Podcast
Questions and Answers
What is one of the drawbacks of fast fashion?
What is one of the drawbacks of fast fashion?
- The ability to change to outfits easily with the change of season
- The increase of unwanted clothing ending up in landfill (correct)
- The opportunity for new designers to enter the market
- The number of great styles available to consumers
What does the first six digits of the Uniform Product Code typically start with?
What does the first six digits of the Uniform Product Code typically start with?
- 3 followed by the five-digit code of the manufacturer
- 2 followed by the five-digit code of the manufacturer
- 0 followed by the five-digit code of the manufacturer (correct)
- 1 followed by the five-digit code of the manufacturer
What is the term for the movement of production closer to the consumer?
What is the term for the movement of production closer to the consumer?
- Vertically integrating
- Near-shoring (correct)
- Isolationism
- Offshore manufacturing
What word is missing from the following statement: Brands are seeking supply chain solutions that enable them to get the ____ product, to the ____ consumer, at the ____ time?
What word is missing from the following statement: Brands are seeking supply chain solutions that enable them to get the ____ product, to the ____ consumer, at the ____ time?
What is the term for when companies send their production to factories in countries or locations outside of the company's home country?
What is the term for when companies send their production to factories in countries or locations outside of the company's home country?
What was a factor in selecting factories prior to the phaseout of the Multi Fibre Agreement (MFA)?
What was a factor in selecting factories prior to the phaseout of the Multi Fibre Agreement (MFA)?
What is the weakest point in a supply chain?
What is the weakest point in a supply chain?
Who typically occupies the top position in a multinational publicly traded company's organizational chart?
Who typically occupies the top position in a multinational publicly traded company's organizational chart?
What is not a key function of a finance department?
What is not a key function of a finance department?
What does it mean to 'carry your own paper'?
What does it mean to 'carry your own paper'?
What is a primary goal of a good marketing department?
What is a primary goal of a good marketing department?
What is not a function of trend forecasting?
What is not a function of trend forecasting?
Why are Airbnb, Uber, and Hamilton considered industry disrupters?
Why are Airbnb, Uber, and Hamilton considered industry disrupters?
What type of business model is the sharing economy considered to be?
What type of business model is the sharing economy considered to be?
What is open-to-buy?
What is open-to-buy?
What type of services do Trunk Club, Stitch Fix, and Birchbox offer?
What type of services do Trunk Club, Stitch Fix, and Birchbox offer?
What is not associated with m-commerce?
What is not associated with m-commerce?
What is layering of materials to create design forms?
What is layering of materials to create design forms?
Which of the following is an example of discrete data?
Which of the following is an example of discrete data?
What type of data is 'The color of a dress' an example of?
What type of data is 'The color of a dress' an example of?
What do Six Sigma, TQM, and ISO 9000 relate to?
What do Six Sigma, TQM, and ISO 9000 relate to?
What is retail shrinkage primarily associated with?
What is retail shrinkage primarily associated with?
What is another term for a focus on the reduction of waste?
What is another term for a focus on the reduction of waste?
What is collateral in the context of lending?
What is collateral in the context of lending?
What type of retailer develops and directly controls its own product programs?
What type of retailer develops and directly controls its own product programs?
What does the fourth digit in the NAICS code relate to?
What does the fourth digit in the NAICS code relate to?
Which retailer is an example of an off-price retailer?
Which retailer is an example of an off-price retailer?
What is the main focus of a discount store?
What is the main focus of a discount store?
Which retailer does Hudson Bay Company (HBC) own?
Which retailer does Hudson Bay Company (HBC) own?
What is an attitude and behavior of the Millennial generation?
What is an attitude and behavior of the Millennial generation?
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Study Notes
Retail Concepts
- Product programs developed and controlled by retailers are called Private Labels.
- The fourth digit in the NAICS code relates to the Subsector.
- An example of an off-price retailer is TJX.
- A discount store's main focus is price.
- Each year, four million pounds of retail returns are sent to landfills.
- Hudson Bay Company (HBC) also owns Lord & Taylor.
- Brooks Brothers first opened in 1818.
- Omnichannel refers to using multiple distribution channels; it is not limited to a singular method.
- The original factory outlets originated from actual factories.
Millennial Generation Attitudes
- Millennial attitudes do not include the desire for slow service; they prefer speed and efficiency.
- Millennials trust friends over corporate messages and consider themselves social creators.
Business Organization and Finance
- The CEO typically sits at the top of an organizational chart for a multinational publicly traded company.
- Functions of a finance department include recording financial activities, managing risk, and fulfilling regulatory requirements.
- Carrying your own paper implies being financially sound; it does not mean you are factored.
Marketing and Trend Forecasting
- A proficient marketing department builds relationships, involves customers, and generates income.
- Functions of trend forecasting do not include the availability of styles; it focuses on market trends.
Product and Supply Chain Management
- The first six digits of the Uniform Product Code start with a 0 followed by a five-digit manufacturer code.
- Near-shoring refers to relocating production closer to consumers, reducing lead times.
Supply Chain and Factory Location
- Selecting a factory location should consider infrastructure aspects for efficient operations.
Sharing Economy and New Business Models
- Companies like Airbnb and Uber disrupt industries by changing traditional consumer engagement and purchasing habits.
- The sharing economy typically functions under a peer-to-peer business model.
Retail Inventory and Data Management
- Open-to-buy is the budgeted amount of merchandise set for a specific store or category.
- Trunk Club, Stitch Fix, and Birchbox are examples of subscription services.
- Mcommerce (mobile commerce) includes transactions via smartphones; computer-dependent transactions are not included.
- Discrete data example: The number of dresses produced; attribute data: The color of a dress.
Quality and Inventory Control
- Six Sigma, TQM, and ISO 9000 are data types related to process improvement.
- Retail shrinkage refers to inventory loss attributed to markdowns due to sales declines.
- Muda is associated with waste reduction.
- Inventory unavailability for sale is referred to as stockouts.
Financial Literacy
- An asset can include cash, accounts receivable, and inventory.
- Collateral serves as a secondary repayment option for loan defaults.
- Third-party finance companies are referred to as factors.
- Purchase order financing benefits include better cash flow management.
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