Final Exam Flashcards
(206 cards)
1
Q
Focuses on a specific type of merchandise (carries one category of merchandise or a few closely related categories, one manufacturer or brand)
A
Specialty stores
2
Q
high-end specialty store
A
boutique
3
Q
what is an issue in specialty store retailing?
A
mall-based apparel retailers
4
Q
why is mall-based apparel retail declining?
A
decline in mall shopping, lack of new fashions, increased price consciousness
5
Q
organizations own and operate several store units that sell very similar merchandise in a standardized format
A
chain stores
6
Q
chain stores have _________ and no _________
A
centralized buying, flagship stores
7
Q
chain stores all have standardized ___________
A
store decor
8
Q
defined as having eleven or more units
A
large chain stores
9
Q
defined as having two to ten units within a local or reginal are
A
small chain stores
10
Q
who do chain stores tend to cater to?
A
more localized, target markets
11
Q
sells brand name merchandise at below traditional retail prices and includes apparel merchandise at budget and wholesale price points
A
discount retailers
12
Q
what helps keep discounters’ prices low?
A
quantity discounts and high turnover rates, self-service, lower overhead costs
13
Q
Wal-Mart and Target are examples of…
A
National Chain Discounters
14
Q
Apparel accounts for approximately ____ % of sales for discount retailers
A
45
15
Q
specialize in selling national brands, designer apparel, or promotional goods at discount prices
A
off-price retailers
16
Q
these stores buy irregulars, seconds, overruns, or leftovers from manufacturers or other retailers
A
Independent off-price retailers
17
Q
what are examples of independent off-price retailers?
A
TJMaxx, Ross, Burlington Coat Factory, Marshalls
18
Q
manufacturer’s outlets sell their own seconds, overruns, and sometimes make merchandise
A
factory outlet stores
19
Q
when retailers choose to open their own off-price stores
A
Retailer-owned off-price retailers
20
Q
what are examples of retailer-owned off-price retailers
A
nordstrom rack, saks off-fifth
21
Q
retailers who specialize in buying merchandise through bankruptcies and closeouts
A
closeout stores
22
Q
what are examples of closeout stores?
A
big lots, tuesday morning
23
Q
stores that combine a department store with a supermarket with a wide variety of goods
A
super store/hypermarkets
24
Q
super stores can’t sell more than ____% groceries
A
35
25
________ is a limited part of super stores' sales
apparel
26
contractual retailers have a _________ agreement
franchise
27
What is a franchise agreement?
when the parent company provides the franchisee with exclusive distribution of a well-recognized brand name in a specific market area and assistance with organizations, visual-merchandising, and training
28
when retailers lease space within a larger retail store to operate a specialty department
leased departments
29
these retailers reduce operating expenses and offer goods at discounted prices
warehouse retailers
30
these retailers distribute products to consumers through means other than traditional brick-and-mortar storefront
non-store retailers
31
what are examples of former catalog only stores?
Land's End, JCrew
32
____% of women shop online and ____% of men shop online
72, 68
33
What are the most popular online shopping platforms?
Amazon, Walmart, and Alibaba (China)
34
What is Alibaba's Black Friday?
"Singles Day" (3x more product sold than Black Friday)
35
What are some e-commerce concerns?
converting shoppers into paying customers, competition & competitor analysis, price & shipping, abandoned cart, product return & refund policies, choosing best technology for you & your customers
36
the number one reason for abandoned cart is _____________
unexpected extra costs
37
extra costs are responsible for ____% of all cart abandonment
48
38
what is the average cart abandonment rate?
69.99%
39
____% of people will purchase online if offered extra discount at checkout
54
40
over 60% of online shoppers say that a retailer's ___________ has a major impact on their purchasing decision
return policy
41
what matters about how technology is designed for the customer?
how it looks online and how easy returns are
42
what is the number one issue facing television shopping?
shrinking audience
43
What are the top 5 global fashion companies?
