Economic Resources and Trends in Fashion/Retail Merchandising

How do retailers adapt to economic changes?

• By selling their stock and closing their stores.

• They don't.

• By adjusting inventory and pricing.

• By increasing their prices.

What are some economic resources?

• Land, labor, capital, and entrepreneurship.

• Friends and Family Discounts.

• Consumers.

• Purchasing power.

What are economic goods and services?

• Money.

• Tangible and intangible products that satisfy consumer needs.

• Fashion forward thinking and behaving.

• Tangible items that are solely services.

Reduces purchasing power, necessitating price adjustments.

• Consumer Spending

• Productivity

• Inflation

• None of the above

Manufacturers typically have lower profit margins than retailers

• True

• False

Factors influencing profit margins include production costs, market demand, and competition.

• True

• False

What factors play a significant role in competition among fashion designers, manufacturers, and retailers?

• Current trends and future trend forecasting.

• Consumer Discretionary Income.

• Fashion Shows and runway affairs in NYC, LA, Paris, and Milan.

• Market positioning, branding, and consumer loyalty.

What currently drives trends and purchases in the fashion industry?

• Commercials.

• Social Media.

• Economic Destruction.

• Retail Aesthetics.

What is the definition of economy?

• The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

• The study of how we use our resources, like money, time, and things we need, to make choices.

• Both A & B

• None of the above.

What is Retail Merchandising?

• The activity or business of promoting and selling products or services, including market research and advertising.

• A marketing strategy that uses displays, color, lighting, and other elements.

• The practice of making products available for purchase in stores, and also promoting and selling products online.

• None of the above.