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12 Student: ___________________________________________________________________________ 1. Shorter lead times result in a higher level of backup stock required to maintain the same level of product availability. True False 2. The largest classification level in the buying organization is the category. True False 3. While in general, department stores manage merchandise at a category level, supermarkets organize their merchandise around brands or vendors. True False 4. Buyers are responsible for gross margin and operating expenses. True False 5. Fashion merchandise consists of items that are in continuous demand over an extended time period. True False 6. Seasonal merchandise consists of items whose sales fluctuate dramatically depending on the time of the year. True False 7. A depth interview is an unstructured personal interview in which the interviewer uses extensive probing to get individual respondents to talk in detail about a subject. True False 8. Assortment is breadth of a retailer's merchandise and the number of different merchandising categories within a store or department. True False 9. An assortment plan is a list of the SKUs that a retailer will offer in a merchandise category and thus reflects the variety and assortment that the retailer plans to offer in a merchandise category. True False 10. Buyers, divisional merchandise managers, general merchandise managers are examples of some of those that undertake the responsibilities of merchandise management. True False 11. What is the process by which a retailer attempts to offer the right quantity of the right merchandise at the right time, while meeting the company's financial goals? A. Category management B. Quick response inventory management C. Merchandise management D. Inventory control E. Materials procurement and handling 12. The highest classification level in the buying organization is called: A. the category group B. the buying group C. the retail group D. the merchandise group E. the division group 13. The second highest level in the merchandise classification structure is __________. A. the SKU B. the category C. the department D. the merchandise group E. the classification 14. Which of the following does NOT describe the department in the merchandise classification scheme? A. It is the second level in the merchandise classification scheme B. It is a lower level than the merchandise group in the merchandise classification scheme C. It is a level higher than classification D. The DMM, who manages the department, is responsible for several merchandise classifications E. It is managed by a general merchandise manager (GMM) 15. Buyers of Toddler's, Infant's, Little Boy's and Preteen accessories would directly report to which of the following? ... View Full Document

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