quiz 2 fashion forecasting

NYT 9) Since "Generation Z takes in information instantaneously, and loses interest just as fast", marketers must do the following to effectively reach this cohort:

"Communicate in five words and a big picture"

naisbitt's megatrends

1. move towards an info based economy 2. the dual compensations of high tech and high touch products 3. shift to global economy 4. shift away from hierarchical structures in favor of informal networks 5. shift from an either/or to a multiple option society

how long does it take for a lifestyle trend to make it though all markets

10 years; faith popcorn

first apparel forcast year

1917

long term predictions

5+ years

The purpose of the apparel supply chain is to:

A and B

Why have niche products have been more profitable in recent years?

A and C

In what order did the evolution of the four waves of the demand-activated system occur

A) Markets of One- 4 B) Building an Information Infrastructure- 1 C) Focusing on the Consumer- 3 D) Time Efficiencies and Inventory Reduction- 2

A consumer develops brand loyalty through a value equation/proposition consisting of the following factors influencing purchasing decisions:

All of the above

An omnichannel retail strategy:

All of the above

Collaborative Filtering is:

All of the above

Competitive analysis allows companies to:

All of the above

Forecasters look for the following to help them filter trends from streams of information:

All of the above

In Stan Davis' book "Blur", executives will need to adjust to the following to succeed in our connected society:

All of the above

NYT 1) The key point(s) of this article are:

All of the above

NYT 7) "Generation Z" has been identified as:

All of the above

NYT 8) Core values of Generation Z include:

All of the above

NYT2) Cultural events in 2015 that highlight an emphasis on reinvention include

All of the above

Retail anthropology:

All of the above

Tastemakers in the economy of variety and choice (the long-tail demand curve) are:

All of the above

Which information gathering activities could be considered unethical?

All of the above

Which of the following are "megatrends" identified by Naisbitt (1982) in his groundbreaking book:

All of the above

Which trends does Popcorn identify in her book Clicking? (1997)

All of the above

Competitors that sell products that a large segment of a company's consumer would like to own but cannot afford to purchase are called:

Aspirational Customers

Why is long-term forecasting important?

Because long-term forecasting picks up trends associated with changes in lifestyle.

Competitive analysis involves monitoring both business rivals and:

Business to business partners

What phrase did Popcorn use to describe an emerging stay-at-home syndrome she identified in the early 80s?

Cacooning

Which of the following is not likely to provide forecasters with hints about future cultural trends:

Celebrities lifestyle

Forecasting is a business tool that seeks to recognize when one company is in a more favorable position than its rivals. The company's favorable position is called:

Competitive Advantage

When a forecaster becomes a detective using public sources to develop a detailed and accurate view of the market environment and what competitors are likely to do, the technique is called:

Competitive Inteligence

Classifying data by topic and reliability, to evaluate implications

Content Analysis

Recruiting young people to search for trends by observing other young people's fashion behavior is an example of

Cool-hunting

According to Faith Popcorn, the consumer's focus on fitness and the growth of demand for premium ice cream is an example of :

Counter trends

Trends that are inconsistent with or contradict another trend are called:

Counter-trends

The long-term forecaster looks for directional pointers for the way a whole society is moving. Such movement is called:

Cultural drift

The basis for consumer segmentation and most consumer research strategies:

Demographics

Competitors that sell the same product category to the same customers in the same channel of distribution are termed:

Direct Competitors

Which Popcorn trend identifies the demand for customized products?

Egonomics

According to Anderson, having increased choice stimulates users to sample fewer products.

F

In relational marketing, consumer segments are more predictive of future purchases than individual consumer preferences.

F

Seasonal and industry trends continue as the most important influence on developing apparel and products to meet consumer wants, needs and aspirations.

F

The demand-activated business model is an example of retail's "Push" system.

F

The results of qualitative research are reported in statistics/numerical data.

F

For "Best-Practice" benchmarking, companies focus solely on the business practices of their direct competitors

False

Forecaster Faith Popcorn (1991), estimates that it takes about 20 years for a trend to work through the culture and reach all market levels.

