Transcript 1.01 Part A Notes FMx - kosteen

Essential Standard: 1.00 Understand the
fundamentals of the fashion industry.
Indicator: 1.01 Understand the
progression of fashion.
Part A
What is Fashion?
• Fashion is the display of the currently popular style of
objects or activities.
• In apparel, a fashion is the prevailing type of clothing that is
bought and worn by a large segment of the public at any
given time.
• Fashions consist of the styles, colors, and functionalities that
are favored by many people at a particular time.
• A style does not become a fashion until it gains popular
acceptance.
• It remains a fashion only as long as it is accepted.
Fashion Business
• Fashion is a multibillion-dollar industry
with millions of employees.
• Fashion-related businesses are crucial to the U.S. economy
through the materials and services they buy, produce, and
sell, and the wages and taxes they pay.
• Manufacturers are companies that make goods.
• Retailers are companies that sell merchandise in small
quantities to consumers.
• Consumers are people who buy and use the finished
product, such as apparel.
What is Marketing?
• Marketing is the total process of finding or
creating a profitable market for specific goods
or services.
• The process includes identifying customers,
determining those customer’s wants and needs,
and providing satisfying products at acceptable
prices to those customers.
• The marketing concept has an overall goal of
satisfying customer desires while making a
profit for the seller.
Fashion and Business Concepts
• Promotion is nonpersonal activity that furthers the sale of
goods or services to a large audience, rather than one-onone selling.
• Merchandising is the process through which products are
obtained (designed, developed, or presented for resale)
and promoted to the point of sale.
–Major segment of marketing.
–Tries to match the products of a company to existing markets
to make a profit.
• Fashion Merchandising involves the activities of
planning, buying, and selling apparel and accessories.
Fashion and Business Concepts
• Designing is the process of creating new versions of
garments, accessories, or other items.
–Design ideas move fashion forward by creating change.
–The concepts that evolve during the designing process
create demand among consumers to buy the new and
different looks.
• Production is the transformation of resources into a
form that people need or want.
–“Conversion Process” that transforms input (materials) into
output (finished goods).
Fashion and Business Concepts
• Visual merchandising is the physical
display of goods in the most attractive and
appealing ways.
–The goal is to please customer senses as shoppers
enter and move around the store.
Fashion and Business Career Fields
• Research and development (R&D) is innovation to
discover new knowledge, develop new products,
and improve old products.
–People in textile (R&D) careers work for fiber
manufacturers, textile mills, and private testing
laboratories.
• Retail buyers select and buy the mix of goods to be
sold by a retail company.
–The job varies with different sizes and types of retail
organizations.
Traditional Department Store Structure
Department Store Manager
Buyer/Dept.
manager
women’s
career wear
Buyer/Dept.
manager
infants &
children’s
Buyer/Dept.
manager
women’s
sportswear
Buyer/Dept.
manager
accessories
department
Buyer/Dept.
manager
men’s
apparel
• With the traditional department store structure, each
buyer may be in charge of the merchandise, salespeople,
finances, and all other activities of his or her department.
Fashion and Business Career Fields
• Types of Retail Buyers:
–Departmental buyer plans and purchases goods for
only his or her own department.
•Also responsible for the sales and profits of the
department.
–Classification buyer specializes in only one category of
goods.
•They plan, choose, purchase, price, and promote one
classification for all the branches in a chain or large
retail organization.
Fashion and Business Career Fields
• The Buying Job:
–Must locate reliable vendors of goods.
–Go to market several times a year to
visit manufacturers’ showrooms.
–Make sure orders from vendors are delivered on time
and ready to sell.
–Authorize payment for goods or issue instructions for
returns, if defective.
–Make pricing decisions and merchandise finances.
–Help promote, display, and advertise merchandise.
Fashion and Business Career Fields
• Fashion Publicist:
–Helps a company project a specific
image through all forms of media using
publicity and special events and by
anticipating problems and handling
complaints.
• Sales Associate:
–Retail employees who use more formal
or creative selling skills than just ringing
up sales; “order getters.”
Fashion and Business Career Fields
• Fashion Advertising:
–Try to attract and inform audiences to
encourage them to buy products.
–They may work for retail companies,
manufacturers, advertising agencies, or
publications.
–People in advertising must know the merchandise,
as well as effective approaches to reach the right
customers.
Fashion Advertising Careers
• Advertising Directors:
–Work for retail firms, supervising their
companies’ ad departments and publications.
• Account Executive:
–An advertising agency employee in charge of selling
to and handling specific advertising accounts.
• Media Buyers:
–Select and buy the best media for clients’ ads.
Fashion Advertising Careers
• Art Directors:
–Conceptualize the ads for
newspapers, magazines, directmail flyers, radio, television, signs,
outdoor media, and websites.
They try to design the best
advertising for the budgeted price.
Entrepreneurship
• An Entrepreneur is a person who organizes,
launches, and directs a new business venture
and assumes the financial risks and
uncertainties of the enterprise.
–The business may be run from a person’s
home, an office, or a store.
–It might focus on retail sales, provide a
service, or produce a line of goods.