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61 Cards in this Set

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Apparel Manufacturer
firms that engage in merchandising (design & product develp), production, and wholesale marketing of apparel
CMT
Cut, Make, Trim
CMT -
apparel contractors who's primary service is apparel assembly
Conglomerate
business formed when firms in unrelated markets join together for common ownership
Contractor
firm that maufactures products for other businesses or arranges for their production
Department Store
retailers who provide a variety of product lines: men, women, children, home goods at moderate to high prices
Developed country
nation who's gross domestic product per capita and other measures of well being fall ABOVE the world average
Developing Country
nation who's GDP per capita and other measures of well being fall BELOW world average
Domestic Trade
exchange of goods, services, or both within boundaries of specified state or country
Export Trading and Sourcing Company
provides services for entire global apparel manufacturing and distributing process
Exports
goods shipped to another country for import in exchange for money
Findings
Materials other than face fabric used to construct garments ex: closures
Firm
any business, corp., proprietorship, or partnership
Full Package
apparel contractor providing production services and assisting with and finances product devel. and materials sourcing
Global Trade
the potential interactive participation of many groups, cultures, and nations, in the merchandising, production, and distribution of products
Globalization
process where world's people are becoming increasingly interconnected in all facets of their lives
GDP
market value of the output of products and service produced within a country in a year
GDP per capita
GDP/ # of ppl in population
GNP (Gross National Product)
value of average output produced by domestic residents of nation they labor in
Horizontal Integration
changes from mergers and takeovers
Imports
goods available for domestic comsumption because of exports from other countries
International Trade
any exchange of goods involving 2 or more countries
Lean Retailing
effective management of inventory based on accurate and timely information
Least Developed Country
nation whose GDP per capita are among the LOWEST in the world, not yet involved in indust. dev. of apparel
Market Week
time set aside for trade shows of manufacturer's product lines presented at wholesale to retail buyers
Mass Retailer
firm offering variety of consumer goods in self- service environ. with broad appeal to everyone
ex: Target, Wal Mart
Merger
combining 2 business entities into 1 large business
Newly Developing Country
nation whose GDP and other measures fall BELOW world average & are indus. dev. of apparel
Non- Store Retailer
firms sell goods to ultimate consumer without use of traditional brick- and- mortar presentation (store)
ex: e-tailers, lands-end, QVC
Outsourcing
having tech services outside of the country for operations inside the country
Outward Processing
outsourcing non-origin- confering operations to a country with a lower wage rate
(PPP)
Purchasing Power Parity
PPP
determined by adjusting GDP in each country by a system that determines the relative buying power of each currency
(QR)
Quick Response
QR
business strategy incorporating time-based competition, agility, and optimizes the supply system, distribution syst. and customer service
Quotas
limits on quantity of prod. allowed to enter or exit a country
Retail Product Developer
person or firm develops merchandise plans, creates designs/ specifications for retailer's PRIVATE labels
Sourcing
acquiring materials and finished goods
- selecting country or vendor to do business with
Soft Goods
products made of textiles or other flexible materials
ex: fabrics, apparel, linen, towels
State Trading
involvement of govt. in the business environment
Takeovers
strong firms absorb weaker firms to form one large business
Tariffs
taxes on imports or exports
Textile complex
combination of textile related industries that supply soft goods to world pop.
Trade Agreement
encouraging, regulating, or restricitng elements of trade between countries
Trade balance
quantatitative relationship between exports and imports
trade barriers
regulating or restricting trade, foreign investment
Trade surplus
positive trade balance; exports exceed imports
*CHINA
Vertical Integration
combining firms that perform diff stages in production of products
(WTO)
World Trade Organization
Retailing
sale of merchandise or services to ultimate consumer
(NRF)
National Retail Federation
NRF
largest retail trade association in the US
(IRF)
International Retail Federation
IRF
developed new publicaiton listing largest retailers in the world
NAFTA
eliminated tarriffs and quotas in Canada, Mexico, and USA
EU
formed in 1993 to expand cooperation on trade, social issues, foreign policy, security, defense, and judicial issues
trade deficit
Imports exceed exports
- negative
ex: USA
Premier Vision
textile show in Paris
Highest GDP
USA
Lowest GDP
Haiti
Second Highest GDP
China