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Fashion Fund Final
| Question | Answer |
|---|---|
| Sourcing | 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 | Obtain (Goods or a service) from an outside or foreign supplier, especially in place of an internal source. |
| Manufacturing | The process of making a raw material into a finished product; especially in large quantities. |
| Infrastructure | The basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies.) needed for the operation of a society or enterprise. |
| CMT acronym | Cut-Make-Trim |
| CMT | Cutting fabric, making garments, and providing trims. |
| Findings | Additional components to apparel i.e. zippers, buttons, etc. |
| Preproduction | All product development activities preformed before the garment is approved for production. |
| Full Package Factories | Source, finance all materials and deliver finished goods in addition to assembling apparel to specs (specification sheets) |
| Specs-Short term | Specification Sheets |
| Package Factories | Do not offer product development services (normal service factories) |
| Licensing | Extending the value of a brand without actually having to develop and produce a new product. |
| Omnichannel | Providing Customers with a unified experience across customer channels, which may include online, mobile, catalog, phone, and retail. Pricing, recommendations, and incentives should reflect a data-driven, accurate, single view of the customer. |
| Supply Chain | 1. Planning 2. Manufacturing 3. Transportation 4. Distribution Center 5. Delivery 6. Retail |
| Imports | Goods produced abroad and sold domestically. |
| Exports | Goods produced domestically and sold abroad. |
| Trade Balance | The value of a nation's exports minus the value of its imports; also called net exports. |
| Trade Fairs | Events that gather people from a particular industry to learn about current topics and products in their field. |
| Biomimicry | The design of materials and products that are created by taking specific plant or animal characteristics to enhance the product. |
| Counterfeiting | Unauthorized copying and production of a product. |
| Sustainability | The use of Earth's renewable and nonrenewable natural resources in ways that do not constrain resource use in the future. |
| Environmental Sustainability | A management approach that involve developing strategies that both sustain the environment and produce profits for the company. |
| Social Responsibility | The duty of a business to contribute to the well-being of a community. |
| Knockoffs | Copy of another usually higher-priced, garment. |
| Transparency | The presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders. |
| Sustainable Design | The idea of designing products that will not negatively impact the environment or damage a natural resource. |
| Slow Fashion | Not typical fashion trend. A movement steadily gaining momentum. Celebrates personal style, encourages education, promotes conscious consumption, values quality and asks consumers to slow down. |
| Fast Fashion | Ultra-fast supply chain operations that focus on consumer demand of fashion goods. |
| Copyright | An exclusives right granted by the federal government allowing the owner to reproduce and sell an artistic or published work. |
| Patent | Exclusive rights over an invention; copyright; |
| Trademark | A symbol, word, or words legally registered or established by a use as representing a company or product. |
| Logo | A symbol or design that serves to identify an organization or institution. |
| Branding | A marketing function that identifies products and their source and differentiates them from all other products. |
| 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 of 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, helps set trends. |
| Race to The Bottom | Attempt by brands to create the fastest and cheapest goods. |
| Gray Market Goods | Those that were not intended for sale in the country in which they are being sold. |
| Bootleg | To smuggle; to make, sell, or transport for sale illegally. |
| Intellectual Property | A work or invention that is the result of creativity, such a a manuscript of a design, to which one has rights and for which one may apply for a patent, copyright, trademark, ect. |
| Meaning Delivery Capacity | Joins culture and goods together. |
| Radical Meaning | Violates cultural norms. Hippies, punk, and drag. |
| Cultural Meaning | Many people in a social group share the same basic meaning. |
| Freelance | A person who works within a profession but with no fixed long-term responsibility to any one company. |
| Retailing | All the activated involved in selling goods or services directly to their personal, non- business use. |
| Entrepreneurship | The process of starting , organizing, managing, and assuming responsibility for a business. |
| Analytics | A term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions. |
| Product Development | Developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering. |
| Entrepreneur Thinking | Process of searching for a problem-solution fit. Success is not possible without innovation, collaboration, and creativity. |
| Small Vs. Large Business | Persona; Experience vs. More Products |
| Innovation | An improvement of an existing technological product, system, or method of doing something. |
| Fashion Bloggers | Present records of images of street style that are described by time and location. Provides insight to the innovation and early fashion adaptation of a city. |
| Body scanning | Technology that has evolved to help manufacturers, retailers and costumers get a better fit. |
| CAD Definition (Computer-Aided Design) | Provide information internationally. Can program sewing machines etc. |
| CAD Acronym | Computer-Aided Design |
| Mass Customization | The ability of an organization to tailor its products or services to the customers' specifications. |
| CIM Acronym | Computer integrated Manufacturing |
| CIM definition (Computer integrated Manufacturing) | An automated assembly line that uses a network of computers to control robots, production machines and quality control devices. |
| SIC Acronym | Standard Industrial Classification |
| NAICS Acronym | North American Industry Classification System. |
| NAICS Definition | Used for transportation tracking. |
| QR Acronym | Quick Reference code |
| SCM Acronym | Supply Chain Management |
| SCM Definition (Supply Chain Management) | Similar to QR, but more evolved. Allows companies to share forecasting, inventory info, and supply and demand. |
| PLM Acronym (Product Lifecycle Management) | Product Lifecycle Management. |
| PLM Definition | The term used to describe the process from product conception and development to the end consumer and beyond. |
| QA Acronym | Quality Assurance |
| UPC Acronym | Universal Product Code: The barcode used in stores etc. |
| RFID Definition | System of tags which contain data that can be read from a distance using radio waves. |
| EDI Acronym | Electronic Data interchange |
| Biometrics | Fingerprints etc. |
| Beacons | Devices in a retail environment that communicate with shoppers' phones as they walk through the aisles. |
| Virtual Reality Marketing | Helps consumers get an experience when they shop. Can try on clothes/Makeup virtually. |
| International Trade (global trade) | The exchange of goods and services among nations. |
| Domestic Trade | Trade within the same region or country. |
| Developing Country | A country that is at a relatively early stage in the process of economic development. |
| Newly Developing Country | Apparel industry is primarily export-oriented and plays a critical role in the country's economic development. |
| Economic Growth | An increase in the amount of goods and services produced per capita over a period of time. |
| Soft Goods | Soft Goods Products made of textiles or other flexible material's: fabrics, apparel, linens, towels, upholstery, and small fashion accessories. |
| Level of Development | A country's wealth (measured by its GPD), and its social and political progress (e.g its education, health care or democratic process in which everyone can vote freely). |
| Geographic Location | The physical location of the place. |
| Sourcing Decisions | High level, often strategic decisions regarding which products or services will be provided internally and which will be provided by external supply chain partners. |
| Brand value | The total value of a brand. |
| Brand Extensions | A new product, in a new category, introduced under an existing brand name. |
| National/Designer Brands | A brand that is owned by a manufacturer that advertises them nationally. |
| What brands are National/ Designer brands? | Calvin Klein, Tommy Hilfiger. |
| Private Labels | Personalized brands applied by distributers or dealers to products supplied by manufacturers. Private brands are typically sold at lower prices in large retail chain stores. |
| Examples of Private Labels | Massimo at Target. |
| Retail Store Brands | Name of a chain that is used to the exclusive label on most of the items in the store or catalog. |
| Example of Retail Store Brands. | Gap |
| Non-Brands | Labels on items list a brand name you do not recognize, found at inexpensive retailers. |
| Design Thinking Process | Empathize, Define, Ideate, Prototype, Test. |
Created by:
QueenCooter
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