Inditex, Nike, LVMH, TJX, Hennes & Mauritz
44
What was the biggest category of growth for online shopping during covid?
food
45
what apparel sector had a growth during covid?
athleisure sales
46
fashion is not only what we wear, it includes...
what we drive, what building we work in, what we eat, and where we live
47
the style or styles most popular at a given time
fashion
48
what are the three main components of fashion?
style, acceptance, timeliness/change
49
any particular characteristic or look in apparel or accessories
style
50
implies that consumers must buy and wear a style to make it a fashion
acceptance
51
occurrence of a style at the right time
timeliness
52
what is the main reason why people in developed countries buy new clothes?
they get bored with what they have
53
fashion is a product of _______: if people like it, it will grow
_________ is the key to success
54
the way in which fashion changes is usually referred to as _____________
fashion cycles
55
fashion is ________
cyclical
56
a _______ is the direction in which a style is moving
trend
57
fashion is usually depicted as a _____________
bell-shaped curve
58
in this stage, fashion implies style and newness, it is not accepted by everyone, it is produced in small quantities at high prices
Introduction of a Style
59
in this stage, people have already turned to new looks
Rejection of a Style or Obsolescence
60
in this stage, fashion is at its height of popularity, being copied at all price points and modified
Peak of Popularity
61
in this stage, the new style is purchased, worn, and seen by many people, popularity can increase copying and adaptations of new styles and ranges of customers
Increase in Popularity
62
in this stage, people begin to tire of the style and start looking for something new
Decline in Popularity
63
when consumers will still wear the style, but will not pay full price for it
Oversaturation
64
products that copy and imitate the physical appearance of other products, but do not copy the brand name or logo
knockoffs
65
goods often of inferior quality that are made or sold under another brand's name without the brand owner's authorization
counterfeit
66
sometimes called "third shift" or "fell off the back of the truck"
gray goods
67
gray goods are the _____________ but not sold by ___________
real thing, real company
68
styles that never become completely obsolete, but remain more or less accepted for an extended time period
classics
69
a classic is characterized by ___________ which helps keep it from being dated
simplicity of style
70
short-lived fashions that come and go in a single season
fads
71
fads generally affect a ________ consumer group and flood the markets in a ________ amount of time
narrow, short
72
a fashion cycle rejected by all consumer segments almost immediately
flop
73
people who look for fashion and wear it before it generally becomes accepted, do not need the approval of others
fashion innovators
74
fashion forward people or "avante garde"
fashion leaders
75
consumer group that makes up majority of people
fashion followers
76
people who have no interest in fashion, clothing only serves a functional purpose
fashion laggard
77
in this fashion theory, fashion trickles down from the elite or upper classes to the lower strata of society
Traditional Fashion Adoption
78
What is another name for the Traditional Fashion Adoption Theory?
the Trickle-Down Theory
79
in this fashion theory, designers and manufacturers pay attention to consumer innovation
Reverse Adoption
80
What is another name for the Reverse Adoption Theory?
the Trickle-Up Theory
81
Where is the inspiration often coming from in the trickle-up theory?
the young and inexpensive
82
in this fashion theory, manufacturers copy new styles almost immediately after they are seen or worn
Mass Dissemination
83
What are other names for the Mass Dissemination Theory?
Trickle-Across Theory, Horizontal Flow Theory, Mass-Market Theory
84
1st principle of fashion: Consumers establish fashions by _________ or _________ the styles offered.
accepting, rejecting
85
True or False: new fashions must be introduced by designers
False (this is an exception, not a rule)
86
a patron or potential purchaser of goods or services
customer
87
who is the ultimate user of garments and the ultimate decider that makes and breaks fashion?
the end consumer
88
2nd principle of fashion: fashions are not based on _______.
price
89
True or False: fashion must be introduced at high price points
False (this is less common today)
90
3rd principle of fashion: fashions are _________ in nation, they are rarely _________.
evolutionary, revolutionary
91
fashion changes happen as a result of _______ movements from season to season
gradual
92
What were the two real revolutionary changes in fashion?
following the French Revolution, the Dior New Look in 1947
93
What was the Dior New Look in 1947?
square shoulders, ultra feminine, small waist
94
most consumers buy things that will complement their ______________
current wardrobes
95
4th principle of fashion: no amount of _____________ can change the direction in which fashions are moving
sales promotion
96
True or False: promotions do not have the power to dictate what people buy or what fashions people accept
true
97
True or False: promotions can keep a fashion in style if its sales are declining
false
98
5th principle of fashion: all fashions end in _______.
excess
99
once the extreme of a fashion is reached, it is...
nearing its end
100
what are some examples of fashions reaching their extremes?
skirts supported by panniers that could be eight feet in length, extreme hoop skirts, shoulder pads, the mini skirts of the 1960s becoming super short
101
What is the order of the price lines of clothing?
Haute couture, designer, bridge wear, better, moderate, budget
102
this price line of clothing is the middle line of goods
Moderate
103
who is moderately priced clothing targeted to?
the "average" consumer
104
What are examples of moderate sellers?
