Global Week 3

A good or satisfactory condition of existence

A well-being

a means of maintaining stock levels by replacing items with one set of characteristics with items that have similar characteristics in terms of purpose, silhouette, and price

Attribute replenishment

A program that triggers a reorder of stock when inventory reaches an agreed upon level

Automatic replenishment

In order of most preferred sustainable strategies to least preferred:

Avoid and reduce, Reuse, Recycle and recover, Incineration

Responsibility for equal benefits to all parties involved in any business transaction; the most efficient use of resources

Economic responsibility

Responsibility for physical conditions and circumstances influencing the health and comfort of current and future generations

Environmental Responsibility

Aspirational brands are brands that are considered the best of class at a particular level of competition, be it price point, quality, or styling.

False

Demographics explore the social and psychological factors that make up a consumer's lifestyle.

False

Minimum clothing needs are the same, regardless of where people live.

False

Goods characterized by frequent changes in styling

Fashion goods

A carefully guided discussion between a skilled moderator and members of a select target market

Focus Group

Which of the following is an example of qualitative data?

Focus Groups

what is NOT a type of demographic data?

Motivation

Transactional data collected when a consumer makes a purchase

Point-of-sale

Relationship between change in price of a product and the related change in demand for this product

Price elasticity

Quantity of goods and services that can be acquired for a certain amount of money at a specific time

Purchasing power

Subjective collection of information that relies on the interpretation of observed behaviors.

Qualitative research

Objective methodology in which data are collected about a sample population and analyzed to generalize behavioral patterns.

Quantitative data

Processing waste so it can be marketed as raw materials for new products

Recovering

Using all or parts of a product at the end of its useful life to make another product

Recycling

What practices are considered collaborative consumption?

Renting garments, Thrifting or buying secondhand clothing, clothing resale

Entire inventory of garments owned or otherwise available to a person or group of people for use

Wardrobe

A practice used in the active sportswear category to assess how a product performs

Wear-testing

A large target market with broad consumer characteristics is a niche market.

False

Quantity and quality of goods and services that are used by an individual or group during a given time period

Level of consumption

Types and amount of good and services used by a person or a group of people at a certain time

Level of consumption

____ A coalition that strives to reduce social and environmental impacts of apparel and related businesses

Sustainable Apparel Coalition (SAC)

Obtaining goods for personal use

Acquisition

A U.S.-based coalition that represents the interests of apparel, footwear, and related businesses

American Apparel and Footwear Association (AAFA)

Number of units; dollar value

Apparel

Utilitarian goods, characterized by infrequent changes in styling

Basic Goods

Obtaining, using, and servicing goods by an individual or a family; can also include disposal stage

Consumption

The biggest impact of the environment from textile and apparel products occurs during the _____ stage of product life cycle.

Consumption

A form of mass collaboration that outsources a job that was once performed by employees to a large undefined group of people, through an open call, generally using the Internet.

Crowd Sourcing

In the United States, clothing expenditure as a percent of total consumer expenditure has been gradually

Decreasing

Earnings available after all current obligations (bills, payments, basic needs, etc.) are covered

Discretionary income

Earnings minus taxes

Disposable income

A style that rises in popularity quickly and fades out fast, before adopted by the majority of a population

Fad

A coalition that strives to improve labor conditions in the world

Fair labor association (FLA)

Relationship between change in income and the related change in expenditure

Income Elasticity

In the United States, the total apparel expenditures have been gradually

Increasing

A general increase in prices that negatively affects individual purchasing power

Inflation

Weight, in pounds or kilograms; dollar value

Knit fabrics

Taking a product that no is longer wanted and finding new uses for it

Reusing

The percentage of merchandise that a retailer sells at full price

Sell-through

Responsibility for the welfare and interest of communities

Social responsibility

Distinctive appearance of a garment that makes it different from other types of garments

Style

The practice of allowing retail buyers, consumers, or both to view early product prototypes and offer their opinions.

Style-testing

Earnings before taxes

Total income

A closed-loop system uses its own outputs as inputs to make new products.

True

A group whose members share significant historical and social experiences at a similar stage in life that shape their values and behavior is known as a generational cohort.

True

A target market is a well-defined consumer group to which a business wishes to sell.

True

Both taxes and inflation can have an effect on consumer expenditures.

True

Fashion goods usually have shorter selling periods than basic goods.

True

Masstige is the convergence of mass-market and prestige retailing.

True

Selling or buying goods through Craigslist or eBay are examples of collaborative consumption.

True

The 80/20 principle in marketing refers to fact that 20 percent of customers often account for 80 percent of sales.

True

When product developers can define their customers in meaningful ways, they are better able to satisfy customer requirements at a profit.

True

When something (product or process) is sustainable, it means that it exists without compromising other beings' needs in the present and in the future.

True

While women tend to buy more clothes than men, men may spend more on individual items.

True

Square meters or square yards; dollar value

Woven fabrics

Codes of conduct in apparel industry

consist of statements and principles that govern all business decisions of a company

Consequences of the fast fashion phenomenon include

shorter clothing lifecycle