Exam I Review Questions - Fashion Industry | HUEC 2045, Study notes of Biology

Download Exam I Review Questions - Fashion Industry | HUEC 2045 and more Study notes Biology in PDF only on Docsity! 1 Exam 1 – Review Chapters 2-5 Multiple Choice & True/False ___________________________________________________________________ Chapter 2 - The Nature of Fashion The Importance of Fashion - Clothing - communication tool Fashion Business - Definition - Goal - Fashion Marketing - Fashion Merchandising - Misconceptions about fashion Fashion Industry - Definition Terminology of Fashion - Style - Fashion - High Fashion - Mass - Design - Style Number - Taste - A Classic - A Fad - A Trend Components of Fashion - Silhouette - 3 Basic forms - Details - Texture - Color Stages of the fashion cycle 1. Introduction 2. Rise 3. Culmination 4. Decline 5. Obsolescence 2 Lengths of Cycles Time span of a fashion cycle Breaks in Cycles Interruptions in normal flow of fashion cycle The Fashion Runs - Long-Run Fashion - Short-Run Fashions Intangibles of Fashion - Group acceptance Principles of Fashion 1. Consumers establish fashions by accepting or rejecting the styles offered 2. Fashions are not based on price 3. Fashions are evolutionary in nature 4. No amount of sales promotion can change the direction in which fashions are moving 5. All fashions end in excess _________________________________________________________________ Chapter 3 The Environment of Fashion 4 major environmental factors 1. Market Segmentation - Target Markets - Geographics - Demographics - Psychographics - Behavioral - Personal - PRIZM & VALS research firms 2. Economic development & well-being of a country or society - Fashion demand depends on a high level of economic development 3. The sociological characteristics of the class structure - Leisure time - Ethnic influences - Status of women - Social & physical mobility - Instant communications 5 - Forms of business ownership - Business growth and expansion - Birth of a fashion - The designer’s role - The manufacturer’s role - The retailer’s role Four Segments - The Primary Level - The Secondary Level - The Retail Level - The Auxiliary Level Antitrust Laws - Government Regulations that affect the Fashion Business. - Product and Labeling Laws - Designed to Protect Consumers Forms of Business Ownership - Advantages and Disadvantages of Each Form of Business Ownership Business Expansion and Growth - Internal - Horizontal - Vertical - External - Mergers and Acquisitions - Diversification - Franchises - Advantages of Franchising - Disadvantages of Franchising - Licensing - A legal agreement between a designer and manufacturer - Event manufacturers use licenses to manufacture clothing Advantages of Licensing - Manufacturers have a highly recognizable name attached to the merchandise - Licensor does not have to endure the risks of production - Retailers present a fashion image using the designer name - Appealing to consumers through quality & status Disadvantages of Licensing - Ever expanding empire may lose its exclusivity - Poor quality products reflect on name of designer, or licensor, not the licensee 6 - Manufacturer also endures the designer’s loss of popularity Birth of a Fashion - Must study all trends available - Be everywhere, see everything, remain current & in touch with consumer - Fashions start with consumers Common reasons for failure - - Introduction too early for widespread acceptance - Introduction of styles considered too extreme by the general public - Introduction of styles with appeal to a limited audience Types of Designers 1. High-fashion or “name” designers 2. Stylist-designers 3. Freelancer designers Types of Manufacturers 1. Designer market 2. Bridge market 3. Better market 4. Moderate-priced market 5. Budget market Types of Retailers 1. Fashion leaders - Feature newly introduced styles that have only limited production & distribution 2. Traditional retailers - Largest in number - Feature fashions that capture consumer interests & are in the late rise or early culmination Buying Cycles - Retailers - Stay just a step ahead of their target customers - Efficient stock available when customers are ready to buy new fashions - Avoid being overstocked when interests shift to new fashion