Levi's, Zara, Belk
105
this price line of clothing can be synonymous with couture but usually RTW, not custom-made
Designer
106
this price line of clothing is the highest of mass merchandise price lines
Better
107
Better lines often feature _________ labels, or relatively __________ designer names
well-known, low-price
108
this price line of clothing is the lowest of mass merchandise price lines
Budget
109
this price line of clothing bridges the gap between Better and Designer merchandise
Bridge Wear
110
Examples of Bridge Wear are...
Neiman Marcus and Nordstrom
111
why do a lot of designer have separate Bridge Wear lines?
to make money since couture does not make much money
112
this price line of clothing refers to the highest quality clothing made
Haute Couture
113
Haute Couture is often "_____________"- specifically for an individual
made to measure
114
Haute Couture is the most ______________ and most _____________
fashionable, exclusive
115
approximately _________ people worldwide can afford to shop Haute Couture
4,000 (outfits easily start at $10,000)
116
this is equivalent to Haute Couture except for men's tailoring
Bespoke
117
the more you produce, the cheaper you are able to sell the item is called...
Economies of Sale
118
when a celebrity borrows a piece of clothing to wear and then returns it to the company, most of the time returned damaged and dirty
Merching
119
these types of stores seek leadership by carrying high-priced fashionable merchandise
fashion-forward stores
120
these types of retailers identify with consumers who want fashion available to them at moderate and upper-moderate prices (many department stores and specialty stores)
Mainstream Retailers
121
these merchants appeal to people who cannot or will not spend more money on clothing
Mass Merchants
122
Dillard's and Banana Republic are...
Mainstream Retailers
123
Neiman Marcus, Saks Fifth Avenue, and Bloomingdales are...
Fashion-Forward Stores
124
Wal-Mart and Target are...
Mass Merchants
125
organization that organize the calendar for showing, organize accreditations for the press, and buyers attend the shows
Chambre Syndicale De La Haute Couture
126
a not-for-profit organization of 250+ of America's top fashion and accessory designers
Council of Fashion Designers of America
127
What might the Council of Fashion Designers of American raise money for?
the MET
128
what functions do the Council of Fashion Designers of America serve?
have a code of ethical practices (anti-child labor, sustainability) and promote the appreciation of fashion as an art form
129
the world's largest retail trade association
National Retail Federation (NRF)
130
what is the membership of the NRF comprised of?
all retail formats and channels of distribution
131
the national trade association representing apparel, footwear, and other sewn products
American Apparel and Footwear Association (AAFA)
132
AAFA has a _____ membership and advances the industries _______, __________ and _______
paid, legislative, international trade, issue
133
these magazines are targeted to the general public and have a wide audience and a wide viewpoint
consumer magazines
134
these magazines offer news and information including new product listings, feature articles, and Q&A interviews
trade magazines
135
this magazine is considered THE publication in the fashion industry
Women's Wear Daily (WWD)
136
Who publishes WWD?
Fairchild Media
137
WWD is often called "_______________"
the Bible of the industry
138
a global resource for news and information tailored for textile and soft goods executives working on the supply chain side of the business
Sourcing Journal
139
what does Sourcing Journal use to update on news changing in the industry, commentary, and opinions from industry experts?
daily emails
140
this is the magazine produced by Sourcing Journal, the global media authority serving the international denim industry
Rivet
141
this is the leading publication in the international footwear industry
Footwear News
142
what often drives footwear?
street fashion
143
a daily release on what is happening in the retail industry
Smart Brief
144
who is SmartBrief put out by?
the NRF (National Retail Foundation)
145
what is the daily email newsletter by Smart Brief for online and multichannel retailers?
shop.org
146
What do the newsletters cover?
14 industries (retail, aviation & aerospace, business, education, energy & chemicals, finance, food & beverage, infrastructure, life sciences & technology, marketing & advertising, tech, telecom)
147
the leading publication in the accessories industry
Accessories Council
148
when was Accessories Council "reborn?"
2021
149
what, and when does Accessories Council publish?
digital trend reports, doesn't come out every month
150
free emails that provide practical business advice, online learning, and career-building tactics
The Business of Fashion
151
produces bi-weekly print and digital publications and some special supplements
California Apparel News (CAN)
152
who are the subscribers of California Apparel News?
department, chain, and specialty store buys; manufacturers of apparel, textiles, and accessories; and suppliers throughout the textile and apparel industry
153
the nation's leading provider of retail news and analysis for retail headquarter executives across all sectors of the industry
Chain Store Age (CSA)
154
what does CSA report on and analyze?
trends and strategies in all areas of store operations and store development
155
what is the conference related to CSA?