False

In 2025, companies will continue to target the 18-34 age group as the most important age demographic

False

Millenials drive 20% of all household purchases.

False

To forecast trends early enough to impact strategic planning, long-term forecasters focus on style trends

False

A method of researching the competition using direct observation and interviews:

Fieldwork

If an apparel executive wants to hear a group of consumers discuss preferences, styles, and brands, that executive will hire a consumer researcher to conduct a:

Focus Group

In 1982 John Naisbitt forecast a megatrend that is still in today's forecasts. He said that an increase in technology products would be paired with a trend for products with soft contours and cozy, handmade, or artsy aspects. He called these parallel requirements:

High tech and high touch.

Which populations will double by the year 2025?

Hispanic and Asian

Analyzing data that do not fit expectations

Information Gap Analysis

4.8 The process of using mass production techniques but providing customers with one-of-a-kind products is called:

Mass customization

A trend that is likely to take as long as 10 years to work through the culture is termed:

Megatrand

NYT 6) Dictionary.com defines "code-switching" as:

Modifying one's behavior to adapt to different socio-cultural norms

Brands sold to retailers through the wholesale market and carried by many retailers who compete in the same market

National brands

Brands that are changing the competitive landscape by opening their own free-standing stores

National brands

The Zandl Group has a nationwide network of young people between the ages of 8 and 24. Every month a group of these young people are asked survey questions. This form of consumer research is called:

Panel Study

What form of consumer research asks questions of a group of people over time in order to track changes in consumer attitudes and opinions?

Panel Study

The term 'conspicuous cyber-consumer' refers to a consumer who:

Participates interactively on fashion websites

Having background and historical data makes it much more likely that executives will use this type of analysis successfully

Pattern Recognization

Brands owned by retailers and merchandised in that retailer's stores along with other brands

Private label brands

Brands that generally retail for 20% less than comparable national brands

Private label brands

Consumer segmentation can be based on lifestyle information, attitudes, and preferences. The term for this kind of information is:

Psychographics

As part of competitive analysis, the researcher buys and dismantles a competitor's product to discover how it was designed and constructed:

Reverse Engineering

Reviewing competitor information to identify weaknesses that provide market opportunities

SWOT Analysis

A person who appears to be just another shopper is actually watching and reporting on the way a retail store operates as part of competitive research.

Secrete Shopper

Products developed and sold only through a company's own stores

Store Brands

Brand segment pioneered by Les Wexner with the launch of The Limited in 1963

Store brands

Data gathering methods associated with quantitative (as opposed to qualitative) research includes:

Surveys, panel studies, and in-store experiments such as style testing

Chris Anderson's "Long Tail" demand curve identifies a marketplace where a few items will generate high volume sales, but many more items will sell fewer units to niche audiences.

T

John Naisbitt's methodology included gathering data from over 6000 local newspapers each month.

T

Long-term forecasting "translates" broad directional tendencies into an understanding of how they will affect consumer preferences and behavior.

T

Mid-size companies require competitive information to function in a climate of acquisition.

T

Several futurists predict the emergence of less hierarchical, more informal work environments that are compatible with the way women behave and think.

T

The premise of Popcorn's book "Clicking" is that business concepts must "click" with or link to trends to be successful

T

A store set up by a manufacturer to gather information about what products, packaging, and promotions appeal to customer by watching sales is called:

Test store

NYT 4) According to the American Dialect Society, the "2015 Word of the Year" is:

They

NYT 5) The 2015 "Word of the Year" applies to those who identify out of the traditional gender binary.

True

A new generational cohort emerging in the "90's defines the "New" American Dream as:

Valuing experiences and spiritual growth over material wealth

According to Anderson, what behavior do consumers exhibit in a world of instant access to infinite inventory?

