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FSU CTE 3431 - Final Exam

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Final Exam 3431Role of Product Developers Product Development: The: strategic, creative,technical, production, and distribution planning OF GOODS• Design Apparel Styles• Write specifications for construction of the apparel styles• Coordinate style selections to develop a product line• Creative Planning• Merchandise Planning• Production PlanningLine: of apparel consists of the overall collection of garments that will be offered for sale by a division or firm at a given time.• Line Concept• Line Development• Line PresentationApparel Supply Chain Traditional Linear Supply Chain: 1. Fiber Production 2. Yarn Manufacturing 3. Textile Production 4. Apparel Manufacturing 5. Retailers 6. Final ConsumerIn a tradition linear product supply chain the roles of each industry segment were distinct, each with its own product and customer. Today’s Apparel Supply Chain: is a complex network of suppliers and/or vendors involved directly or indirectly in fulfilling customer demand for apparel. The supply chain includes all of the companies directly involved in designing, supplying material components, manufacturing and distributing apparel as well as auxiliary businesses. • More complex & flexible than the traditional linear model• Builds on CORE COMPETENCIES: are what we do best and what we do most efficiently but then we partner with those that can do the rest. (to maximize efficiency and maintain a competitive edge companies must identify)• Sourcing: determining the most cost efficient vendors of services, materials, production or finished goods, or a combination of these, at a specified quality and service level for delivery within an identified time frame. • Collaborative Supply Chain: are interactive networks of independent manufacturing specialists that’s join forces operationally to integrate complimentary resources to respond to a market opportunity through the creation of a particular product. • PLM softwear: Captures, manages, visualizes, and disseminates product related information from initial concept to a product retirement throughout a company and its supply chain. 1.Product design 2.Product data/details for specification development 3. Supply chain management capabilitiesSeasonal concept: Business & marketing plans Concepts/mood, color palette & materials/trim/silhouettesLine development: Merchandising plans, line boards, material usage, market calendars & product trackingDefinition: Initial Specification, adopted specification, production specification, production specification, special size specificationSourcing/Costing: Vendor collaboration, vendor allocation, multisourcing, estimate costing & quality• Vertical Integration: is a strategy that seeks to consolidate a supply chain by acquiring companies at other stages in the supply chain • Signature stores: Manufacturer-owned stores give the brand a direct line to their ULTIMATE customer• Outlet stores: Provide a means of controlling excess goods• Horizontal integration: this strategy prioritizes the acquisition or licensing of companies or brands that make or sell similar products to expand market penetration and reduce competition. Business Functions Merchandising: The process of planning, developing and presenting product lines for identified target markets with regard to pricing, assorting, styling and timing. Production: The responsibility for making or manufacturing apparel products. Marketing: area of business that sets advertising and promotional objectives, recommends sales goals, creates advertising and promotion program and tools, sells product and gathers data relative to target consumers. Finance: operations area that keeps track of all the accounting activities of the firm. Operations: area of a firm that oversees the upkeep of equipment used by employees, building facilities, and distribution activities required for securing materials and shipping finished products. Sourcing: the process of procuring materials and production. Consumer Markets: Combining customers via lifestyle segments The ability to forge an emotional connection with consumers will increasingly drive the profitability of product development.Target market: a well-defined customer groupNiche market: a market that appeals to a focused target customerDemographics:  Age Gender Marital Status Family Size Income Spending Habits Occupation Education Religion Ethnicity RegionPsychographics:  Reference Groups Influence a person’s thoughts or actions. They may be determined by association , by membership, by aspiration, or by disassociation Life Stage The typical junctures of adult life that have an impact on decision making, such as marriage, divorce, having children, and retirement AttitudesA person’s opinions about issues, products, services, and institutions, as influenced by experience, peer group thinking, demographics, and personality Class ConsciousnessReflects an individual’s desire for social status MotivationAn internal or external stimulus that causes an individual to actGenerational Data: Generational marketing: The study of the values, motivations, and life experiences that drive generational cohorts, influencing how they spend and save their money Matures  Baby boomers  Generation X Millennials Market Research ToolsQuantitative research: Objective methodology in which data are collected about a sample population and analyzed to generalize behavioral patternsQualitative research: Relies on methodology such as observation and case studies in which experiences are recorded as a narrative to describe observed behaviors within the context of environmental factorsTrend Forecasting Fashion theories that help trend forecasters spot new style trends in different markets:1. Trickle down: is based on the observation that many new fashion ideas start on designer runways appealing to fashion leaders who have the money and taste level to wear new looks.2. Trickle across: helps to explain how digital technology has changed the dynamics of fashion.3. Trickle up: explains the phenomena of street fashions that originate with avant-garde consumer groups rather than a designer or product developer.  Long Term forecasting: is the process of analyzing the sources, patterns and causes of change through the evaluation of current events in order to identify and anticipate directional shifts in business strategies, consumer


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