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FM 1330 Exam 2 Ramirez flashcards |
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  • Push Marketing

    "taking the product to the consumer"
    EX:trade show promotions, direct selling to customer face to face, negotiation with retails to stock your product,
    Dupont used this.

    Target Market

    Select group of customers with the ability and desire to purchase a company's products and services and to whom the company has directed their marketing efforts.
    Interchangeable with: Target customers and customer base

    Market segmentation

    a company focuses on a particular group of customers.

    Demographic segmentation

    Gender, age, occupation, income, education level, marital status family life cycle state

    Psychographic segmentation

    psychological statistics about the lifestyle of a population.
    Values, attitudes, lifestyles, opinions, interest, hobbies

    Behavioral segmentation

    closely related to psychographic segmentation, but classifies customers by similar purchasing intents and behaviors.
    Ex: cosmetic retailer may classify their customers by heavy usage rates or low usage rates depending on how often they purchase their cosmetics.

    Geographic segmentation

    process of dividing the market into groups according to a particular region.

    niche marketing

    a narrowly defined market segment, but is not necessarily a small segment. Niche market consumers have an even more defined set of interests. Ex: Teens that shop at Hollister, Hot Topic and PacSun all have different specific interests.

    Relationship Marketing

    Creating a lasting and mutually beneficial relations with key suppliers and consumers to ensure repeat purchases.
    Ex: Writing thank you notes to customers, letting them know when upcoming promotions take place etc..

    Marketing

    all the activities, from idea conception to ultimate consumer use, that satisfy the objectives of the buyer and seller.

    4 P's of Fashion Marketing

    Product, Price, Place and Promotion
    The intended target customer determines the combination of the 4 P's

    Fashion Marketing Mix

    the right combination of the 4 P's to target a specific customer.

    Product

    Goods and services

    Price

    Determination of retail value.

    Retail price or retail

    the amount the ultimate consumer pays for the item.

    Wholesale, wholesale cost, and cost

    three interchangeable words that refer to the amount the store pays for the item.

    markup

    the difference between the cost and the markup

    Place

    or distribution refers to the movement of products through the levels of the fashion marketing channel until the products reach the target customers.

    Supply chain, channel of distribution, or marketing channel

    representation of all the levels of the fashion industry. begins with production of raw materials and ends with retailing apparel.

    Promotion

    Includes all activities that build awareness, interest, traffic, goodwill and ultimately encourage sales to the target customers.

    Pull marketing

    "getting the consumer to come to you"
    EX: advertising and mass media production, word of mouth referrals, sales promotions and discounts.

    medium

    a single venue used to send the marketing communication to the target customer, such as radio broadcasts, billboards or newspaper print advertisements.

    media mix

    using several venues to maximize exposure.

    Position

    When the combination of the four P's create an image in the minds of the customers

    Repositioning

    a company attempts to create a different store image or brand image in the minds of the target customers.

    integrated marketing communications

    making sure the company speaks with one strong voice.

    fashion

    shaped like a bell curve one a graph, has a rise, growth, culmination and obsolescence.

    fad

    characterized by a quick rise to popularity and an even more rapid decline

    classic

    fashion that remains popular over a relatively long period of time EX: blue jeans, animal prints, men's navy blazer

    introductory stage

    the beginning of the fashion life cycle when a group of experimental consumers called fashion innovators adopt a new look.

    rise or growth stage

    when a group of fashion conscious consumers appreciate and imitate the innovator's new style. The early adopters compose the group of consumers at this stage.

    Culmination stage

    a time when a large percentage of a population is wearing a fashion; everyone who wants the fashion wears it. The early majority represents consumers at this stage.

    Decline Stage

    When there is a reduction in the number of people buying the fashion. Made up of the late majority.

    Obsolescence stage

    represents the final stage in the life of fashion. The general population rejects the purchase of the merchandise in this stage an most retailers eliminate it from their stores. Consumers= laggards because they lag behind.

    Cooperative advertisements

    when the manufacture and the retailer spit the cost of the new product advertisement.

    Fast Fashions

    when the trendy specialty stores offer clothes intended for wear during a single season before consumers discard the items.

