FASHION BUSINESS PARCTICES

midterm

marketing

the process of creating,promoting, and delivering productss to satisfy customers needs andachieve business goals

goals of marketing

satisfy customers, increase sales, bulid brand awareness, creater relationships

relationship between marketers and consumers

two way realationship; marketers study consumers, and consumers influence decisions through demand and trends

marketing mix

product,price,place,promotion (4p)

product

the item of service offered to customers

price

the amount customers pay

place

where the product is sold (store, online)

promotion

how the product is adversited (social media, ads)

strategic planning in marketing

the process of using the 4p to meet customer needs and influence buying decisions

how marketing mix affects decisions

it influence how customers perceive value and decide to buy

management

the process of planning, organizing, leading, and controlling resources

4 function of management

planning, organizing, leading, controlling

planing

setting goals and strategies

organizing

arranging resources and tasks

leading

motivating and guiding employees

controlling

monitoring performance and making corrections

decisions making process steps

identify problem, gather info, evaluate options, choose, implement, review

skills of a good manager

communications, leaderships, adaptability, problemsolving, tech skills

operation management

managing production process efficiently

production coordination

organizing materials, labor, and processes to ensure smooth production

activities in fashion production

desings, sourcing, manufacturing, quality control, distribution

globalization

business operating worldwide

offshore production

producing goods in other countries

benefits of offshore production

lower costs, more variety, faster production

disvantages of offshore production

ethical issues, possible lower quality

globalization impact on consumer value

lower prices and more choices, but ethical concerns