How Does Zara Differ from Its Competitors in Converting Ideas

question 47

Multiple Choice

How does Zara differ from its competitors in converting ideas into products?

• A) Zara concepts appear in stores in fifteen days on average compared to rivals who receive new styles once or twice a season.
• B) Zara's ideas are inspired by social media, compared to the intrinsic design processes followed by its competitors.
• C) Zara's design and concept teams use data from customers to predict fashion trends many months into the future and stock up inventory accordingly, as opposed to its rivals.
• D) Collaborations with celebrities help Zara churn out a limited, yet profitable, volume of items every year, while rivals produce a higher volume of less fashionable items.
• E) By focusing on a smaller number of products than rivals like Gap, Zara manages to limit exposure to wrong guesses.

Comprehend the importance of setting effective goals within a Management by Objectives (MBO) system and the attributes that goals should have.

Understand the methodologies and rationales behind various performance appraisal timing and feedback strategies.

Understand the basic concepts and theories of organizational management and leadership.

Identify and analyze the components of organizational structure and function.

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Definitions:

Gross Negligence

A severe lack of care or attention to duty that represents a reckless disregard for the safety or lives of others, often leading to serious harm or damage.

Slight Negligence

The failure to use that degree of care that persons of extraordinary prudence and foresight are accustomed to use.

Reasonable Care

A legal standard that requires individuals or entities to act with the caution and diligence that a prudent person would under similar circumstances.

Bailment

The transfer of possession of personal property from one person to another with the understanding that the property will be returned.