Management of Fashion and Luxury Companies Quiz Answers

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Week 3: Management of Fashion and Luxury Companies

Quiz 1 : Modules 1-3

Q1. Which of the following statements defines the relationship between fashion and style?

  • Fashion is driven by the artificial shortening of a product’s lifecycle related to the concept of seasonality while style is not.
  • Style is about ambivalence of status while fashion is about ambivalence of gender.
  • There is no difference, they both are the same concept.

Q2. Which of the following are sources of inspiration for fashion trends? (Choose all that apply.)

  • Media and art
  • Focus groups testing consumers’ reactions
  • The fashion pipeline
  • Designer’s creativity

Q3. What is the difference between fashion and luxury?

  • Fashion is about the artificial shortening of a product’s lifecycle while luxury is about conveying culture, creativity, and excellence.
  • While luxury is at the highest part of the market pyramid, what we call fashionable are mainly companies and brands competing in the mid and mass market.
  • The meaning of fashion is context dependent while luxury is not.

Q4. What is luxury not? (Choose all that apply.)

  • Complicated
  • Multifaceted
  • Completely replicable
  • Timeless
  • Democratic

Q5. What is a key success factor to compete in the luxury goods market?

  • A famous designer
  • The capability to evoke a sense of myth and fascination for the brand
  • A wide distribution network

Q6. Which among the following statements about the luxury clientele is correct?

  • All high net worth individuals (HNWIs) are luxury customers.
  • The luxury market has more than tripled in twenty years (1995-2013).
  • In 2005-2013 the segment of clients buying in “accessible luxury” grew more than those buying in the segment of “absolute luxury.”

Q7. What are the advantages for a luxury brand to be part of a conglomerate?

  • Centralization of design direction
  • Savings on media spending
  • Better sharing of retail space among brands in the portfolio

Q8. Which of the following statements about the business model of vertical retailers is correct?

  • Mass basic retailers offer a flow delivery of new fashionable merchandise in large stores at convenient prices.
  • H&M and The Gap both have production offices next to their main suppliers.
  • All vertical retailers strictly control every step and all activity of their value chain.

Q9. How can licensing be defined?

  • A partnership in manufacturing among two companies
  • The process of leasing a trademarked or copyrighted entity, known as a “property” for use in conjunction with a product, service, or promotion
  • A subcontracting strategy to complement capabilities in manufacturing

Q10. Which statement about licensing management in fashion and luxury is correct?

  • The licensee is the brand owner and the licensor takes care of the strategy’s execution.
  • Apparel and shoes are the two most important licensed categories in fashion and luxury.
  • The licensee develops prototypes according to licensor’s design direction and manufactures the sample collection.

Q11. What are the main market segments in the fashion industry?

  • Luxury brands, fashion designers, premium brands, and fast fashion retailers
  • Those identified by using price as the variable to segment the market
  • Womenswear, menswear, kidswear, formalwear, and sportswear

Q12. What did the change of the Dolce & Gabbana’s business model consist of?

  • Closing the D&G young line in order to better focus on the master brand Dolce & Gabbana.
  • Evolving from a licensor into a licensee that takes care of the manufacturing and distribution of apparel also for other companies in order to maximize production efficiency.
  • Evolving from a family run business into a public company in order to have more financial resources for achieving growth goals.

Q13. What is a key success factor for premium brands?

  • The glamour granted by the fashion show
  • The creation of a very exclusive selling ceremony
  • The right marketing mix (i.e. a combination between trendy products, value for money, customer service, and a strong concept of communication)

Q14. Why can Albini Group be considered an example of ingredient brand?

  • The company has made many videos about designer’s creativity and the glamorous events they organize.
  • The company understood that, in a sector as competitive as the textile one is, in order to get a premium price it is necessary to educate the final customer to recognize and appreciate the value of the fabric.
  • The company has moved from B2B to B2C and it now sells its own shirts’ collection.

Q15. Which among the following statements about fashion trends is correct? (Choose all that apply.)

  • The process of fashion trends diffusing from designers to the street is called the trickle down process.
  • Speed combined with cheap prices and the 24-hour accessibility of online shopping makes it difficult for today’s consumers to scout and create new trends.
  • Trends are generated from a consensus within the different actors of the fashion pipeline.
  • The process of fashion trends diffusing from the street to the catwalk is named the trickle across phenomenon.

Q16. How can the stylistic identity be defined in fashion?

  • Stylistic elements that are long lasting and deeply connected with the brand heritage and storytelling
  • The variety of styles, occasions of use, sizes identifying the brand seasonal collection
  • The strategy each brand follows in order to change its style according to seasonal trends

Q17. Which of the following elements is part of DSQUARED2’s stylistic identity? (Choose all that apply.)

  • Maple leave
  • Ruffles
  • Fur
  • Denim
  • Lace

Q18. Within the product development process, which among the following activities belongs to the collection sampling phase?

  • Defining overall inspiration for the collection
  • Collection briefing, presentation, and discussion
  • Materials purchase

Q19. Which among the following statements about authority brands is correct?

  • They focus on patents, innovation, and distinctive styles or products and are enriched by experiential product benefits.
  • These brands have the power to influence by virtue of their timelessness and are enriched by social product benefits.
  • These brands are carriers of universal values and stories ​​that they express through a wide range of products characterized by instantly recognizable codes.

Q20. Which of the following is an icon brand? (Choose all that apply.)

  • Tiffany
  • Bulgari
  • Hermès
  • Woolmark

Week 5: Management of Fashion and Luxury Companies

Quiz : Module 4 & 5

Q1. Why do fashion and luxury brands become retailers?

