps operate?Sole proprietorship, they may have a showroom and travel to different areas to show lines to retail buyers10. What do company sales reps do?Operate out of corporate showrooms in a fashion mart 11. What is their minimum order total in order to justify expense?1 million 12. What is market week?Provides services to buyers and only authorized manufacturers and buyers are admitted to market week,there is high security and special events such as parties and fashion shows13. What is a trade show?Temporary exhibits which buyers in specific regions attend 14. What are some examples of foreign markets?London, Paris, Milan, Tokyo15. What is haute couture made of?Expensive fabrics and hand sewn details which is a very small target market16. What is an example mentioned in class of haute couture?Pret a Porter 17. Who did the first stage fashion show?Paul Poiret in 1907 18. What are Paris couture houses names after?Their founder, for example, Chanel, Givenchy19. What are some characteristics of a chain store?They sell brand name merchandise at below traditional retail prices, they also sell budget or mass apparel, self service, lower overhead costs, and their promotions cater to broad target markets20. What is an off price retailer?Sell national brands like designer apparel lines and promotional goods at discount prices21. Name some independent off price retailersTJ Maxx, Marshalls, Ross, Nordstrom Rack, Off 5th22. What is a warehouse retailer?They reduce operating expenses by combining showroom, warehouse and retail operations, their apparel products are not the primary merchandise, they sell basic apparel and discontinued lines, there is no fitting rooms 23. What are fashion retailers classified by?The type of merchandise24. Examples of general merchandise retailersJC Penney, Sears, Target which target markets to several price ranges 25. What is a traditional department store?Macys, Dillards, Kohls26. What are some limited line examples?Nordstrom, Saks Fifth Avenue, Neiman Marcus27. What is a boutique?A unique store concept which is independently owned and there is unique merchandise mix and apparelis one of the driving forcing behind the boutique 28. What are two examples of a boutique mentioned in class?Stritch and Magnolian 29. What do specialty stores do? Focuses on specific type of merchandise and carries merchandise for a well defined target market , limited but deep adornment to merchandise, they only carry one brand30. Some examples of specialty stores?Gap, Victoria Secret 31. What is a chain store?Central organization owns and operates several retail store units with similar merchandise, standard store décor, management and merchandising policies made by managers at central office and there is usually 11 or more stores 32. Which store mentioned in class is built on relationship marketing?Nordstrom33. What does a relationship marketing strategy entail?There is an emphasis on presentation, customer service and addresses the needs of the individual customers34. What kind of merchandise does an in store shop carry?Merchandise according to the apparel company’s specification i.e. Polo35. What are the 6 most important store-merchandising policies?Stage of fashion cycle being emphasized, level of quality to maintain, price range, depth and breadth of merchandise assortment, brand policies, and exclusively 36. What is a fashion cycle?Every store uses a cycle to establish an image, there is an emphasis on one phase of the cycle and there is an emphasis on the introduction of a fashion37. What are the 3 levels of quality?1. top- finest materials and workmanship, 2. Intermediate- high quality and workmanship with concern for price, 3. Serviceable- faily low level of material and workmanship with lower price38. What does it mean to be private range?There is no direct correlation between price and quality, lower quality may carry high rice with designer name, retailers attempt to concept price range with quality standards, ineffective pricing can effect customer trust and hurt profit 39. What does a brand do?Differentiate products from their competition40. What is a national brand?Consistent of quality and carried by many retailers41. What is an operational policy?Designed to keep the customers once they come into the store, builds the stores reputation, customer service, selling service and promotional activities 42. What does atmosphere and ambiance do?Creates the image of the store43. What are some things used for sensory retailing?Sensuous aroma, mood music, dramatic lighting, merchandise displays and this creates a unique environment 44. What are some things that make up a low range or discount store?Plain fixtures, clothes on rounder’s, free parking, in store restaurants45. What are some things that make for good customer service?Extended hours, credit plans with installment, returns on unused goods46. What makes a store a specialty store?One client at a time, bring clothes to you, offer style advice 47. What are core competencies for customer loyalties?Educator- explains the products, energy- smile, eye contact and enthusiasm, expeditor- sensitive to time and helps through checkouts, and authentic- genuine interest in helping 48. What is a lifestyle center?May drive traditional malls out of business, “showrooming” to customers, resembles villages, added amenities, designed so that eye can catch many glimpses of different stores all at one time 49. What is a popup store?A temporary store, set up in empty store fronts or also can be kiosks, creates sense of urgency for customers,