TXMI 4210 Test 1 QUESTIONS AND ANSWERS GRADED A

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Fashion forecasting offers a ________________. Correct Answer: Competitive advantage Fashion forecasters: Correct Answer: 1. Look for new, fresh, and innovative 2. Interpret signals using judgem... ent and creativity 3. Analyze the WHY behind an emerging trend 4. Predict Trend movement How do forecasters help firms? Correct Answer: Forecasters help firms time product offering to customer's readiness to adopt those products How does forecasting create a competitive advantage? Correct Answer: 1. Anticipates trends 2. Aligns product with consumer preferences 3. Facilitates timely arrival of products in the market 4. (Re) positioning products 5. Fine-tunes marketing activities 6. New opportunities T or F: Fashion is cyclical. Correct Answer: TRUE Long-wave Phenomenon Correct Answer: Varies in duration and magnitude, velocity, and momentum across time Steps of Developing a Forecast Correct Answer: 1. Look to the past 2. Look to the future 3. Develop the forecast 4. Evaluate the forecast Forecasts should identify Correct Answer: -the source -the mechanism of change -direction -tempo Forecasting is the process that translates ____________ into a form that allows learning to take place. Correct Answer: information Information is a __________________ that can be managed like any other. Correct Answer: Business asset The most valuable currencies in today's competitive climate are ____________ and _______________. Correct Answer: information and learning Who needs to be a forecaster? Correct Answer: -Designers -Product Developers -Merchandisers -Marketers -Promotion Execs Defining Fashion Correct Answer: -A style that is popular in the present -A set of trends that have been [Show More]

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