Fashion Marketing Final Exam

[blank_start]Fashion[blank_end]: Any designed product that is currently popular, that is of the moment and subject to change, and the people consider desirable and appropriate at a given time

[blank_start]Marketing[blank_end]: An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing relationships in ways that benefit the organization and its stakeholders

[blank_start]Fashion Marketing[blank_end]: The application if marketing processes and activities to currently popular designed products. Encompasses everything that goes into the creation and developing a fashion product.

A [blank_start]market[blank_end]: Is a set of actual and potential buyers Customers [blank_start]market[blank_end] when they: [blank_start]search[blank_end] for products, [blank_start]interact[blank_end] with companies to obtain information, make purchases

[blank_start]G-PESTELC[blank_end]: Macro environmental tool categorizing the external factors (Global-Politics, environment, socio-cultural, Technology, Economics, Legal and Competition

Consumer [blank_start]behavior[blank_end]: The exchange processes involved in acquiring, consuming, and disposing of goods and services

• The Buyers’ Decision-Making Process: o Step 1: Recognizing the [blank_start]Problem[blank_end]  Needs to buy an outfit for attending a formal event, or a new job o Step 2: Seeking [blank_start]information[blank_end]  Understand and analyze your problem  Do research o Step 3: Weighing [blank_start]Alternatives[blank_end]  Evaluate your options o Step 4: Making a [blank_start]decision[blank_end]  Making a purchase o Step 5: Evaluating that [blank_start]decision[blank_end]  How customers feel about that purchase

[blank_start]Marketing[blank_end] Segmentation: Divides total marketers into smaller clusters of possible customers who display similar characteristics, wants and needs

• Segmentation categories: o [blank_start]Demographics[blank_end]: Age, gender, Economic status (income) o [blank_start]Psychographics[blank_end]: Quantitative investigation of consumers lifestyles and personality characteristics  [blank_start]Personality[blank_end]: The distinctive patterns of behavior that characterize each individual’s adaptation to the situations of his/her life  [blank_start]Lifestyle[blank_end]: How people live, how people spend their money how people allocate their time  AIO Statements: • A: [blank_start]Activity[blank_end] Statements • I: [blank_start]Interest[blank_end] Questions • O: [blank_start]Opinion[blank_end] Questions o [blank_start]Geographic[blank_end]: Physical environment, climate, and natural resources inherent to a market (ex: rural/suburban/big city o Consumer [blank_start]Motivation[blank_end]: A [blank_start]motive[blank_end] is a need that is sufficiently pressing to direct the person to seek satisfaction of the need

Creating a Marketing mix: The set of controllable, tactical marketing tools- product, price, promotion, and place- that the firm blends to produce the response it wants in the target market

o Product:  Types of Consumer Product:

Which stage of the fashion life cycle is the trend most popular

Unit Retail Price: $80/Skinny-Fit Solid Velvet Ankle Pant Unit Variable Cost: $50 Fixed Cost: $45,000 Break even Unit? [blank_start]1500[blank_end] units: Equation: Fixed Cost/(Unit Retail Price-Unit Variable Cost)

Price is the monetary amount that one pays in exchange for a product

What is an example of a company that prices above the market?

What is Variable pricing?

In sales promotion, a gift with purchase is when a company offers a specially priced or exclusive item for a smaller additional price when customers make a purchase at or above a certain dollar amount or buy a specific product

[blank_start]Public Relations[blank_end]: Aim at generating good will and positive image for the brand and its products among the public [blank_start]Press release[blank_end]: Document that presents news in a manner designed to promote the launch of a new collection, the hiring of a new designer, or the endorsement of its line by a celebrity [blank_start]Press Kit[blank_end]: A package of promotional material provided to members of the media to brief them [blank_start]Press Conference[blank_end]: An event in which appropriate media are invited to learn specific news in person [blank_start]Annual Report[blank_end]: The years activities, such as: new products that were introduced or new markets that were entered, and plans for the coming year. It also contains detailed financial information for the year [blank_start]Product Placement (PPL)[blank_end]: The inclusion of branded products or identifies through audio or visual means within mass media programming [blank_start]Personal Selling[blank_end]: Involves a one-on-one, often face-to-face interaction between a marketer’s representative and an individual or small group of consumers with the goal of generating a sale

Who are the middlemen or resellers that handle flow of products from the manufacturer to the immediate response, and build lasting, customer relationship

[blank_start]Administered[blank_end] Marketing System: When one member of a marketing channel yields more power than the others, an administered marketing system may result (Walmart, Nike, Apple)

o [blank_start]Independent Retailers[blank_end]: Owned by a single person (sole proprietorship) or partnership o [blank_start]Department Stores[blank_end]: Offers a wide selection and wide variety of products and fashion products. To broad range of customers (heterogeneous) o [blank_start]Specialty Stores[blank_end]: Carries narrow product lines with deep assortments within those lines. Targets a specific and homogeneous customer o [blank_start]Discount Store[blank_end]: Offer a combination of general merchandise at lower prices  [blank_start]Factory outlets[blank_end]: Manufacturer-owned and operated stores by firms such as J. Crew, Gap, Nike o [blank_start]Pop-up Stores[blank_end]: Temporary retail spaces that typically appear in a vacant space, offering unique merchandise

In the stages of the marketing process, what is the stage where you decide on the type of observation form or questionnaire?

what type of research includes laboratory and field experiments

In descriptive research, you use Cross-sectional study and Longitudinal analysis

what is the quickest, cheapest and most flexible way to gain insights and ideas in exploratory studies?

A [blank_start]population[blank_end] is the total set of subjects of interest in a study, while the [blank_start]sample[blank_end] is a subset of this on which the study collects data

the three types of ritual experience is:

o [blank_start]Gestation[blank_end]: The giver is motivated by an event to procure a gift o [blank_start]Presentation[blank_end]: The Process of gift exchange. The recipient responses to the gift o [blank_start]Reformulation[blank_end]: The bonds between the giver and the receiver are adjusted (either looser or tighter) to reflect the new relationship that emerges after the exchange is complete

• [blank_start]Users[blank_end]: Those that will use that actual product or service • [blank_start]Influencers[blank_end]: Help define specifications and provide information for evaluating alternatives • [blank_start]Buyers[blank_end]: Have formal authority to select the supplier and arrange terms of purchase • [blank_start]Deciders[blank_end]: Have formal or informal power to select and approve final suppliers • [blank_start]Gatekeepers[blank_end]: Control the flow of information

in service purchases, negotiation of price is more prevalent