MDSE 2350 PRACTICE EXAM UPDATED QUESTIONS AND
VERIFIED ANSWERS
Product Development - CORRECT ANSWER✅✅✅The process of designing, creating and marketing
products with new or different characteristics that offer new or additional benefits to the customer.
Product development may involve modification of an existing product or its presentation, or formulation
of an entirely new product that satisfies a newly defined customer want or market niche.
product - CORRECT ANSWER✅✅✅A good, idea, method, information, object or service created as a
result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible
attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase. For example a
seller of a toothbrush not only offers the physical product but also the idea that the consumer will be
improving the health of their teeth.
characteristic - CORRECT ANSWER✅✅✅A distinguishing feature or attribute of an item, person,
phenomenon, etc., usually divided into three categories: (1) physical, (2) functional, and (3) operational.
offer - CORRECT ANSWER✅✅✅Voluntary but conditional promise submitted by a buyer or seller
(offeror) to another (offeree) for acceptance, and which becomes legally enforceable if accepted by the
offeree. An offer (unlike a solicitation) is a clear indication of the offeror's willingness to enter into an
agreement under specified terms, and is made in a manner that a reasonable person would understand
its acceptance will result in a binding contract. Offers normally include a closing date, otherwise a period
of 30 days after the date of offer is commonly assumed. See also bid and proposal.
benefits - CORRECT ANSWER✅✅✅Compensation in forms other than direct payment
customer - CORRECT ANSWER✅✅✅A party that receives or consumes products (goods or services)
and has the ability to choose between different products and suppliers. See also buyer.
modification - CORRECT ANSWER✅✅✅Change that adapts, limits, qualifies, or restricts something
to a new end or purpose. See also alteration.
presentation - CORRECT ANSWER✅✅✅Formal submission or delivery of a document or negotiable
instrument for the appropriate notice or action (acceptance, negotiation, payment, etc.) of the named
,entity. For example, a check is presented to a payee bank for payment, and (in documentary credit)
collection documents are presented to a buyer for acceptance or payment. Also called presentment.
market niche - CORRECT ANSWER✅✅✅A small but profitable segment of a market suitable for
focused attention by a marketer. Market niches do not exist by themselves, but are created by
identifying needs or wants that are not being addressed by competitors, and by offering products that
satisfy them. See also market segmentation.
The 5Rs of Merchandising - CORRECT ANSWER✅✅✅•Right Product or Service
•Right oity
•Right Price
•Right Time
`•Right Place
merchandising - CORRECT ANSWER✅✅✅the planning involved in marketing the right merchandise
at the right price at the right time in the right place and in the right quantities.
Commonly known as the 5Rs, merchandising is concerned with all the activities necessary to provide
customers with the merchandise they want to buy, when and where they want to buy it, and at prices
they can afford and are willing to pay.
Stages of Product Development - CORRECT ANSWER✅✅✅•Specification (or "this is what we want")
•Replication (or " let's make it")
•Verification (or "did we get what we wanted?)
Business Planning: - CORRECT ANSWER✅✅✅Strategy, product, brand, positioning, market research,
target customer, consumer trendsCreative Planning:
Creative Planning: - CORRECT ANSWER✅✅✅Fashion trend forecasting and selection of color,
fabrication, findings, trims, garment styling and design, and line development
,Technical Design and Production Planning: - CORRECT ANSWER✅✅✅Sizing, fit, quality assurance,
vendor compliance, sourcing
Production - CORRECT ANSWER✅✅✅Making the product, costing, pricing, quality control
Distribution: - CORRECT ANSWER✅✅✅Shipping, retail venues, selling
production development process - CORRECT ANSWER✅✅✅
Fashion Pyramid - CORRECT ANSWER✅✅✅3. new Fashion: one and done
2. Repeat Items with Updates, may repeat season to season or year to year (core)
1. Repeat Items that run continuously regardless of season, usually with little update (essential, basic)
top to bottom: profit increases
bottom to top: time and effort increases
Product attribute: - CORRECT ANSWER✅✅✅•Everything that describes the product; characteristics.
•Goal: What makes the product more attractive, more useful and will generate more profit?
•Product Attributes are useful for organization, marketing, branding.
•Informational
•Size
•Colorways, colors
•Materials
•Product category: dress, top, pant, etc
.•Sustainability
•Price Point
, •Functional: claims about what it does
•wicking, slenderize, anti-odor
•Aesthetic: claims about what it looks like•Historical period, art period
one constant of fashion - CORRECT ANSWER✅✅✅change
Understanding Product Development - CORRECT ANSWER✅✅✅Wholesale Brands vs. Private Brands
Fashion Level
Product Distribution
The Product Development Calendar
Competitive Advantage in a Mature Industry
product development - CORRECT ANSWER✅✅✅the strategic, creative, technical, production &
distribution planning of goods:
-With a perceived value
-For a well-defined consumer group
-Must reach market when consumers are ready to buy
THE ROLE OF PRODUCT DEVELOPMENT AND ITS VARIATIONS - CORRECT ANSWER✅✅✅-Consumer-
driven
-Seeks to eliminate non-value-adding steps such as warehousing
-Defines the product through detailed standards and specs
-Requires partners who share the responsibility and risk for producing a quality product
-Dependent on each partner's ability to meet schedules in order to deliver a product when consumers
are ready to buy
-Lends itself to distribution through multiple channels (e.g., stores, Internet, and catalog)
The Dynamics of Product Development - CORRECT ANSWER✅✅✅-Who is doing the developing—
wholesalers or retailers?
