Details Title: FTA Midterm 1 Description: :SIHV Total Flash Cards: 31 Created: 10/14/2009 19:21:45		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Agriculture Flashcards
Cards in this set: Term Define Classic Definition Item/style that is introduced and widely accepted until it hits a plateau, nothing extreme, but desirable Term Define Cohorts Definition Group of consumers who share preferences and demographic characteristics (basic unit of human research) Term Define Collective Selection Definition Idea that masses of people choose styles that click with the spirit of the times, forming a feedback loop between fashion industry and consumer Term Define Cycles Definition Reoccuring patterns in styles or prices with a fixed, reg alteration between highs and lows Term Define Fad Definition Trend of short duration, gains rapid acceptance and dies quickly after Term Define Fashion Definition A style popular in the present or set of trends accepted by wide audience Term Define Forecasting Definition Process of anticipating future trends (includes watching for signals of change and applying to predict possible outcomes) Term Define Fashion Curve Definition Term Define Gatekeepers Definition People that filter innovative ideas and determine which will be widely accepted Term Define Gatekeepers Definition People that filter innovative ideas and determine which will be widely accepted Term Long-term forecasting Definition Forecasting timeline that is long term Term Define Long Wave Phenomenon Definition A reoccurring pattern in price/styles where movement rises and falls Term Define Megatrend Definition Trend so fundamental it indicates critical reconstructing in culture Term Define Pendulum Swing Definition Periodic movement of fashion from one extreme to the next Term Define Short-term forecasting Definition Process that begins 2-3 years before arrival of merchandise to store Term Define Target Market Definition Focus on attracting a certain specific potential purchaser Term Define Trend Definition Identifiable similarities between styles, details, etc. that is accelerating demand by consumers Term Define Zeitgeist Definition Someone or something that represents the spirit of the times Term What are the three misconceptions about fashion? Definition Designers and retails dictate fashion, fashion is mysterious and unpredictable, someone must dress fashionably to know about fashion Term Who uses forecasting? (5 groups) Definition Designers, product developers, merchandisers, marketers, and promotional executives Term How does forecasting create a competitive advantage? Definition Continuous competition for the consumer's attention and money, long term projects studying that cohort's buying habits Term What should a trend forecast identify? Definition Qualitative and quantitative elements (looks at cultural indicators and sales forecasts) Term Identify Nystrom’s factors that guide the direction of fashion based on the zeitgeist. (5 factors) Definition Dominating events, ideals, social groups, attitude, and technology Term Where does the power of the zeitgeist lie? Definition It's ability to coordinate across product categories. Term Define Analysis Definition Phase in forecasting when a trend is dissected to be understood Term Define Change Agents Definition Small group of innovators who begin diffusion process by spreading trends visually or verbally Term Define Coattail Effect Definition When a trend catches the attention of many, and manufacturers rush to make the same thing Term Define Compatibility Definition Estimated success of an innovation based on the cohort's norms and values Term Define Consumer Adoption Process Definition The mental process used by individuals to decide between adopting or rejecting a trend Term Define Consumer Segment Definition A portion of the population identified by demographics (age, gender, ethnicity, and income) Term Define Consumer Segmentation Definition The practice of dividing the total population into homogeneous groups that can be targeted with products