Innovation In Product Development Mid-Term Verifie
Innovation in Product Development Mid-Term Verifie
Exam (elaborations)
Innovation in Product Development Mid-Term Verified A+
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Innovation in Product Development Mid-Term Verifie
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Innovation In Product Development Mid-Term Verifie
Innovation in Product Development Mid-Term Verified A+
What is the Fashion System (Ch. 1)
The organizational structures and activities employed to promote change and novelty in apparel for
economic gain
What are some characteristics/functions of the fashion system (Ch. 1) - Encourages the o...
Innovation in Product Development Mid-Term Verified A+
What is the Fashion System (Ch. 1)
The organizational structures and activities employed to promote change and novelty in apparel for
economic gain
What are some characteristics/functions of the fashion system (Ch. 1)
- Encourages the ongoing identification of new trends
-promotes seasonal fashion presentations
-Drives new product development and distribution that propels customers to want new product
-Characterized by subsystems specific to culture and place
-evolve with time, technology, and consumer lifestyles
What is product development (Ch. 1)
an end-to-end process that includes marketing, merchandising, creative, and technical design, sourcing,
production, distribution, and planning of goods that have a perceived value for a well-defined consumer
group
Wholesale brands (Ch. 1)
Brands that are designed, produced, and marketed under a proprietary label and distribute to retailers
or third parties who sell them to the final customer
- Mass merchants, department stores, etc frequently carry wholesale
Example: Macy's sells a mix of wholesale brands (Free People, Michael Kors) and private brands (INC,
Alfani)
Private brands (Ch. 1)
Brands developed and merchandised for exclusive distribution by a particular retailer.
Example: The Gap and Forever 21 sell only private brands
What stores sell only private brands? (Ch. 1)
Store brands
Private label brands
Examples of wholesale brands? (Ch. 1)
,Levi
BCBG
Free people
Gucci
Chanel
Coach
Prada
Nike
Private Label (Ch. 1)
Brands that are sold by retailers and websites that sell a mix of private and wholesale
Example: Aritzia sells both private label (wilfred and babaton) but also sells wholesale (Levis, Agolde)
Private Label Brands Examples: (Ch. 1)
- Store brand :
(Gap)
(Forever 21)
(Zara)
(Ann Taylor)
- Department Store private label:
(Macy's- Bar III, INC, Charter Club)
-Mid -tier Department store private label:
(Kohl's- Lauren Conrad )
Brands that are sold by retailers and websites that sell only private brands
Example: Zara, Gap, Lululemon
What is the typical mix of private label brands? (Ch. 1)
15-50% private label vs. 50-85% wholesale brand
Different ways private brands may be developed? (Ch. 1)
,-retailer may support an in-house product development team
-Buyers may be tasked with purchasing private brand merchandise from a wholesale product developer
who adapts it to the private brand's specification
-Retailer may contract with an offshore supplier to design and manufacture product
-Retailer may buy or license the rights to a wholesale brand, transforming it from a wholesale brand to
an exclusive private brand
What are some advantages of private brands? (Ch. 1)
-prices are usually lower than competing wholesale brands
-offer retailers greater control over quality and marketing
-products generally yield higher profit margins
-Provide an opportunity to enhance retailer's brand image and build competitive advantage
-offer a means of cultivating consumer loyalty
What is a concession strategy (Ch. 1)
leasing agreement between a retailer and a brand whereby the retailer leases out designated space to
the brand which can then operate somewhat autonomously curating its product and services staffing its
own personnel.
For example: Topshop operated a concession store in Nordstrom between 2012 and 2021 in order to
expand its American distribution
What are the three fashion levels when developing products (Ch. 1)
Characteristic of "fashion forward or high-tech products" (Ch. 1)
-low volume
-higher cost
-higher risk
-short development cycle
-limited distribution
Characteristics of "basic product" (Ch. 1)
-produced in high volume
-have predictable demand
, -price sensitive
-broad distribution
-low risk
-longer development cycle
-lower production costs
-sold by a variety of competitors
Characteristics of seasonal product (Ch. 1)
- differentiates a brand and establishes its fashion aesthetic
- produced in moderate quantities
-decision making is last minute to better predict demands
-prices are competitive
-on trend product aesthetic
What are two supply chain structures and organization? (Ch. 1)
Push and Pull system
Push System (Ch. 1)
produces goods in advance of customer demand using a forecast of sales and moves them through
supply chain to points of sale where they are stored as finished goods inventory. Consumer demand is
based on last season's data; product is produced based on anticipated wants and needs and pushed into
the market place
-"PURCHASE ALL WE CAN, JUST IN CASE" (kind of like pushing merchandise)
a concept that results in material being produced only when requested and moved to where it is needed
just as it is needed
product developers wait to commit to product attributes and quantities until the last minute so that
they can collect real time data about consumer wants and needs, resulting in less excess and higher
profit margins
-"only purchase what we need when we need it"
-minimizing inventory
-smaller inventory orders
-accurately forecasting demand
-sensitive to supply chain disruption
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