fashion forecasting

fashion forecasting - fashionforecasting 18:44...

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fashion forecasting 18:44 Where does forecasting start? Look around…trends start with what is going on right now Innovations are everywhere you look with most just waiting to be discovered Innovations are the start of the trend forecasting cycle  Innovations Something NEW presented to the publics attention for approval and adoption Characteristics for innovation adoption Relative advantage Compatibility Complexity trialability  ovservability  relative advantage perception that the innovation is more satisfactory than items that already exist in the  same class of products consumers are creatures of habit…it must be a NEW advantage   compatibility estimate of harmony between the innovation and the values and norms of potential  adopters how well does the innovation work with consumers have a great innovation but if it does not “fit” with consumers…i.e. Segway  complexity
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gauge of the difficulty faced by a consumer in understanding and using the innovation Alexander McQueen shoes Trialability Relative ease of testing out the innovation before making a decision Price, samples, accessibility, security, peer approval…all increase trialability  Observability Degree of visibility afforded to the innovation Media/press coverage, celebrities, etc. Diffusion of innovations Diffusion is the spread of an innovation within and across social systems diffusion across social systems  Trickle-up Trickle-down Trickle across Geographic Subcultures  Fashion leaders Innovators Early adopters/fashion leaders Fashion followers Majority Late adopters Laggards  Affected by  Mass marketing Mass communications Retail availability Underground promotion  Marty margolia? Target market, price point, company profile, profit goals, delivery timeframe, inventory  levels all influence when you buy on the diffusion scale NOT a bad thing…innovation risks cost money Goal is to be early enough to be trendy
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profitability  18:44 ewwwwwOperating income
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profitability  18:44 Broken down into 2 categories Gross sales and net sales Goss sales Entire dollar amount received for goods sold during a given period. List price before any  discounts Net sales Sales total after consumer returns and allowances have been deducted from gross  sales  Area between gross and net sales/income Gross sales is calculated by multiplying the retail amount of goods sold by the number  of items sold $34.99 X 15 shirts= $524.85 Gross not typically used as evaluation retails allow returns, discounts, allowances, coupons, etc.  net sales is #1 because of the returns and allowances—net sales is much more accurate sales figure calculated by subtracting returns and allowances from gross sales
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This note was uploaded on 02/14/2012 for the course HUEC 3043 taught by Professor Freeman during the Fall '10 term at LSU.

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fashion forecasting - fashionforecasting 18:44...

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