DECA Marketing Cluster Exam #1 – Study Guide – Flashcards

question
tort
answer
a civil wrong that can cause someone to suffer loss or harm resulting in legal liability for the person who committed the wrongdoing
question
Respondeat superior
answer
a doctrine that states that an employer may be held responsible for an employee's tort if the employee's wrongful or harmful actions are related to his/her job
question
agents
answer
businesses or individuals who assist in the sale and/or promotion of products but do not buy them from the producer
question
retailers
answer
purchase finished goods to resell to the consumer
question
antitrust laws
answer
federal and state government laws that regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers
question
executive summary
answer
provides an overview of the entire document and contains the most important information included in the body of the report; introduction to a marketing plan
question
bureaucracy
answer
formal rules and hierarchal management
question
Machine bureaucracies
answer
simple, stable work environments; standardized work processes; specialization by work task
question
Adhocracy organizational structures
answer
work-teams to create new processes; project-team orientation
question
Matrix organizational structures
answer
tend to share resources
question
contingency plan
answer
a plan designed to take a possible future event or circumstance into account
question
excise tax
answer
referred to as the "sin tax" i.e. gasoline, cigarettes, luxury cars, alcohol
question
estate tax
answer
inherited items
question
When the rate of inflation increases rapidly
answer
the government might impose laws to tighten money supply
question
tight money supply
answer
higher interest rates
question
investing spending increases
answer
money supply is usually loose β†’ lower interest rates
question
economic recession
answer
consumer spending decreases β†’ the government may implement policies that lower interest rate to stimulate commercial growth and consumer spending
question
exchange rate
answer
value of a country's currency in relation to other countries' currency values
question
dominant culture
answer
culture a person most identifies with
question
subculture
answer
secondary group within a dominant group
question
lien
answer
legal claim to an item of property that protects the seller if the buyer does not complete payment
question
payroll deduction
answer
money an employer withholds from an employee's gross earning i.e. income taxes (employer pays to the government on behalf of the employee), health insurance premiums, voluntary savings, child-support payments
question
gross earnings
answer
income before deductions
question
net pay
answer
amount employee receives in paycheck; after deductions have been subtracted from gross earnings
question
pay rate
answer
base amount of pay a worker earns at a set interval
question
commercial banks
answer
individuals and businesses; checking and savings accounts, loans, credit cards, overdraft protection
question
investment banks
answer
corporations; underwriting securities, aiding in mergers and acquisitions, etc.
question
CPA (Certified Public Accountant)
answer
accounting services
question
brokerage
answer
buys and sells securities on behalf of investors
question
primary data/raw data
answer
facts collected specifically for a problem or project on hand (collected after the marketing-research brief is developed) i.e. observing, interviewing, surveying
question
secondary data
answer
collected for purposes other than the project at hand
question
exploratory research
answer
helps define a marketing issue, situation, opportunity, or concern
question
causal research
answer
cause and effect; "what if"; conducting experiments manipulating one or more independent variables and examining the outcome
question
descriptive research
answer
gathering specific information related to a specific issue, situation, or concern
question
balanced scale
answer
an itemized scale that provides an equal number of favorable responses as unfavorable responses i.e. highly dissatisfied, dissatisfied, neutral, satisfied, highly satisfied
question
continuous scale
answer
non-comparative; line bounded by two opposite variables i.e. worst to best
question
product diaries
answer
surveys that require participants to log various types of information in a central location over an extended period of time
question
media-use diaries
answer
surveys that help determine the viewing preferences of participants
question
range
answer
distance between the smallest and largest value in a set of responses
question
mean
answer
average (sum of responses divided by number of options provided)
question
mode
answer
most common value in a set of questions
question
rank
answer
order of importance
question
marketing-research brief
answer
a proposed plan for approaching a marketing-research study that defines or clarifies the issue or problem, states the objectives, and suggests ways to approach the research process
question
dissonance-reducing buying behavior
answer
Expensive items purchased infrequently; require high customer involvement due to the thought and consideration that the purchase requires; few perceived differences among brands as customers are more concerned with appearance, feel, and durability, rather than brand i.e. vacuums, carpeting, etc.
