Final Exam Review CTE 3763 Apparel Analysis Costing Matching 1 Ready to wear D Pret A Porter 2 Vertical integration A Manufacturer owned operated factories 3 Independent business hired to provide production services E Contractor 4 Private Label B Proprietary 5 Brand Label C Store brand Know Global Trade Terms Import to buy goods from another country Export to sell goods to another country Trade Deficit difference between imports and exports Embargo prohibition of importing a product Tariff a tax on imported goods Quota an annual limit on the volume of a product NAFTA policy creating a single north American market for goods originating in the US Canada and Mexico EU Trading block of European countries TFPIA Textile fiber products identification act federal law requiring that all apparel sold in the US have a label that identifies fiber content manufacturer and country of origin Trademark a registered brand name or symbol Copyright exclusive right to reproduce a work of art Trade Dress refers to the shape and features of the product itself that are not only distinctive but also identify the manufacturer of the product Patent exclusive right to produce an item Counterfeit fake copy of currently popular branded apparel accompanied by the illegal use of the rightful produced Knockoff the legal copy or near copy of the general idea of a design shown by another firm under a different brand name CMT Cut make and trim contractor who performs all the production operations to produce a style Subcontractor contractor that preforms highly specialized functions for Jobber a person who buys certain merchandise and sells it to retailers other contractors and manufacturers They are like an intermediate person in the cycle Licensing the process by which a manufacturer pays a fee to an individual or company for the privilege of affixing the licensor s name trademark or logo to the licensee s products FOB free on board term of sale designating that the retailer takes ownership of the merchandise at the point of origin and is therefore responsible for transportation and any damage claims Landed Price The total cost of a landed shipment including purchase price freight insurance and other costs up to the port of destination Tolerances the difference between the allowable minimum and maximum Open Specs some leeway of how garment should be produced finished or of a specification or standard created or graded Closed Specs no leeway products should fit those exact standards Seconds irregulars products that do not fit within the tolerances designated in the specifications Costing amount paid or required in payment for a purchase a price Pricing process of determining what a company will receive in exchange for its products Profit The positive gain from an investment or business operation after subtracting for all expenses Know the difference between phases of costing Precosting preliminary estimate of what it will cost to produce a garment aka quick cost Production Costing detailed accurate costing that enables the manufacturer to accurately predict the cost of producing a garment Registered Identification number RN Copy or near copy of design under a different brand name Knock off An imitation which infringes upon a manufacturer Counterfeit Word or symbol to identify and distinguish a manufacturer Trademark Classification of the dimensions of garments Size Merchandising Know the definitions difference between Business plan Formal statement of a set of business goals the reasons they are believed attainable and the plan for reaching those goals Strategic plan an organization s process of defining its direction and making decisions on allocating its resources to pursue this strategy Line Concept Where you take the mood of the deliveries key elements and big ideas Color Story Theme Key elements to the identity of the line Key items are the profit drivers of the lines Line Development Transition and translation in to Trend forecasting merchandising and it is a result of creativity Design team translates line concept into products Line Presentation Take key players of the company and show them where the line is going and show them the line that they want to start production on Showing of proposed products Top Management Technical Production Team Sales Team Marketing Team Line Plan This is where you have the sales team evaluate the myths They decide if you have strayed too far away from the customer How to grow retain markets and capture new markets Deal more with reality Next step in evaluating the merchandise mix Focuses on the business orientation target market Key to achieve business goals while addressing the wants needs of the target market Huge impact on quality Defines styles by developing specifications Fit standards Ensure color standards Oversee fabric testing garment testing Develop fabric specs Determine grading Requires a lot of teamwork Links merchandising with design Technical Planning Production Planning technical Assortment Planning Most important thing as a result of planning is the quantity The assortment plan spells out The styles quantity of a style class breakdown color analysis The breadth depth of the line Merchandising Plan Brand Portfolio The line is refined to satisfy the target market Includes feedback of key retail partners to address their wants needs Merchandisers are the bridge between design what sells at retail multiple products and services each of which may have its own brand trademark service mark or form part of a family of brands They may be common law marks or registered under statutes in various countries and states The total collection of these rights is called this Lifestyle Brand brand that attempts to embody the values and aspirations of a group or culture for purposes of marketing Developing fit standards color standards fabric testing garment testing Technical planning Aims objectives strategy for future Strategic planning Links concepts to target customer Forms merchandising plan line plan assortment plan sourcing Business plan Planning development presentation of a product Merchandising plan Translation of creativity forecasting merchandising Line development Amount of each product Assortment plan Showing of proposed products Line presentation Mood theme and key elements Line concept Defines styles by developing specifications Technical planning Physical features of fabric are Fiber Yarn Fabric Structure Color and applied design Functional performance of
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