questions
What is a tariff?
A tax on imported goods to protect local industries
What problems does it help stores avoid
Avoids overstocking and stockouts.
What is Corporate Social Responsibility (CSR)?
CSR is when companies act ethically and work to benefit society and the environment beyond making profits
What is globalization and how does it affect trade
Globalization is the process of increased interconnectedness among countries. It increases trade, access to goods, and competition.
How does seasonal planning affect merchandise planning
Seasonal planning ensures that products are available at the right time of year to match customer demand, like coats in winter or swimsuits in summer.
What is a copyright?
Legal protection for creators' original works.
What are the two main challenges with merchandise planning? Explain each one in your own words.
Avoids overstocking and stockouts.
What is merchandise planning, and why is it important to a retailer?
Merchandise planning is the process of choosing, buying, and managing the right products in the right quantities. It helps retailers meet customer demand and maximize profits.
What is a trade deficit?
A trade deficit occurs when a country imports more than it exports.
What role does customer data play in merchandise planning
Customer data helps retailers understand buying habits, preferences, and trends to make better product decisions.
What are some characteristics of a sweatshop
What is the FLSA and the purpose for it?
Why is it important to be informed about a country’s culture when doing international business?
Understanding a country’s culture is important for building strong business relationships and creating effective marketing strategies.
What problems does merchandise planning help stores avoid?
t helps avoid overstocking (too much inventory) and stockouts (not enough inventory)
What is a subsidy in economics
A subsidy is financial help from the government to support local businesses and industries.
Why is inventory turnover an important measurement in retail
Inventory turnover measures how quickly products sell. High turnover means efficient sales; low turnover may mean excess stock.
What is Merchandise Planning and why is it important to a retailer
Companies acting ethically and benefiting society.
What is the FLSA (Fair Labor Standards Act), and what is its purpose
The FLSA is a U.S. law that sets standards for wages, overtime pay, and worker rights.
What are the two main challenges with merchandise planning
Overstocking
Stockouts
What is comparative advantage
Comparative advantage is when a country can produce a good more efficiently (at a lower opportunity cost) than another country.
What is intellectual property in fashion?
Intellectual property includes copyrights, trademarks, and patents that protect original designs and branding in the fashion industry.
What is a copyright?
Legal protection for creators' original works
What is the FTC (Federal Trade Commission) responsible for
the FTC protects consumers and ensures fair and honest business practices
What are the three steps to merchandise planning, and what is analyzed in each step
Forecasting Demand – Predicting future sales based on trends and data.
Product Assortment – Deciding which products to offer and in what variety
Inventory Allocation – Distributing the right amount of stock to different store locations.
What is a trademark, and how is it different from a copyright
A trademark protects brand names, logos, and slogans, while a copyright protects original creative works.
Why are labor laws important in the fashion industry
Labor laws protect workers from exploitation and ensure safe, fair working conditions.