question
routine/habitual buying behavior
answer
Inexpensive goods on a frequent basis; little involvement or thought; few differences among brands i.e. soap, toilet paper, etc.
question
complex buying behavior
answer
Infrequent, expensive purchases β†’ high customer involvement; strong brand recognition i.e. cars
question
marketing plan
answer
set of procedures or strategies for attracting the target market to a business
question
situational analysis
answer
current marketing situation, goals, finances, target market, market share, etc.
question
SWOT analysis chart
answer
1.Strengths, Weaknesses, Opportunities, Threats i. internal and external 2. Summarizes the results of situation analysis
question
slide sorter
answer
view and move thumbnails of existing slides
question
transition function
answer
creates different effects to move from one slide to the next
question
promote paragraph
answer
move sub points and bullet points to higher positions
question
note master function
answer
create speaking notes from the slide text
question
Steps of the bidding process
answer
1. Identifying needs 2. Request for proposal (RFP) 3. Assessing each bidder's strengths and weaknesses 4. Negotiate the terms with the vendor
question
Request for proposal (RFP)
answer
summarizes the details about the business's needs, bid requirements, and deadlines
question
quality control
answer
ensuring that the degree of excellence of a good, service, process, or activity
question
price fixing/collusion
answer
businesses agree on the prices of their goods and services β†’ little consumer choice and restricts competition
question
bait and switch
answer
business promotes a low-priced item to attract customers, then tries to sell a higher priced item
question
loss-leader pricing
answer
pricing a product below cost to attract customers
question
gray markets
answer
selling goods to unauthorized dealers for very low prices
question
introduction stage
answer
1. early adopters are likely to buy; minimal competition β†’ high prices 2. promotion efforts designed to inform the target market that the new product exists
question
growth stage
answer
1. competitors have introduced similar products to the marketplace β†’ lower prices and increased promotional efforts to remain competitive 2. use promotional activities to differentiate its products from those of its competitors
question
maturity stage
answer
promotional efforts focus on reminding customers of the product's benefits
question
declining stage
answer
sales drop as newer products are being introduced to the market; less money spent on promoting the product
question
Radio frequency identification
answer
1. Use of wireless transmitter to store product information 2. Improves efficiency levels of the product/service management function through all levels of the distribution channel
question
brainstorming
answer
identifying as many ideas as possible during a certain time frame
question
facilitator
answer
keeps order, encourages participation, fosters a creative environment, and documents the ideas for further review
question
facilitators should not...
answer
should not evaluate the ideas or initiate debate β†’ hinder the creative-thinking process and discourage group members from participating
question
grading
answer
process of rating products according to certain established standards or characteristics i. Uniformity and consistency among products ii. Based on contents of a product
question
channel differentiation
answer
Businesses that use selective distribution channels choose the dealers and distributors (channel members) who will best represent the brand, be willing to learn about the product, and work hard to market the product
question
customization
answer
creating unique products or activities
question
corporate brand
answer
combined impressions, images, or experiences association with a company/parent entity
question
point of difference
answer
the way in which its product attributes differ from those of competitors' products β†’ use these differences as strengths to position itself against the competition and to provide the target market with a positive frame of reference about the brand
question
puffery
answer
use of exaggerated expressions or claims to describe a product or its features
question
stealth marketing
answer
business tries to stimulate interest in a product without disclosing to the public that the business is paying others to create the "buzz"
question
ambush marketing
answer
non-sponsoring business tries to associate with an event to gain recognition as a sponsor
question
Public-relations (PR) department
answer
establishes good relations between the business and its publics i. Target market, stakeholders, local business community, employees, and local residents
question
Research and development department
answer
conducts product research and develop product prototypes
question
Human resources (HR) department
answer
maintains management guidelines, historical human resource records, and staff by recruiting, selecting, orienting, and training employees
question
Advertising department
answer
selects media for the business's advertising
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question
tort
answer
