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70 Cards in this Set

  • Front
  • Back
Fashion Movement
Ongoing change in what is considered to be fashionable
Introduction
First stage of fashion cycle
Peak
3rd stage of fashion cycle
decline
4th stage of fashion cycle
Obsolescence factor
The rejection of recently used items in favor of newer ones, even though the old items retain their utility value
fashion trend
The direction in which fashion is moving
fashion leaders
The few "fashion forward" , trendsetting individuals who start new fashions
fashion followers
Individuals who wear a fashion look only when it is firmly accepted
fashion laggers
Individuals who are the last to adopt the accepted styles
Trickle-down Theory
fashion trends start at top of social ladder and gradually move down to lower levels
Trickle-up Theory
fashion trends start among young or lower income groups and move upward
Trickle-Across Theory
fashion moves horizontally through groups at similar social levels from fashion leaders to followers
Fashion Cycle
The ongoing rise, peak, and fall in popularity of specific styles or shapes
Merchandise acceptance curve
Bell-shaped curve that shows the stages of the fashion cycle
Culmination Stage
Top popularity of fash cycle when a fashion is in great demand by everyone
Saturation
Market State of having been supplied with the most it will absorb of a fashion
Long-Run Fashions
Styles that take a long time to complete the fashion cycle
Short-Run Fashions
Styles that are popular for a brief period of time, usually for only one selling season
Manufacturers
Companies that make goods
Retailers
Companies that sell merchandise in small quantities to end-use consumers
Consumers
People who buy and use finished products
Goods
Physical products that are made by maufacturers
Services
An intangible activity or benefit that is performed and has value
Free-Market System
the way people spend their money determines which products will be produced and what the products will cost without government intervention
Profit
Money left over after taxes and expenses have been deducted from company sales
Competition
Rivalry between two or more independant businesses to gain as much of the total market sales, or customer acceptance as possible
Supply
Quantities of good or service that producers can provide at a certain time and price
Demand
The amounts of a good or service that consumers are willing and able to buy at a certain time and price
Resources
Industrial materials and manufacturing capabilities
Standard of living
Level of necessities and luxuries enjoyed by a population for comfort and status
Pure Competition
market structure where no company is large enough to influence or control prices
Oligopolies
market structure with few large rival firms that produce products, dominate market, and react to each other
Monopolies
market structure without direct competitors ; ONE company controls the industry and market
Business Cycles
Fluctuations in the level of economic activity that occur with some regularity over a period of time
Corporations
-chartered enterprise
-seperate legal entity with most legal rights of the people
Distribution
physically transfering goods from where they are produced to the proper locations for consumption
Partnerships
unincorporated business that is co-owned and operated by 2 or more persons
Marketing
process of finding or creating a profitable market for specific goods or services
Marketing Mix
staisfies a chosen market including price, place, and promotion
Merchandising
process through which products are obtained and promoted to point of sale and try to make a profit
Promotion
Selling to a large audience to increase buying response
Sole Proprietorships
A business owned by just one person
Target Market
specific part of market that company wants as customers and directs its marketing efforts at
Primary Group
provides raw materials
Secondary group
maufacturing segment - makes finished garments
Retail Group
stores, catalogs, TV shopping, etc. which sell finished goods
Auxilary group
supports first three groups
Backward integration
company takes on activities toward source of goods
Channel of Distribution
The route that products take from original source to end user
Fibers
thin, harilike strands that are short or long- basic unit in textiles
Soft goods Chain
Channel of distribution for apparel and home decorating textiles
Textile/ apprel Pipeline
(Soft Goods Chain)
Yarns
Continuous strands of textile fibers
Commodity Products
Staple goods that hardly ever change in design and in constant demand
Designing
Process of creating new versions for garments, accessories, or other items
Fabrics
Long pieces of cloth
Fashion Products
-Goods that are always changing
- Have style and timing risk
Four-Groups Approach
Way of showing flow of goods from fiber to retail
1)Primary
2)Secondary
3)Retail
4)Auxiliary
Greige Goods
Yard goods in an unfinished state
Private Label Goods
Produced only for a particular retailer and have the retailer's special trademark or brand name
Resellers
Wholesalers who serve to distribute goods between producers and retailers or users
Seasonal Products
Products that change in popularity or demand with the seasons of the year
Vertical Integration
combining 2 or more steps of pipeline within one company and under one management
Composites
Textiles combined with other materials
ex:hose, belting, car fenders, boat hulls
Geotextiles
Industrial textiles that relate to the earth's surface
Industrial Textiles
technical fabrics sold to commercial business customers according to specification and performance quality
Labor Intensive
Requiring many workers to make the products, rather than relying on heavy machines and technology
Networking
exchange of ideas, info., or services among an interconnected group of people
Trade Associations
Nonprofit, voluntary organizations made up of businesses that have common interests
Trade Publications
Magazines, Newspapers, and books that deal with a specific industry or segment of an industry