    Database Marketing

    the process of extracting and interpreting consumer sate from available electronic information.
    Ex: sending out a birthday coupon for a customers birthday based on the amount of money they spend with the company.

    fashion forecasting

    predicting the trends in popular colors, prints, styles, fabrications, and general trends.

    Fashion research

    a systematic method of collecting and analyzing data about a problem and then making a decision based on the findings.

    Quantitative Research

    involves the collecting of relatively small amounts of data on large numbers of persons or things. Data is then statistically analyzed to figure out averages.
    EX: during WWII large amounts of data was taken to make mens uniforms which later on was used to analyze measurements for standardized men's wear.

    Qualitative Research

    collecting in-depth data on a particular topic or group of people. An in depth study of a small group.

    Primary Data

    facts to answer a particular marketing research problem.

    Secondary Data

    Previously collected and published facts that answer another research question.

    7 Steps in Fashion Research

    1. Defining the research problem
    2. Developing hypothesis
    3.Selecting the Sample
    4.Developing the Research Instrument
    5.Collecting Data
    6.Analyzing and interpreting data and drawing conclusions
    7.Reporting findings

    Market testing

    realistically gives a consumer response to the introduction of a new product in a smaller market area, such as one or a few cities before expanding

    Brand

    a word or a symbol that identifies the source of goods or services and differentiates it from the competitor;s goods or services.

    Branding

    the way a store, label or designer impresses cutovers and influences their perceptions of the brand.

    Rebranding/ Brand inovation

    simular to repositioning but it usually involves resurrecting a brand that has been dormant or obsolete for quite some time.

    Brand Equity

    the intangible, positive feelings that customers associate with the brand.
    EX: having a Louis Vuitton may make you feel high class and more fashionable than the rest.

    private label brands

    Brands that are exclusive to the store and retailer. Competing stores may not carry them so customer know that they must shop at that specific store in order to purchase a private label brand.
    EX: Hollister

    National Brand

    branded merchandise that is available in competing stores across the nation or the world. Brands owned by manufacturing companies and sold in a variety of retail stores. EX: Hanes, Nine West, Playtex

    Multinational Brands

    span geographic boundaries and may be available at stows throughout the world. EX: Guess, Baby Phat, Diesel

    Designer Brands

    Bear the name of original designer, have widespread appeal, and may be available in a variety of competing stores.

    luxury brands

    high end or expensive brands afforded only by customers with significant amounts of discretionary income, or at least those who aspire to be affluent.

    Licensing Agreement

    in the fashion industry is a legal contract between the licensor and the licensee that grands permission or gives the rights to use the licenser's namer other symbol on fashion goods made by the licensee.

    intellectual property rights

    refers to the protection of a person's or company's creative ideas for a certain period of time.

    Knockoff

    Ranges from a loose adaptation to a very similar adaptation of another design. Although legal, knockoffs can be very frustrating for the original designer.

    Style Piracy

    refers to the process on the line for line copying of design ideas from other designers or companies. The illegal form of style piracy is counterfeiting.

    Counterfeits

    fakes that are intended to look like authentic originals.

    Textiles

    the term encompasses the entire fabric industry, including the fibers, yarns, and manufacturing of the fabrics.

    Vertically Integrated

    when a company engages in several levels of production within a single company.
    EX: Pendleton Woolen Mills controls much of the wool manufacturing for most of it's products. Overseas wool selection and coat manufacturing.

    Trend based fibers or textiles

    Textiles created based on what is popular at the time.

    Raw Materials

    Unfinished natural or man made products that are consumed by a manufacturer and used in the manufacture of finished goods, such s apparel or accessory merchandise.

    soft goods

    apparel or home fashion items that are made of textiles, soft to the touch, and nondurable (meaning they are not meant to be kept for many years)

    Natural Fibers

    Grow from a plant source or are produced by a living animal.

    Cellulose Fibers

    Fibers that grow from plants.
    EX: Cotton, Flax

    Protein Fibers

    Fibers produced from animals
    EX: wool, silk

    Man made/ manufactured fibers

    synthetic petroleum based fibers
    EX: polyester, nylon, acrylic, olefin

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