a civil wrong that can cause someone to suffer loss or harm resulting in legal liability for the person who committed the wrongdoing
question
Respondeat superior
answer
a doctrine that states that an employer may be held responsible for an employee's tort if the employee's wrongful or harmful actions are related to his/her job
question
agents
answer
businesses or individuals who assist in the sale and/or promotion of products but do not buy them from the producer
question
retailers
answer
purchase finished goods to resell to the consumer
question
antitrust laws
answer
federal and state government laws that regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers
question
executive summary
answer
provides an overview of the entire document and contains the most important information included in the body of the report; introduction to a marketing plan
question
bureaucracy
answer
formal rules and hierarchal management
question
Machine bureaucracies
answer
simple, stable work environments; standardized work processes; specialization by work task
question
Adhocracy organizational structures
answer
work-teams to create new processes; project-team orientation
question
Matrix organizational structures
answer
tend to share resources
question
contingency plan
answer
a plan designed to take a possible future event or circumstance into account
question
excise tax
answer
referred to as the "sin tax" i.e. gasoline, cigarettes, luxury cars, alcohol
question
estate tax
answer
inherited items
question
When the rate of inflation increases rapidly
answer
the government might impose laws to tighten money supply
question
tight money supply
answer
higher interest rates
question
investing spending increases
answer
money supply is usually loose β†’ lower interest rates
question
economic recession
answer
consumer spending decreases β†’ the government may implement policies that lower interest rate to stimulate commercial growth and consumer spending
question
exchange rate
answer
value of a country's currency in relation to other countries' currency values
question
dominant culture
answer
culture a person most identifies with
question
subculture
answer
secondary group within a dominant group
question
lien
answer
legal claim to an item of property that protects the seller if the buyer does not complete payment
question
payroll deduction
answer
money an employer withholds from an employee's gross earning i.e. income taxes (employer pays to the government on behalf of the employee), health insurance premiums, voluntary savings, child-support payments
question
gross earnings
answer
income before deductions
question
net pay
answer
amount employee receives in paycheck; after deductions have been subtracted from gross earnings
question
pay rate
answer
base amount of pay a worker earns at a set interval
question
commercial banks
answer
individuals and businesses; checking and savings accounts, loans, credit cards, overdraft protection
question
investment banks
answer
corporations; underwriting securities, aiding in mergers and acquisitions, etc.
question
CPA (Certified Public Accountant)
answer
accounting services
question
brokerage
answer
buys and sells securities on behalf of investors
question
primary data/raw data
answer
facts collected specifically for a problem or project on hand (collected after the marketing-research brief is developed) i.e. observing, interviewing, surveying
question
secondary data
answer
collected for purposes other than the project at hand
question
exploratory research
answer
helps define a marketing issue, situation, opportunity, or concern
question
causal research
answer
cause and effect; "what if"; conducting experiments manipulating one or more independent variables and examining the outcome
question
descriptive research
answer
gathering specific information related to a specific issue, situation, or concern
question
balanced scale
answer
an itemized scale that provides an equal number of favorable responses as unfavorable responses i.e. highly dissatisfied, dissatisfied, neutral, satisfied, highly satisfied
question
continuous scale
answer
non-comparative; line bounded by two opposite variables i.e. worst to best
question
product diaries
answer
surveys that require participants to log various types of information in a central location over an extended period of time
question
media-use diaries
answer
surveys that help determine the viewing preferences of participants
question
range
answer
distance between the smallest and largest value in a set of responses
question
mean
answer
average (sum of responses divided by number of options provided)
question
mode
answer
most common value in a set of questions
question
rank
answer
order of importance
question
marketing-research brief
answer
a proposed plan for approaching a marketing-research study that defines or clarifies the issue or problem, states the objectives, and suggests ways to approach the research process
question
dissonance-reducing buying behavior
answer
Expensive items purchased infrequently; require high customer involvement due to the thought and consideration that the purchase requires; few perceived differences among brands as customers are more concerned with appearance, feel, and durability, rather than brand i.e. vacuums, carpeting, etc.
