What is the difference between fads, styles, and fashions?

What does the following statement mean to you: “Why put off failing until tomorrow or next week if you can fail now?

What is the difference between fads, styles, and fashions? Give an example for each of these categories. 

Take the fad product and explain how it could be maintained on the market past its fad stage. Describe your strategies for doing so. How could the Internet be used to aid your strategy?  

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