Define "Fashion" and "Fad" So That Their Differences Are Clear

question 45

Short Answer

Define "fashion" and "fad" so that their differences are clear.

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Definitions:

Phases

Distinct stages or steps in a process or project, each with its specific objectives and activities.

Substitutability

The degree to which one product or service can be replaced with another to satisfy the same need or want.

Stockout Costs

Expenses associated with running out of stock, including lost sales, expedited shipping costs, and decreased customer satisfaction.

Marketing Mix

The set of actions, or tactics, that a company uses to promote its brand or product in the market, commonly encapsulated by the four Ps: Product, Price, Place, and Promotion.