TXMI 4210 Exam 2 questions with complete answers
Sales Plane Correct Answer: managerial strategy to meet/exceed the sales forecast.
Sales Forecast Correct Answer: a projection of expected demand given a set of environmental
conditions - specific time horizon, updated quarterly
Sales Forecast Requirements Correct Answer: current internal data on sales volume and
marketing; future plans for marketing and product distribution; external data: market information
and cultural indicators
data sharing Correct Answer: designers, manufacturers, retail management, and buyers share
data that is specific to their products
Fashion Offices Correct Answer: fashion directors research disseminate fashion trend
information to buyers, planners, and product developers.
sales strategy Correct Answer: develop by retailer and manufacturer based on data
Observation Correct Answer: watching, photographing, recording, and reporting on consumers'
behavior in multiple locations.
Focus Groups Correct Answer: representative group of consumers are questioned together -
informal conversations, organized debates
Questionnaires and Surveys Correct Answer: understand and identify existing and potential
customers
Viral Marketing Correct Answer: marketing practices that use existing social networks to spread
the word through society; consumer participates and contributes to the process.
Social Media Sites Correct Answer: internet-based platforms used to broadcast messages,
communicate, and hold conversations. Twitter, Instagram, Facebook, YouTube, etc.
Blogs Correct Answer: type of website often frequented regularly by individuals who post text,
images, videos, and links to other websites related to the topic of the blog
Bloggers Correct Answer: people who post commentary or images about a particular subject on
their blog.
Influencer Correct Answer: has the ability to influence many people to adopt a trend and buy a
product.
Market Research Firms Correct Answer: conduct studies and provide information that can
benefit forecasters, analyze and project marketing opportunities.
, Data analytics companies Correct Answer: predictive analytics help to accurately determine and
project consumer demands to provide the right quantity and quality of product at the right time to
ensure profitability and growth.
Government Organizations that collect data and provide statistics Correct Answer: US
Department of Commerce, US Census Bureau, The World Trade Organization
The National Retail Federation Correct Answer: helps retailers in every segment of their
business while protecting their clients' interests.
The Fashion Group International Correct Answer: provides insights that influence fashion
direction for the marketplace
the Leading Indicator Approach Correct Answer: forecasters begin with a set of economic
factors likely to signal a turning point in the business cycle - factors such as interest rates,
housing starts, consumer confidence.
Data Mining Correct Answer: uses statistical techniques and visualization to reveal previously
invisible relationships that can be used in decision making and forecasting
Business (economic) Cycle Correct Answer: the cyclical nature of the economy as it passes
through the rising and falling phases of prosperity and stagnation; thus it refers to the increase
and decrease of goods and services in an economy over time. The business cycle is a tool
oftentimes used to evaluate the overall state of an economy.
Leading Indicators Correct Answer: a statistically weighted set of economic factors likely to
signal a turning point in the business cycle - peaks and troughs of the leading indicator anticipate
those seen in sales by 6 to 12 months.
Consumer Confidence Index Correct Answer: an index of consumer feelings of economic well
being, used to predict future consumer expenditures and turning points in the business cycle.
Index of Consumer Sentiment Correct Answer: consumer sentiment is a statistical measurement
and economic indicator of the overall health of the economy as determined by consumer opinion.
Theme Correct Answer: topic for a fashion forecast that has a unifying, dominant idea
Inspiration for Theme Correct Answer: current events, economic and political climate, celebrity
influences, current standards of style, cultural events, lifestyle, the news, art, & politics, movies,
media & TV shows, and iconic fashionable men and women
scientific approach Correct Answer: forecasters research and collect tangible data from: past
trend information, historical records, new technology, existing objects and materials, books,
magazines, and current events, information from trade shows, manufacturers, retailers, and
consumers, data from specialists and consultants
Sales Plane Correct Answer: managerial strategy to meet/exceed the sales forecast.
Sales Forecast Correct Answer: a projection of expected demand given a set of environmental
conditions - specific time horizon, updated quarterly
Sales Forecast Requirements Correct Answer: current internal data on sales volume and
marketing; future plans for marketing and product distribution; external data: market information
and cultural indicators
data sharing Correct Answer: designers, manufacturers, retail management, and buyers share
data that is specific to their products
Fashion Offices Correct Answer: fashion directors research disseminate fashion trend
information to buyers, planners, and product developers.
sales strategy Correct Answer: develop by retailer and manufacturer based on data
Observation Correct Answer: watching, photographing, recording, and reporting on consumers'
behavior in multiple locations.
Focus Groups Correct Answer: representative group of consumers are questioned together -
informal conversations, organized debates
Questionnaires and Surveys Correct Answer: understand and identify existing and potential
customers
Viral Marketing Correct Answer: marketing practices that use existing social networks to spread
the word through society; consumer participates and contributes to the process.
Social Media Sites Correct Answer: internet-based platforms used to broadcast messages,
communicate, and hold conversations. Twitter, Instagram, Facebook, YouTube, etc.
Blogs Correct Answer: type of website often frequented regularly by individuals who post text,
images, videos, and links to other websites related to the topic of the blog
Bloggers Correct Answer: people who post commentary or images about a particular subject on
their blog.
Influencer Correct Answer: has the ability to influence many people to adopt a trend and buy a
product.
Market Research Firms Correct Answer: conduct studies and provide information that can
benefit forecasters, analyze and project marketing opportunities.
, Data analytics companies Correct Answer: predictive analytics help to accurately determine and
project consumer demands to provide the right quantity and quality of product at the right time to
ensure profitability and growth.
Government Organizations that collect data and provide statistics Correct Answer: US
Department of Commerce, US Census Bureau, The World Trade Organization
The National Retail Federation Correct Answer: helps retailers in every segment of their
business while protecting their clients' interests.
The Fashion Group International Correct Answer: provides insights that influence fashion
direction for the marketplace
the Leading Indicator Approach Correct Answer: forecasters begin with a set of economic
factors likely to signal a turning point in the business cycle - factors such as interest rates,
housing starts, consumer confidence.
Data Mining Correct Answer: uses statistical techniques and visualization to reveal previously
invisible relationships that can be used in decision making and forecasting
Business (economic) Cycle Correct Answer: the cyclical nature of the economy as it passes
through the rising and falling phases of prosperity and stagnation; thus it refers to the increase
and decrease of goods and services in an economy over time. The business cycle is a tool
oftentimes used to evaluate the overall state of an economy.
Leading Indicators Correct Answer: a statistically weighted set of economic factors likely to
signal a turning point in the business cycle - peaks and troughs of the leading indicator anticipate
those seen in sales by 6 to 12 months.
Consumer Confidence Index Correct Answer: an index of consumer feelings of economic well
being, used to predict future consumer expenditures and turning points in the business cycle.
Index of Consumer Sentiment Correct Answer: consumer sentiment is a statistical measurement
and economic indicator of the overall health of the economy as determined by consumer opinion.
Theme Correct Answer: topic for a fashion forecast that has a unifying, dominant idea
Inspiration for Theme Correct Answer: current events, economic and political climate, celebrity
influences, current standards of style, cultural events, lifestyle, the news, art, & politics, movies,
media & TV shows, and iconic fashionable men and women
scientific approach Correct Answer: forecasters research and collect tangible data from: past
trend information, historical records, new technology, existing objects and materials, books,
magazines, and current events, information from trade shows, manufacturers, retailers, and
consumers, data from specialists and consultants
