You can find the correct answer and detailed explanation for each question immediately following the question (simply highlight to read), along with all the answers at the end of the quiz. Good luck!
Question 1: Which of the following milestones is the Michael Kors organization hoping to reach soon?
a. selling in the most number of countries
b. using a greater percentage of organic cotton in its garments
c. most successful IPO ever
d. serving 10 million meals as part of its relationship with the United Nations Food Programme
Answer 1: Choice (d) is correct. According to Lisa Pomerantz, senior vice president of global communications and marketing for Michael Kors, “two years ago we launched a campaign with the United Nations World Food Programme called "Watch Hunger Stop", selling specific watches unique to the initiative. For every watch that's sold, 100 meals are served to children in need — we're hoping to reach 10 million meals soon.”
Question 2: Ringly, a start-up that makes women’s rings with embedded digital technology, has 10 employees. How many are engineers?
Answer 2: Choice (c) is correct. Out of Ringly’s ten full-time employees, eight are engineers. The other two work in jewellery design and marketing, respectively, with Christina Mercando acting as head of product as well as CEO.
Question 3: According to Forrester Research report “The Future of Shopping,” retailers should pursue which demographic segment?
b. older customers
d. young parents
Answer 3: Choice (b) is correct. “The Future of Shopping” looked at income and demographic changes over the past 40 years. The bulk of consumer spending has shifted from those younger than 45, who now make up a smaller percentage of the population and are strapped with student loans, to those 45 and older, who have equity in their homes and bigger incomes.
Question 4: For mega-brands, the median price of a handbag is ____.
Answer 4: Choice (a) is correct. The median price of handbags designed by megabrands is now around €1,500.
Question 5: The euro’s weakness ____ the luxury goods industry.
c. doesn’t affect
d. none of the above
Answer 5: Choice (a) is correct. The euro’s weakness is benefiting the luxury goods industry.
Question 6: On a per-capita basis, which country spends the most on skincare?
a. South Korea
Answer 6: Choice (a) is correct. South Korean per capita spending on skin care in 2014 was $99.40, compared with $64.40 in France and $43 in the U.S., according to Euromonitor International.
Question 7: Which fashion company has the philosophy of “never say no to an opportunity”?
Answer 7: Choice (c) is correct. According to Lisa Pomerantz, senior vice president of global communications and marketing for Michael Kors, the philosophy is pretty much, “never say no to an opportunity.” I think there's an American aspect to that, we look at every opportunity — even from a query that comes in from a customer through one of our social accounts or through the website.
Question 8: The beauty industry is dominated by 10 conglomerates, which control ____ percent of the market.
Answer 8: Choice (c) is correct. The beauty industry is a $60 billion beauty industry, dominated by ten traditional conglomerates — including L’Oréal and LVMH — which control 70 percent of the market.
Question 9: Which celebrity has a fashion brand that generates $1 billion in annual sales?
a. Sarah Jessica Parker
b. Jennifer Lopez
c. Paris Hilton
d. Jessica Simpson
Answer 9: Choice (d) is correct. Jessica Simpson’s fashion line hauls in about $1 billion in annual sales.
Question 10: What percent of total global luxury market sales come from accessories?
Answer 10: Choice (b) is correct. Sales of accessories have rocketed in the past decade and, today, account for almost 30 percent of the total global luxury market, up from 18 percent in 2003. Mostly this growth has been driven by handbags.
Answer Key: 1. (d) 2. (c) 3. (b) 4. (a) 5. (a) 6. (a) 7. (c) 8. (c) 9. (d) 10. (b)