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