Fashion Fundamentals Final Exam Study Guide

Sourcing

procurement practices, aimed at finding, evaluating, and engaging suppliers for acquiring goods and services; find out where to get and obtain something from a particular source

Global Sourcing

sourcing from the global market for goods and services across geopolitical boundaries

Outsourcing

the process of contracting a business function to someone else

Manufacturing

make (something) on a large scale using machinery

Infrastructure

fundamental physical and organizational facilities and systems needed for operations in a country

CMT (Cut Make Trim)

Price component in the cost breakdown of a garment manufacturing price

Trim

labels, hang tags, price tickets, packaging

Findings

Small articles or tools used in making garments, shoes, or jewelry; additional components to apparel ex. Zipper, buttons, clasps, snaps, etc

Preproduction

all product development activities performed before the garment is approved for production EX. design, patternmaking, grading, samples, specs

Full Package Factories

source, finance all materials, and deliver finished goods in addition to assembling apparel to specs; Can be contracted to perform only a portion of their services

Package Factories

do not offer product development services

Licensing

extending the value of a brand without having to develop and produce a new product; Payment to celebrity or sports team or designer to use their name

Omnichannel

a term used in ecommerce and retail to describe a business strategy that aims to provide a seamless shopping experience across all channels, including in store, mobile, and online; “buy online and pick up in-store”

Supply Chain

sequence of business processes in multiple countries using multiple firms to fulfill demand for products and services

Imports

goods coming into the country

Exports

goods going out of the country

Trade Balance

exports - imports

Trade Fairs

trade shows designed to get textile and apparel manufacturers and retailers together to facilitate efficient transfer of ownership of products and services

Fair Trade

social movement whose stated goal is to help producers in developing countries achieve better trading conditions and to promote sustainability. Members of the movement advocate the payment of higher prices to exporters, as well as improved social and environmental standards

Biomimcry

learning from and then emulating nature's forms, processes, and ecosystems to create more sustainable designs

Counterfeiting

the act of making an imitation of an original with the intent to defraud; “Unauthorized representation of a registered trademark carried on goods identical or similar to goods for which the trademark is registered, with a view to deceiving the purchaser into believing that they are buying the original goods”

Sustainability

corporate, government, and consumer responsibility to integrate economic, political, environmental, and cultural dimensions to promote cooperation and solidarity among people and generations;  endurance of systems and processes

Environmental Sustainability

rates of renewable resource harvest, pollution creation, and non-renewable resource depletion that can be continued indefinitely

Social Responsibility

an ethical framework that suggests that an entity, be it an organization or individual has an obligation to act for the benefit of society at large

Knockoffs

a copy or imitation, especially of an expensive or designer product

Transparency

operating in such a way that it is easy for others to see what actions are performed

Sustainable Design

philosophy of designing physical objects, the built environment, and services to comply with the principles of social, economic, and ecological sustainability

Slow Fashion

an aspect of sustainable fashion and a concept describing the opposite to fast fashion; advocating for clothing and apparel manufacturing in respect to people, environment and animals

Fast Fashion

the business model of replicating recent catwalk trends and high-fashion designs, mass-producing them at a low cost, and bringing them to retail quickly while demand is at its highest

Copyright

the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and ot authorize other to do the same; Standard for infringement is “substantial similarity”

Patent

a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention

Trademark

a symbol, word, or words legally registered or established by use as representing a company or product

Logo

a symbol or other design adopted by an organization to identify its products, uniform, vehicles, etc.

Branding

Process of creating and communicating a brand strategy whose elements provide the consumer with information regarding the nature of the  business

Closed Loop Supply Chain

design, control, and operation of a system to maximize value creation over the entire life cycle of a product with dynamic recovery of value from different types and volumes of returns over time

Upcycling

reuse (discarded objects or material) in such a way as to create a product of a higher quality or value than the original

Marketing

promotes fashion and generates interest in new styles and products, help set trends

Race to the Bottom

who can make goods the fastest and cheapest

Gray Market Goods

those that were not intended for sale in the country in which they are being sold

Bootleg Goods

made by the same manufacturers that make the real one but who are selling some goods to the black market

Intellectual Property

a work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc.; Designs, branding/trademarks, patents, trade secrets, business models

Entrepreneurship

process of designing, launching, and running a new business, which is often initially a small business

