Fashion The prevailing style at a given time Style The specific design or look Design A specific version of a style Trend The direction fashion is moving Fad Short lived style or fashion Classic Basic enduring style that lasts over a period of time Clothing Any covering of the body Apparel Constructed garments Dress all ornamentation and body coverings Silhouette physical shape or lines of style Marketing Activities involves in conceiving a product and or service and directing the flow of good from producer to the consumer including Intro Overview of the industry 0 1 2 3 4 5 6 7 8 9 10 product development pricing promotion and distribution 11 12 13 0 1 2 3 4 0 0 1 2 3 Merchandising Buying and selling of goods for the purpose of making a profit Retailing Procuring goods and or services from various resources and distributing them through retail outlets 5 Rights of Merchandising Merchandise Time Quantity Place Price Environmental factors Economic Money Socio cultural Occurrences behavior in society Political legal Governmental influences laws Technological electronic scientific advantages Consumer Behavior Adoption Industry Forecasting 1 0 1 2 3 2 3 4 0 1 2 Maslow s Hierarchy of Needs Esteem Love belonging Safety security Basic physiological Diffusion Spread of an innovation within and across social systems Fashion Innovation A style or design perceived as new Fashion product life cycle Introduction Rise Peak plateau maturation 3 4 5 0 1 2 0 0 1 2 1 situations and conditions and goals set Decline Obsolescence 3 Major Fashion Theories Trickle down hierarchical oldest Trickle up bottom up sub cultural from streets Trickle across simultaneous newest Cycles of Fashion Recurring style resurfaces Broken or interrupted stop then resurgence Cycles within cycles style remains but elements change Forecasting Predicting determining what the wants and needs of the consumer will be based on research and analysis of past behavior current Historical Development of the Industries 0 0 1 2 3 4 5 0 6 0 1 0 0 1 0 1 2 3 4 5 0 0 1 2 1 0 Industrial Revolution 1770 1850 Impacted textile production by allowing for mass production Flying shuttle Textile machine built in England in 1773 Spinning Jenny Textile machine built in England in 1764 Water Frame Textile machine from England in 1769 Eli Whitney Invented the cotton gin revolutionized the use of cotton and began the South s role in textiles Factory system Earliest factories and mills were in New England Massachusetts and Maine Samuel Slater set up the first spinning mill in 1791 Piecework system of production Ready to wear Menswear first sailors slops army workers Womenswear skirts and shirts Triangle shirtwaist factory fire Unions formed when workers reformers protested conditions and treatment in sweatshops Laws passed in 1900 to help labor safety wages etc Department stores Family owned Women worked in business management One of the first structured big businesses with organized charts Located in city centers First to use a one price policy Owners and managers active in political and social reform Catalogs Earliest were Sears Roebuck and Co began as a catalog then store JC Penney began as store then catalog Montgomery Ward catalog Department stores contributions to retail Primarily family owned 1 0 2 3 4 5 6 0 Women got their start in business management First 10 Macy s managers were women One of the first structured big businesses with organizational charts Located in city centers First to use escalators elevators wireless plumbing plate glass windows pneumatic tubes etc First to use a one price policy Owners managers active in political and social reform Fair wages vacations training schools Organizational Structures and Frameworks 2 3 0 1 2 3 4 5 4 5 6 0 1 2 0 0 1 2 3 7 0 0 1 2 1 0 1 2 8 0 Vertical integration A company that performs more than 1 function in the chain Ex Manufacturers who are also retailers Traditional Marketing Chain Fibers Yarns Fabrics Apparel accessories Retailers Consumers Organization A systematic arrangement of people to accomplish some specific purpose Organizational structure Describes how a company is set up and directed also aids in monitoring and managing work Charts depict the Organizational hierarchical structure Chain of command Relationship between the parts of a company Paul Mazur created the 4 function retail chart in 1927 Operations Publicity promotion Merchandising Accounting control Sole proprietorship one owner Advantages Easy to initiate Proprietor makes all decisions Profits belong to proprietor Disadvantages Proprietor must be an expert in all areas Limited investment funds Unlimited liability Partnerships two or more owners Advantages 0 1 2 3 4 5 9 0 0 1 2 0 0 1 1 0 1 2 10 11 12 0 13 14 15 16 17 18 19 20 21 0 1 2 22 23 24 Increased specialization Better credit standing Increased capital Possible personality conflicts Equal liability Each partner legally bound by others actions Types of corporations Public some shares of stock owned by general public Taxed at corporate individual levels Private closed Owned by individuals not public Multinational More than one country Advantages Owners liability limited to investment Owners can leave business by selling stock Disadvantages High taxes High cost of incorporating More regulations on the business Mergers Blending of companies Consolidations combining with a resulting new company Takeovers One company takes control over another Ex Macy s Marshall Fields Conglomerates diversified different business Imports Goods brought into a country from another Exports Goods sent from a country to another Balance of Trade Value between a country s imports exports Free trade Doing business without restrictions Duties tariffs tax charges levied on imports protective revenue Quotas Regulated quantity allocations of imported goods set limits Embargo Bans imports on certain goods categories countries Governing bodies Global WTO world trade operations Hemisphere NAFTA North American Free Trade Agreement By country MFA Multifibre agreement Production package All bgt through an agent who manages job Cut make trim supplies fabric then made Off shore assembly Bgt cut US then assembled The Textiles Industry 25 Mills 26 27 28 29 30 31 32 33 34 35 36 0 0 1 0 37 38 0 39 0 Jobbers Brokers Middleman between the producer and the commercial consumer Converters a textile producer that buys greige goods from mills and dyes prints and finishes it before selling it to a manufacturer Exporters