Product Development

The first step in starting your own business is to?

• Fashion forecasting

• Trend analysis

• determine your target market

• Choose your market.

The second step in starting your own business is to?

• Fashion forecasting

• Trend analysis

• determine your target market

• None of the above

What would you use to identify your target market?

• demographics

• psychographics

• geographics

• All of the above

Step 3 is to pick your channels of distribution. What does that mean?

• Pick where you want to sell your product. Store, online, wholesale, etc.

• Determine how many target markets for your product.

• Shipping methods.

• All of the above

If you decide to go the retail route for your channels of distribution, what are some of things you should consider?

• Do you want a store front? Sign a permanent commercial lease.

• Do you want a pop up store? Temporary space. Sign short term lease.

• Do you want a shop in shop? Sell in an existing boutique.

• Show room or a private space.

• All of the above.

If you decide to go the wholesale route important things to consider are?

• Will you sell to specialty stores, retail stores, or both?

• design process

• trend forecasting

• fabric considerations

One of the drawbacks of selling to major department stores is....

• they may buy on credit.

• they might offer products from your competitors.

• at the end of the season they could ask for markdown money.

• none of the above.

What is mark down money?

• the amount of money department stores will ask from you back if your merchandise does not sell.

• money department stores must pay up front for your product.

• Multiple order discounts

• none of the above.

All of the following are retail price points, except?

• Budget--Think Walmart

• Moderate---Think the Gap

• Better---Think Banana Republic

• Bridge-- Saks / Nordstrom

• Standard---Department stores

What price point would be appropriate for Walmart?

• Budget

• Moderate

• Better

• Bridge