# CTE Resource Center - Verso - Fashion Marketing Task 1411502083

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Examine the impact of internal shortage, external shortage, and shrinkage on the profit of a fashion business.

Definition

Examination should include the types of shortage and shrinkage (e.g., pilferage, damage, error) and causes of shrinkage (e.g., employees, customers, vendors, manufacturers), as well as research on the economic effects of shortage and shrinkage on various companies within the fashion industry.

Process/Skill Questions

  • How can an apparel business minimize shortage? Shrinkage?
  • How can technology help minimize shortage? Shrinkage?
  • How do shortage and shrinkage impact profits?
  • How do fashion businesses plan for shrinkage?
  • What is the difference between internal and external theft? What is the impact of each on business profits? Selling price?
  • What are some potential consequences of employee theft?
  • What can fashion businesses do to protect themselves from internal/external theft?
  • What are some common reasons for overages in inventory?

Related Standards of Learning

English

10.5

The student will read, interpret, analyze, and evaluate nonfiction texts.
  1. Analyze text features and organizational patterns to evaluate the meaning of texts.
  2. Recognize an author’s intended audience and purpose for writing.
  3. Skim materials to develop an overview and locate information.
  4. Compare and contrast informational texts for intent and content.
  5. Interpret and use data and information in maps, charts, graphs, timelines, tables, and diagrams.
  6. Draw conclusions and make inferences on explicit and implied information using textual support as evidence.
  7. Analyze and synthesize information in order to solve problems, answer questions, and generate new knowledge.
  8. Analyze ideas within and between selections providing textual evidence.
  9. Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a logical sequence of events, within and between texts.
  10. Use reading strategies throughout the reading process to monitor comprehension.

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

12.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
  1. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
  2. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
  3. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  4. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
  5. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

Mathematics

A.9

The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear and quadratic functions.

AII.9

The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear, quadratic, and exponential functions.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.2

The student will demonstrate knowledge of the role of producers and consumers in a market economy by
  1. describing how consumers, producers, workers, savers, investors, and citizens respond to incentives;
  2. explaining how businesses respond to consumer sovereignty;
  3. identifying the role of entrepreneurs;
  4. comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative;
  5. describing how costs and revenues affect profit and supply;
  6. describing how increased productivity affects costs of production and standard of living;
  7. examining how investment in human capital, capital goods, and technology can improve productivity;
  8. describing the effects of competition on producers, sellers, and consumers;
  9. explaining why monopolies or collusion among sellers reduces competition and raises prices; and
  10. illustrating the circular flow of economic activity.

National MBAResearch Standards-Business Administration

Develop policies/procedures to protect workplace security.

 

Identify potential business threats and opportunities to protect a business' financial well-being.

 

Implement security policies/procedures to minimize chance for loss.