Product Development

the process of strategizing, brainstorming, planning, building, and releasing a product to market and then measuring its success; the process of designing, planning, and developing saleable products for the target consumer

Entrepreneurial Thinking

Process of searching for a problem-solution fit; Success is not possible without innovation and creation; With success comes risk; Collaboration

Small Business

Live it, Necessary $$, Acquisitions

Large Business

Buy it, Makes money, Fills void

Innovation

the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services; product enhancements, the establishment of new customer relationships, and the reevaluation of production methods

Fashion Bloggers

present records of images of street style that are described by time and a specific location providing a snapshot image of innovating and early fashion adopting residents of a city

Body Scanning

3D measurement data for better fit

CAD (Computer Aided Design)

test 3D contouring, color, fabrics, folds, creases, textures, patterns

Mass Customization

tailor the product to fit one particular customer (not one sizes fits all) but with mass prices

CIM (Computer Integrated Manufacturing)

provide information to international suppliers or retailers, linked to other computers so that it can direct the entire production process i.e. design, sourcing, sample making, shipping etc.

SIC & NAICS (Standard Industrial Classification and North American Industry Classification Systems)

determines coders for the type of product entering or exiting the country so that proper duties can be assessed, and retailers and manufacturers are on the same understanding of the type of product and materials used

QR

quick response

Supply Chain Management

management of the flow of goods, data, and finances related to a product or service, from the procurement of raw materials to the delivery of the product at its final destination; the centralized management of the flow of goods and services to and from a company and includes all of the processes involved in transforming raw materials and components into final products

PLM (Product Lifecycle Management)

provides seamless process of manufacturing

QA (Quality Assurance)

Ensure the product is meeting the standard established for it, inspection

UPC (Universal Product Code)

bar codes used for automatic identification of items scanned at retail cash registers

RFID (Radio Frequency Identification)

electronic tags that store data used for tracking products, cartons, containers, individual items as they move through the supply chain

EDI (Electronic Data Interchange)

exchange of machine readable data in standard formats linking computers from one company to another i.e. purchase orders packing slips, invoices, shipping documents etc.

Biometrics

the automated recognition of individuals by means of unique physical characteristics, typically for the purposes of security; body measurements and calculations related to human characteristics

Beacons

an intentionally conspicuous device designed to attract attention to a specific location; small wireless battery-run sensors that send a one-way signal to nearby smart devices to communicate a message from a certain location. A proximity-based retail software solution, they gather information about customers' in-store movements and personalize their buying experience

Virtual Reality Marketing

combining physical and online worlds

International Trade

any exchange of goods involving two or more countries

Domestic Trade

exchange of goods, services or both within the boundaries of a specified state or country

Global Trade

Imports: goods coming into the country to be sold, Exports: goods made in the country going out to be sold in another country

Developing Country

transition phase

Developed Country

imports exceed exports

Newly Developing Country

agriculture to industry

Soft Goods

any product made of textiles or other flexible materials, for example batting, fabrics, apparel, linen, towels, upholstery, drapery, fashion accessories, End uses of these goods are apparel, household, or industrial

Level of Development

the degree to which the components' specification, geometry, and attached information have been thought through – the degree to which project team members may depend on the information when using the model

Geographic Location

the physical place a statistical unit is located and for which statistics are collected and disseminated

Sourcing Decisions

the process of and decisions involved with locating and selecting businesses, suppliers, professionals and systems based on a set of needs and criteria

Brand Value

the monetary worth of your brand, if you were to sell it; more than the products or services a company sells; it's what they stand for and how they are perceived

Brand Extensions

a company uses a successful brand name to launch new or modified products; Instant brand recognition, Diversify product lines, Save money from promoting new name

National/Designer Brands

owned by a manufacturer that advertises them nationally

Private Labels

owned by a retailer and found only in its stores,

Non Brands

label to which customers attach little or no importance, low priced goods with little to no advertising

Design Thinking Method

Helps discover unmet needs, Anticipates and matches people’s needs with what is (and what could be) technologically feasible, And what a viable business strategy can convert into customer value, market opportunity, and social good

Design Thinking Steps

• Empathize: develop a deep understanding of the challenge

• Define: clearly articulate the problem you want to solve

• Ideate: brainstorm potential solutions; select and develop your solution

• Prototype: design a prototype (or series of prototypes) to test all or part of your solution

• Test: engage in a continuous short-cycle innovation process to continually improve your design