Chapter 2: Business Planning Flashcards
Merchandising
The process of planning, developing and presenting product lines for identified target markets with regard to pricing, assorting, styling and timing.
Production
Responsibility for making or manufacturing apparel products.
Finance
All accounting activities of the firm/business.
Operations
Oversees the upkeep of equipment used by employees.
Marketing
Area of business that sets advertising and promotional objectives as well as recommends sales goals.
Strategic Plan
Based on mission, vision and values of the company.
Mission Statement
Why they are in business, the consumers they serve and what makes them special.
Vision Statement
Goals for the future and how it wants to be seen.
Core Values
What is important as a business.
Budgets
Written plan of projected income and expenditures.
Sustainability
Meets the needs of the present without compromising the ability of future generations.
Merchandise Plan
Identifies the resources needed to meet the companies profit, sales and margin objectives for a specific season.
Line or Range Plan
A plan that sets sales and margin goals.
Assortment Plan
A detailed outline of the plan: products, colors, sizes, prices and delivery.
Merchandise Calendar
Schedule of events to make sure product gets to consumer in time.
Fast-Fashion
Apparel that is produced at moderate prices over very short time frames (weeks instead of months).
Creative Planning
Tracks trends and interprets them for the company’s target market.
Technical Planning
Develops fit standards, materials and construction guidelines.
• Prototype – First garment made from a pattern.
Production Planning
Links merchandising, creative design and technical decisions to the actual construction of products.
Line Concept
Mood, theme and key elements that contribute to the identity of the line.
Line Development
Translating trend development into actual sketches of styles.
Line Presentation
Showing the line of products to sourcing managers for selection of styles to be included in the seasonal line.
Positioning
How a garment relates to other similar to it in style, design, fabric, quality and price point.
Brand
A distinctive name or logo used to identify products or services.
Branding
The process of planning the direction, inspiration and energy that a brand represents.
Brand Image
A consumer’s set of assumptions and feelings about products and/or services provided under a brand name.
Lifestyle Brands
Brand offerings that go beyond the initial apparel product line to include other product categories.
