Fashion Marketing Chapter 3

Primary Market
The industry segment that includes businesses that grow and produce the raw materials that become fashion apparel or accessories.
Secondary Market
The industry segment that includes businesses that transform raw materials into fashion in the merchandise production phase.
Tertiary Market
The industry segment that includes retail businesses such as stores
Retailing
the selling of products to customers
sole proprietorship
business owned and operated by one person
Partnership
a business created through a legal agreement between 2 or more people who are jointly responsible for the success or failure of the business
corporation
a business that is chartered by a state and legally apart from the owner or owners
risk
the possibility that a loss can occur as the result of the business decision or activity
risk management
a strategy to offset business risks
globalization
the increasing integration
imports
goods that come into a country from foreign sources or goods that a country buys other countries
exports
goods that a country sends to a foreign source or goods that a country sells to other countries
balance of trade
the relationship between a country’s imports and exports, and it affects the economic health of a country
supply
the quantity of product offered for sale at all possible prices
demand
the consumer’s willingness and ability to buy and/or use products
profit
which is the money a business makes after all costs and expenses are paid, is the motivation to do business
trade quotas
restrictions on the amount of particular good or service that a country is allowed to sell or trade