question
routine/habitual buying behavior
answer
Inexpensive goods on a frequent basis; little involvement or thought; few differences among brands i.e. soap, toilet paper, etc.
question
complex buying behavior
answer
Infrequent, expensive purchases β†’ high customer involvement; strong brand recognition i.e. cars
question
marketing plan
answer
set of procedures or strategies for attracting the target market to a business
question
situational analysis
answer
current marketing situation, goals, finances, target market, market share, etc.
question
SWOT analysis chart
answer
1.Strengths, Weaknesses, Opportunities, Threats i. internal and external 2. Summarizes the results of situation analysis
question
slide sorter
answer
view and move thumbnails of existing slides
question
transition function
answer
creates different effects to move from one slide to the next
question
promote paragraph
answer
move sub points and bullet points to higher positions
question
note master function
answer
create speaking notes from the slide text
question
Steps of the bidding process
answer
1. Identifying needs 2. Request for proposal (RFP) 3. Assessing each bidder's strengths and weaknesses 4. Negotiate the terms with the vendor
question
Request for proposal (RFP)
answer
summarizes the details about the business's needs, bid requirements, and deadlines
question
quality control
answer
ensuring that the degree of excellence of a good, service, process, or activity
question
price fixing/collusion
answer
businesses agree on the prices of their goods and services β†’ little consumer choice and restricts competition
question
bait and switch
answer
business promotes a low-priced item to attract customers, then tries to sell a higher priced item
question
loss-leader pricing
answer
pricing a product below cost to attract customers
question
gray markets
answer
selling goods to unauthorized dealers for very low prices
question
introduction stage
answer
1. early adopters are likely to buy; minimal competition β†’ high prices 2. promotion efforts designed to inform the target market that the new product exists
question
growth stage
answer
1. competitors have introduced similar products to the marketplace β†’ lower prices and increased promotional efforts to remain competitive 2. use promotional activities to differentiate its products from those of its competitors
question
maturity stage
answer
promotional efforts focus on reminding customers of the product's benefits
question
declining stage
answer
sales drop as newer products are being introduced to the market; less money spent on promoting the product
question
Radio frequency identification
answer
1. Use of wireless transmitter to store product information 2. Improves efficiency levels of the product/service management function through all levels of the distribution channel
question
brainstorming
answer
identifying as many ideas as possible during a certain time frame
question
facilitator
answer
keeps order, encourages participation, fosters a creative environment, and documents the ideas for further review
question
facilitators should not...
answer
should not evaluate the ideas or initiate debate β†’ hinder the creative-thinking process and discourage group members from participating
question
grading
answer
process of rating products according to certain established standards or characteristics i. Uniformity and consistency among products ii. Based on contents of a product
question
channel differentiation
answer
Businesses that use selective distribution channels choose the dealers and distributors (channel members) who will best represent the brand, be willing to learn about the product, and work hard to market the product
question
customization
answer
creating unique products or activities
question
corporate brand
answer
combined impressions, images, or experiences association with a company/parent entity
question
point of difference
answer
the way in which its product attributes differ from those of competitors' products β†’ use these differences as strengths to position itself against the competition and to provide the target market with a positive frame of reference about the brand
question
puffery
answer
use of exaggerated expressions or claims to describe a product or its features
question
stealth marketing
answer
business tries to stimulate interest in a product without disclosing to the public that the business is paying others to create the "buzz"
question
ambush marketing
answer
non-sponsoring business tries to associate with an event to gain recognition as a sponsor
question
Public-relations (PR) department
answer
establishes good relations between the business and its publics i. Target market, stakeholders, local business community, employees, and local residents
question
Research and development department
answer
conducts product research and develop product prototypes
question
Human resources (HR) department
answer
maintains management guidelines, historical human resource records, and staff by recruiting, selecting, orienting, and training employees
question
Advertising department
answer
selects media for the business's advertising