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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...

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  • September 25, 2024
  • 37
  • 2024/2025
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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 )

-Mass Market private label:
(Target - Mossimo) (Amazon: Lark & Ro)

Example of Ecommerce only private brands (Ch. 1)

- Amazon
-Everlane

Store Brand (Ch. 1)

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)

1. Basic Product
2. Seasonal Product
3. Fashion Forward

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)

-maximizing inventory
-Managing unpredictable demand
-mitigating supply chain disruptions
-larger inventory orders

Pull System (Ch. 1)

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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