Fashion Business Analysis

What is a target market?

• A group of people that are least likely to buy a product

• A group of people that are most likely to buy a product

• A group of people that are indifferent to a product

• A group of people that are unaware of a product

What are the main characteristics that define your target market by age, gender, income?

• Psychographics

• Demographics

• Geographics

• Technographics

Which of the following is NOT a demographic characteristic?

• Age group

• Income level

• Lifestyle

• Gender

What does the psychographic segment consider?

• Age group and income level

• Gender and occupation

• Lifestyle, attitudes, interests, and values

• Education level and occupation

What type of service is Stitch Fix?

• An online personal styling service

• A food delivery service

• A book subscription service

• A home cleaning service

What is the target demographic for Stitch Fix?

• Men in their 20-40's with a median income of $40,000+ a year

• Women in their 20-40's with a median income of $40,000+ a year

• Teenagers with a median income of $20,000+ a year

• Elderly people with a median income of $50,000+ a year

What is a Unique Value Proposition (UVP)?

• A. A statement that tells your potential customers how they will benefit from your offer.

• B. A detailed description of your company's history.

• C. A list of all the products and services your company offers.

• D. A comparison of your prices with those of your competitors.

Which of the following is NOT a component of a Unique Value Proposition?

• A. Addressing customer needs.

• B. Solving customer problems.

• C. Making you different from the competition.

• D. Listing your company's financial performance.

What is a competitive advantage?

• A) A strategy to reduce costs

• B) Anything that gives a company an edge over its competitors

• C) A method to increase employee satisfaction

• D) A way to improve product quality

How did Stitch Fix differentiate itself in the online retail industry?

• A) By offering low prices and quick shipping

• B) By providing free returns

• C) Through personalization and an element of surprise

• D) By having a wide range of products