68 True/False questions
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Supply chain, channel of distribution, or marketing channel → Product, Price, Place and Promotion
The intended target customer determines the combination of the 4 P's -
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.
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Marketing → all the activities, from idea conception to ultimate consumer use, that satisfy the objectives of the buyer and seller.
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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 -
4 P's of Fashion 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.. -
Retail price or retail → 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.
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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.
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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.
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Wholesale, wholesale cost, and cost → three interchangeable words that refer to the amount the store pays for the item.
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Behavioral segmentation → process of dividing the market into groups according to a particular region.
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Geographic segmentation → process of dividing the market into groups according to a particular region.
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Natural Fibers → Grow from a plant source or are produced by a living animal.
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Decline Stage → When there is a reduction in the number of people buying the fashion. Made up of the late majority.
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Promotion → Includes all activities that build awareness, interest, traffic, goodwill and ultimately encourage sales to the target customers.
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Knockoff → the difference between the cost and the markup
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Pull marketing → all the activities, from idea conception to ultimate consumer use, that satisfy the objectives of the buyer and seller.
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Rebranding/ Brand inovation → process of dividing the market into groups according to a particular region.
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Place → or distribution refers to the movement of products through the levels of the fashion marketing channel until the products reach the target customers.
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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.
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markup → the difference between the cost and the markup
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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
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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. -
media mix → using several venues to maximize exposure.
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Database 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.
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Branding → the way a store, label or designer impresses cutovers and influences their perceptions of the brand.
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Protein Fibers → Fibers produced from animals
EX: wool, silk -
Relationship 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 research → predicting the trends in popular colors, prints, styles, fabrications, and general trends.
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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 -
intellectual property rights → refers to the protection of a person's or company's creative ideas for a certain period of time.
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Push Marketing → "getting the consumer to come to you"
EX: advertising and mass media production, word of mouth referrals, sales promotions and discounts. -
introductory 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.
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Designer Brands → Bear the name of original designer, have widespread appeal, and may be available in a variety of competing stores.
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fashion forecasting → predicting the trends in popular colors, prints, styles, fabrications, and general trends.
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fashion → fashion that remains popular over a relatively long period of time EX: blue jeans, animal prints, men's navy blazer
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Brand → the way a store, label or designer impresses cutovers and influences their perceptions of the brand.
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classic → fashion that remains popular over a relatively long period of time EX: blue jeans, animal prints, men's navy blazer
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soft goods → characterized by a quick rise to popularity and an even more rapid decline
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Product → Goods and services
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Position → Includes all activities that build awareness, interest, traffic, goodwill and ultimately encourage sales to the target customers.
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Fast Fashions → shaped like a bell curve one a graph, has a rise, growth, culmination and obsolescence.
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Brand Equity → the way a store, label or designer impresses cutovers and influences their perceptions of the brand.
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Textiles → Determination of retail value.
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Vertically Integrated → When there is a reduction in the number of people buying the fashion. Made up of the late majority.
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Psychographic segmentation → Gender, age, occupation, income, education level, marital status family life cycle state
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Market 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. -
fad → a word or a symbol that identifies the source of goods or services and differentiates it from the competitor;s goods or services.
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Cooperative advertisements → when the manufacture and the retailer spit the cost of the new product advertisement.
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Cellulose Fibers → Fibers produced from animals
EX: wool, silk -
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.
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Primary Data → Previously collected and published facts that answer another research question.
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Price → Determination of retail value.
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Trend based fibers or textiles → the amount the ultimate consumer pays for the item.
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Counterfeits → fakes that are intended to look like authentic originals.
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rise or growth stage → the beginning of the fashion life cycle when a group of experimental consumers called fashion innovators adopt a new look.
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Demographic segmentation → Gender, age, occupation, income, education level, marital status family life cycle state
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Secondary Data → facts to answer a particular marketing research problem.
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Raw Materials → when the trendy specialty stores offer clothes intended for wear during a single season before consumers discard the items.
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integrated marketing communications → a company focuses on a particular group of customers.
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private label brands → 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
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medium → using several venues to maximize exposure.
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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.
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Man made/ manufactured fibers → synthetic petroleum based fibers
EX: polyester, nylon, acrylic, olefin -
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
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Repositioning → When the combination of the four P's create an image in the minds of the customers
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Qualitative 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. -
Multinational Brands → span geographic boundaries and may be available at stows throughout the world. EX: Guess, Baby Phat, Diesel
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Fashion Marketing Mix → predicting the trends in popular colors, prints, styles, fabrications, and general trends.