  • To capture the retail margin
  • To increase the number of doors and the market coverage
  • To collect relevant information about their trade customers and the sell-in

Q2. Considering the evolution of the fashion retail scene, which among the following trends is not true?

  • The share of fast fashion retailers, such as Zara, is decreasing.
  • There is an emergence of e-commerce platforms such as Asos, Yoox, and Net-a-porter.
  • The transformation of corners into concessions operated directly by brands within department stores.

Q3. Which among the following retailers can be defined as a specialty fashion chain?

  • Tesco
  • Decathlon
  • Harrods
  • Footlocker
  • Printemps
  • Macy’s

Q4. Which of the following sentences about retail management is false?

  • Travel-related channels are considered transnational.
  • Luxury companies usually have multi-channel and multi-format distributions.
  • Corners are points of sale managed by retailers.

Q5. Which among the following activities are part of a retail strategy?

  • Managing the network of wholesale customers
  • Field marketing: relational marketing activities, the customer database, events on the point of sale, communication activities, direct marketing
  • Briefing the design team about the collection allocation in the store

Q6. Which among these facts about the fashion online channel is right?

  • The best performing format is the online multi-brand store.
  • Fashion and luxury companies have resisted the e-commerce channel for a long time since it was associated with discounting and counterfeiting.

Q7. What is Net-a-Porter?

  • A flash sales player
  • A mono brand website
  • An online outlet
  • A pure play e-tailer
  • A hybrid model of retailer operating both online and offline

Q8. What is the definition of masstige?

  • A fashion statement that mixes both mass-produced and prestigious clothes (“mix and match”)
  • The attempt of luxury brands to enter product categories with more accessible price ranges
  • The market segment made of diffusion young lines of fashion designer brands

Q9. With regard to key features in fashion communication, which among the following statements is false?

  • It is key to balance the accessibility of the medium with the exclusivity of the message.
  • The symbolic values of fashion brands are more easily delivered through communication based on images rather than copywriting.
  • Copywriting is more effective than visual tools for communicating the symbolic value of fashion products.

Q10. Which of the following statements about transmedia storytelling is true?

  • It is a strategic tool for communicating brand values mainly related to the heritage of the brand.
  • It is about communicating the brand sources of uniqueness through advertisement and event creation.
  • The user becomes a co-creator of the narrative, not just a consumer of it.

Q11. Which among the following statements about communication identity is true?

  • The tone of voice can be defined as “what” a company says.
  • The concept of communication identity can be defined as the “how” a company speaks to its audience.
  • The communication concept is the first and most important thing that the company wants to communicate.

Q12. Which of the following statements about a photoshoot is true?

  • It should be recognizable due to key characteristics like the use of similar typologies of models.
  • It should be recognizable due to key characteristics like always using the same iconic product.
  • It creates a world apart from the product that has to be seen as a commodity.

Q13. What should fashion companies do in order to develop successful digital communication?

  • Keep the virtual separated from the physical world in order to avoid any confusion
  • Create original and relevant content
  • Design a global approach with no local adaptations

Q14. Which among the following statements about corporate communication is true?

  • The main objective is to make sure that the reputation of the company is in line with what the company really is, encompassing its relationship with all the stakeholders.
  • Corporate Social Responsibility is not the business of the Communication Manager.
  • The Communication Manager speaks about the creative side and therefore the spokesperson is the Creative Director.

Q15. Which among the following statements about communication is true?

  • To create engagement as far as the media is concerned companies should work on integration.
  • Fantasy plots work better than authentic stories to create engagement.
  • Traditional and new media should be kept separated in order to avoid any confusion.

Week 6: Management of Fashion and Luxury Companies

Quiz : Final Test

Q1. What is Nike’s core business (in terms of revenue)?

  • Apparel
  • Footwear
  • Licensing
  • Equipment

Q2. Which of the following is Ferragamo’s business model?

  • Vertical retailer
  • Premium brand
  • Designer brand
  • Luxury brand

Q3. Is Ferragamo more retail/directly operated or wholesale driven (in terms of revenue)?

  • Retail driven
  • Wholesale driven
  • I cannot tell from the report
  • Equally balanced

Q4. Which stages of the production are directly managed by Ferragamo? (Choose ALL that apply.)

  • None, all processes are managed by external suppliers
  • Industrialization stage
  • All processes
  • Production
  • Quality control

Q5. Is the home market still the most important market for Nike (in terms of revenue)?

  • No, the most important market is Western Europe
  • I cannot tell from the report
  • Yes
  • No

Q6. Does Ferragamo have any retail format within the transnational channel?

  • No, the company operates only within the direct and wholesale channel.
  • Yes, the company owns some stores in airports and has developed its e-commerce.
  • Yes, the company owns corners and outlets worldwide.
  • No, the company only has its own stores.

Q7. Does Ferragamo rely on its country branding?

  • Yes, “Made in …” is key to the company.
  • No, other factors are more important.
  • No, the company does not identify country branding as a key distintic factor for the company.
  • No, production facilities are outside Europe.

Q8. Does Ferragamo act as licensee?

  • Yes, in eyewear and watches
  • Yes, in fragrances for Ungaro
  • No
  • Yes, in accessories

Q9. What is the distinctive feature of Ferragamo’s communication?

  • A strong digital presence
  • Celebrity marketing
  • Charity and art foundation

Q10. Is Ferragamo active in the ready-to-wear market?

  • No, benig a luxury brand it can not be active in the ready to wear segment
  • No
  • Yes
  • I cannot tell from the report
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