Fashion Merchandising Chapter 1 | FDM 360 - Fashion Merchandising, Quizzes of Introduction to Business Management

Download Fashion Merchandising Chapter 1 | FDM 360 - Fashion Merchandising and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 SIC code DEFINITION 1 The Standard Industrial Classification (abbreviated SIC) is a United States government system for classifying industries by a four-digit code. TERM 2 NAICS code DEFINITION 2 North American Industry Classification System reflects the globalization of manufacturing and the ever-widening array of products and services that are offered in the US and around the world. TERM 3 converter DEFINITION 3 A company that buys greige (gray) goods and has the goods dyed, printed, and finished to sell colored fabrics to apparel manufacturers. TERM 4 jobbers DEFINITION 4 They buy fabrics directly from textile mills, converters, and manufacturers and resells the fabrics to a variety of clients TERM 5 apparel manufacturers DEFINITION 5 They buy fabrics from textile mills, converters, and jobbers to produce end products for purchase by retailers and/or ultimate target consumer TERM 6 soft goods or sewn products DEFINITION 6 Consumer products made primarily from fabrics TERM 7 contractors DEFINITION 7 Make items designed by other companies, and do some of the preproduction work, such as fabric design, pattern making, and marker making. TERM 8 brand companies DEFINITION 8 They own the brand, the design, and the distribution processes TERM 9 wholesalers DEFINITION 9 Wholesaling, jobbing, or distributing is defined as the sale of goods or merchandise to retailers, to industrial, commercial, institutional, or other professional business users, or to other wholesalers and related subordinated services. Buy product in bulk from manufacturing companies and resell the product. TERM 10 retailer DEFINITION 10 Final link between the producers and the ultimate consumer and is sometimes called the "big boss". Retail consists of the sale of goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. TERM 21 functional organization DEFINITION 21 Specific divisions responsible for executing explicitly defined, assigned business activities. These divisions included an executive management division and the four functional divisions of marketing, merchandising, operations, and finances. TERM 22 product organization DEFINITION 22 Managers are installed to supervise all functional areas for a specific product, even though this resulted in duplication of functions and activities across each product area. TERM 23 consumerization DEFINITION 23 Direct communications with the target customer to identify the wants and needs of the customer so product can be produced and value and service can be defined to fulfill the desires and demands of that consumer TERM 24 consumer-centric companies DEFINITION 24 Organized with the major divisions (executive management, marketing, merchandising, operations, and finance) of a traditional company. TERM 25 merchandising DEFINITION 25 All business activities utilized to create, prepare, deliver, and market merchandise assortments and classifications to meet the demands of the target customer while reflecting the company image. TERM 26 visual merchandising DEFINITION 26 Integration of merchandise presentation and display techniques combined to enhance the sale of a company's merchandise whether the merchandise is raw material product, a finished apparel product, or a service provided by the company. TERM 27 sales promotion division DEFINITION 27 Houses the departments of visual merchandising, advertising, special events or promotions, public relations and publicity, fashion coordination, and sometimes sales training. TERM 28 visual merchandising-trade DEFINITION 28 Business-to-business communications. It is a major and necessary merchandising function to assure the success of both the manufacturer and the retailer. TERM 29 visual merchandising-retail DEFINITION 29 Corporate business communications created for the in-store retail presentation that affects the ultimate purchase of merchandise by the retailer's target consumer, the ultimate customer TERM 30 Image communications division DEFINITION 30 Division includes the functions of consumer advertising and graphics, public relations, research, plus retail presentation/ visual merchandising and special product events and promotions TERM 31 product merchandising DEFINITION 31 The activities performed within a company to create or obtain this product assortment as deemed appropriate for the customer. TERM 32 Consumer Marketing Division DEFINITION 32 Product merchandisers, designers, product development personnel, and sometimes consumer product research TERM 33 Research and Development Division DEFINITION 33 Responsible for the research of the new products and the refinement or maintenance of continuous products. TERM 34 account DEFINITION 34 Indicates that one firm routinely does business with another firm and an account or record of all the business transactions are recoreded TERM 35 Merchandising Services DEFINITION 35 All the activities a firm uses to provide support to the customer who is purchasing the product