CTE 4605 Exam Study Guide

CTE 4605 Exam Study Guide

1. Fast Fashion: The goal is to reduce the speed to market and provide the con- sumer with product on a more regular basis. Supply chain as a key driver for success Takes advantage of free-trade and technology advancements to meet rising de- mand. 2. Supplier base: Establishing a reliable and trustworthy supplier base is critical to the smooth and seamless workings of sourcing and production. it is foundational to the process of procuring the products and/or services necessary to be successful in the fashion industry 3. Globalization: places increased demands on the supply chain because of the need to balance local business practices with those of countries around the globe. This adds stress to the supply chain from a shipping, sales, and marketing stand- point 4. The Digital Movement: has necessitated transparency in pricing and the fre- quent replenishment of goods to the consumer, while constantly adding pressure to the bottom line 5. The Omnichannel Model: a multichannel approach to sales that seeks to provide the customer with a seamless shopping experience this model comes with the added stressors of keeping abreast of ever-changing technological trends and developing ways to get products into the consumer's hands 6. Financial Factors: multinational corporations operating around the world need to be well versed in policy and politics, currency fluctuations, and local banking customs 7. Cost: Will continue to rise and and will be fueled by labor and compliance 8. Compliance: has been growing in importance and is only going to become more prominent which will impact the actions and behaviors of the sourcing community and everyone in the supply chain. Technology plays a role in accelerating the spread of information about workers' rights and the industry tragedies that continue to occur. This spread of information increases the pressure to develop policies that address these issues 9. Transparency: The consumers are demanding transparency through the supply chain so companies need to reveal all their sources of supply. The industry will never reveal all its supplier information for fear of giving away its competitive advantage