-What kind of products are they developing—basic, seasonal, or fashion forward?
VERIFIED ANSWERS
Product Development - CORRECT ANSWER✅✅✅The process of designing, creating and marketing
products with new or different characteristics that offer new or additional benefits to the customer.
Product development may involve modification of an existing product or its presentation, or formulation
of an entirely new product that satisfies a newly defined customer want or market niche.
product - CORRECT ANSWER✅✅✅A good, idea, method, information, object or service created as a
result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible
attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase. For example a
seller of a toothbrush not only offers the physical product but also the idea that the consumer will be
improving the health of their teeth.
characteristic - CORRECT ANSWER✅✅✅A distinguishing feature or attribute of an item, person,
phenomenon, etc., usually divided into three categories: (1) physical, (2) functional, and (3) operational.
offer - CORRECT ANSWER✅✅✅Voluntary but conditional promise submitted by a buyer or seller
(offeror) to another (offeree) for acceptance, and which becomes legally enforceable if accepted by the
offeree. An offer (unlike a solicitation) is a clear indication of the offeror's willingness to enter into an
agreement under specified terms, and is made in a manner that a reasonable person would understand
its acceptance will result in a binding contract. Offers normally include a closing date, otherwise a period
of 30 days after the date of offer is commonly assumed. See also bid and proposal.
benefits - CORRECT ANSWER✅✅✅Compensation in forms other than direct payment
customer - CORRECT ANSWER✅✅✅A party that receives or consumes products (goods or services)
and has the ability to choose between different products and suppliers. See also buyer.
modification - CORRECT ANSWER✅✅✅Change that adapts, limits, qualifies, or restricts something
to a new end or purpose. See also alteration.
presentation - CORRECT ANSWER✅✅✅Formal submission or delivery of a document or negotiable
instrument for the appropriate notice or action (acceptance, negotiation, payment, etc.) of the named
,entity. For example, a check is presented to a payee bank for payment, and (in documentary credit)
collection documents are presented to a buyer for acceptance or payment. Also called presentment.
market niche - CORRECT ANSWER✅✅✅A small but profitable segment of a market suitable for
focused attention by a marketer. Market niches do not exist by themselves, but are created by
identifying needs or wants that are not being addressed by competitors, and by offering products that
satisfy them. See also market segmentation.
The 5Rs of Merchandising - CORRECT ANSWER✅✅✅•Right Product or Service
•Right oity
•Right Price
•Right Time
`•Right Place
merchandising - CORRECT ANSWER✅✅✅the planning involved in marketing the right merchandise
at the right price at the right time in the right place and in the right quantities.
Commonly known as the 5Rs, merchandising is concerned with all the activities necessary to provide
customers with the merchandise they want to buy, when and where they want to buy it, and at prices
they can afford and are willing to pay.
Stages of Product Development - CORRECT ANSWER✅✅✅•Specification (or "this is what we want")
•Replication (or " let's make it")
•Verification (or "did we get what we wanted?)
Business Planning: - CORRECT ANSWER✅✅✅Strategy, product, brand, positioning, market research,
target customer, consumer trendsCreative Planning:
Creative Planning: - CORRECT ANSWER✅✅✅Fashion trend forecasting and selection of color,
fabrication, findings, trims, garment styling and design, and line development
,Technical Design and Production Planning: - CORRECT ANSWER✅✅✅Sizing, fit, quality assurance,
vendor compliance, sourcing
Production - CORRECT ANSWER✅✅✅Making the product, costing, pricing, quality control
Distribution: - CORRECT ANSWER✅✅✅Shipping, retail venues, selling
production development process - CORRECT ANSWER✅✅✅
Fashion Pyramid - CORRECT ANSWER✅✅✅3. new Fashion: one and done
2. Repeat Items with Updates, may repeat season to season or year to year (core)
1. Repeat Items that run continuously regardless of season, usually with little update (essential, basic)
top to bottom: profit increases
bottom to top: time and effort increases
Product attribute: - CORRECT ANSWER✅✅✅•Everything that describes the product; characteristics.
•Goal: What makes the product more attractive, more useful and will generate more profit?
•Product Attributes are useful for organization, marketing, branding.
•Informational
•Size
•Colorways, colors
•Materials
•Product category: dress, top, pant, etc
.•Sustainability
•Price Point
, •Functional: claims about what it does
•wicking, slenderize, anti-odor
•Aesthetic: claims about what it looks like•Historical period, art period
one constant of fashion - CORRECT ANSWER✅✅✅change
Understanding Product Development - CORRECT ANSWER✅✅✅Wholesale Brands vs. Private Brands
Fashion Level
Product Distribution
The Product Development Calendar
Competitive Advantage in a Mature Industry
product development - CORRECT ANSWER✅✅✅the strategic, creative, technical, production &
distribution planning of goods:
-With a perceived value
-For a well-defined consumer group
-Must reach market when consumers are ready to buy
THE ROLE OF PRODUCT DEVELOPMENT AND ITS VARIATIONS - CORRECT ANSWER✅✅✅-Consumer-
driven
-Seeks to eliminate non-value-adding steps such as warehousing
-Defines the product through detailed standards and specs
-Requires partners who share the responsibility and risk for producing a quality product
-Dependent on each partner's ability to meet schedules in order to deliver a product when consumers
are ready to buy
-Lends itself to distribution through multiple channels (e.g., stores, Internet, and catalog)
The Dynamics of Product Development - CORRECT ANSWER✅✅✅-Who is doing the developing—
wholesalers or retailers?
-What kind of products are they developing—basic, seasonal, or fashion forward?