Variety seeking behavior

color direction

a change in color temperature, value, or hue, or intensity

Hue

a color in its purest form

shade

a color with black added

tint

a color with white added

lab dip

a sample dyeing from a mill for the product developer to approve the color

status markers

accessories, details, and items that stick out and shows you are upper class and wealthy

alpha luxe

alpha + luxury, used to describe a style of luxury that is dominant, powerful, and singular in terms of its visual statement and aesthetic presence

navigating change in a trend

avoid obstacles, find priorities; takes a megatrend for a trend to reach all market levels

blingmalism

bing and minimalism; less bling but more statement pieces

color way

color group or combo

colors and ethnicity

colors are a representation of a country's personality or ethnicity

analogous

colors right beside eachother

complementary colors

colors that are directly across eachother in the color wheel

differentiation and imitation

designers are trying to differentiate themselves from retailers and retailers are trying imitate

cultural drift

directional pointers for the way society is moving

color forecasts

don't force colors on people; they release colors when consumers are ready for them

erogenous zones

emphasizing certain areas of the body to become the focus of erotic attention

where do most colors get their name from

environment

slash slash generation

everyone is trying to be multiple things at once

cocooning

faith popcorn; staying at home a lot in a haven away from work

trickle across theory

fashion goes horizontally within separate economic classes of people; leadership within each social class Jackie kennedy and the pill box hat--everyone had one

instabilities in social system

gender, age, attractiveness, ethnicity

homesteading

having just enough of what you need; tiny homes and the stuff you can fit in it

cultural trends arise from

high culture: fine and performance art low culture: activities locally by special interest groups pop culture: movies, tv, music, celebrities

saturation

how intense the color is

value

how light or dark a color is

time lags

how long it takes for a trend to be adopted by consumers after it is seen on the runway

female think

idea that women are more comfortable in an environment that is compatible with the way they think and behave

lavers gap in appreciation timeline

indecent...10 years before it is cool shameless...5 years before outre...1 year before smart...current dowdy...I year after it is cool hideous...10 years after ridiculous...20 years after amusing...30 years after quaint...50 after charming...70 after romantic...100 after beautiful...150 after

kids and color

kids like brighter colors more than adults

knockoff

looks the same different fabric

trickle up theory

lower classes influence the classes above it; street style; combat boots, camo, flannel

athleisure

makes it less obvious what social class you belong to; spans all social classes

what is most closely related to fashion colors

makeup

long term forecast consists of

media scan, interviewing, observation

classics on the pendulum swing

middle between casual and formal

normcore

normal and hardcore; edgy but refined and normal; unisex clothing; trickle across

color foreward

people that are the first to wear a new color

fashion victim

people that are trying to be too fashionable and wearing all trends at once

gradation

plant term; ombre

egonomics

products that are customized to an individual to offset the impersonal feel of modern culture

reverse ostentation

purposefully trying not to fit in with your peers; wealthy people not wanting to hang out with other wealthy people

neoretro

recycling ideas from the past and adding something new to it

online access and connectivitiy

shrinks space and barriers

conspicuous counterconsumption

status denial of the wealthy; they dress down and do not show their wealth

color loyals

stick with classic colors

fashion count

tally to see how many of something you see on the street or in a magazine

critics of the trickle down theory

that the elite doesn't consistently set the styles that it is difficult to identify the elite that it over simplifies the social system

split complementary

the colors to the right and left of the complementary color

anti fashion individuals

the conscious neglect of fashion

fantasy adventure

the consumer's need for excitement and stimulation without sacrificing safety and security

clanning

the tendency for people to group together around a shared common interest

waning trends

trends going out of style; important to see that consumers and losing interest so you can get rid of the product

counter trends

trends that contrast with another prevailing set of trends, both of which offer opportunities for businesses because of the contradictory aspects of human behavior; going to chickfila after working out

trickle down theory

upper class creates the fashions and then it trickles down to the lower classes

conspicuous consumption

upper class spending money on high fashion and home furnishings and using expensive modes of production for the clothing

mass customization

using mass production techniques to deliver customized goods; stan davis

color prudents

wait until the color is widespread before wearing it

achromatic colors

white black grey

when youth dominates fashion

you will see more revolutionary fashions that are strange or risky