SPECS
156
the major media commentary, custom publishing opportunities, and international seminar since 1917
Earnshaw's
157
Earnshaw's is the leader in this sector of the fashion industry
Childrenswear
158
an online fashion and color forecasting, trend reporting, and news e-zine
Fashion Trendsetter.com
159
an online fashion and color forecasting, trend reporting, and news e-zine
Fashion Trendsetter.com
160
offers daily news and analysis, latest developments, import and export states, sourcing and retail strategies (will customize and retail strategy for you)
Just Style
161
considered a primary business publication for intimate apparel, beachwear, hosiery, bodywear, and textiles
Underlines
162
Underline leads in what?
intimate apparel
163
the leading magazine for hosiery and knitting technology
Knitting Trade Journal
164
magazine highlighting the business of bridal
Vows
165
leading authority on fashion retailing in the UK since 1887
Drapers
166
this type of retail customer still appreciates the brick-and-mortar shopping experience but will make their purchase online if it is less expensive
The Researcher or Showroomer
167
this type of retail customer is usually more focused on saving money in general, more likely to impulse buy because it is a good deal
The Deal Seeker or Bargain Hunter
168
this type of retail customer just enjoys shopping for the sake of shopping, don't have a particular product in mind
The Window-Shopping Wanderer
169
this type of retail customer has already decided what they want in the store and has likely read every review written and posted about the product
The Decisive, Take-Charge Type
170
this type of retail customer is friendly and interested in your store, they may talk too much
The Sociable Chatter
171
this type of retail customer is on a mission to be in and out of the store in as short a time as possible, prefer stores where they know the layout
The In & Out Sure Buyer
172
this type of retail customer is looking for reasons to be upset or to complain
The Angry, Demanding Pessimist
173
this type of retail customer is loyal to the store, need to offer some type of loyalty program to reward them and make them feel appreciated
The Regular
174
why has consumer buying increased?
discretionary income is often larger
175
what are the four motives for consumer buying?
be fashionable, be attractive, impress others, be accepted by friends
176
buying clothes to project a successful image or establish identity
to impress other
177
we may want to show our ______ or ___________ through clothing
taste, income status
178
buying new clothing to feel we are in style
be fashionable
179
discarding clothing because it is not _________, not because it is ____________
in style, worn out
180
buying clothing because we want to fit in, especially at certain ages or certain points in our lives
be accepted by friends, peer group, or colleagues
181
buying clothes because they are flattering and make us look our best, minimize attributes we do not like
be attractive
182
What are the two criteria consumers use in fashion selection?
aesthetic consideration and practical consideration
183
what are the four components of aesthetic consideration?
appearance, color, texture, and style
184
line, silhouette and details; what consumers perceive as fashionable
style
185
consumers often base purchase decisions on if the ______ looks good on the consumer and fits in their wardrobe
color
186
the overall ____________ of the product attracts the customer
appearance
187
surface interest in fabric, helps give a clue of fiber content
texture
188
what are the seven components of practical considerations?
price, fit, comfort, appropriateness, brand or designer label, fabric performance and care, quality
189
sizing does not always indicate _____; a garment may look different on the hanger than on a person
fit
190
consumers want the best quality for the best ______
price
191
wash and wear versus dry cleaning
fabric performance and care
192
construction, stitching, and finishing; depends on end use of the product
quality
193
correct for the occasion
appropriateness
194
warm clothes in the winter and cool clothes in the summer
comfort
195
product identification, heavy advertising can influence consumers
brand or designer label
196
consumers look for their idea of quality and reasonable prices
perceived value
197
consumers look for their idea of a product that serves more than one purpose in their life
multiple use clothing
198
consumers are waiting to closer to when they need something as opposed to planning ahead
wear now
199
consumers look at making shopping easier for themselves
convenience
200
consumers have less patience with waiting and higher expectations; employees being able to answer questions OR a website with an excellent search engine
service
201
the lead store in a retail chain
the flagship store
202
the flagship store acts as a _________ for the brand or retailer
showcase
203
the flagship store is selling the store as a ________
brand
204
What are the advantages of having a flagship store?
more flexibility, chance at more press, can increase customer loyalty, branding benefits
205
What are the disadvantages of having a flagship store?
stores may have to follow strict guidelines that can hinder new development when finding a location, major cities lead to more competition, creating grander experiences take time and money
206
what are some issues department stores are facing?
increased competition (discount stores and specialty stores)
