DECA Marketing Cluster Exam Prep – Flashcards
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Torts
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Civil wrongdoings that cause harm or injury to another party
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Appropriation
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Type of tort; involves a business or person who uses - without permission - another person's name, likeness, and other unique characteristics for the benefit or gain of the user
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Wrongful Interference
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Type of tort; consists of predatory behavior undertaken by a business to draw either customers or employees away from a competitor
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Defamation
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Type of tort; involves making false, malicious statements about a person or organization
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Conversion
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Type of tort; occurs when personal property is taken from the owner and given to someone else to use
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Corporation
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Form of ownership; a group of individuals organized by a charter that is granted by a state. Owned by stockholders who have purchased stock. Acts as a "legal person" in doing business
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Partnership
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Form of ownership; the business is owned by two or more persons
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Proprietorship
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Form of ownership; business is owned by one person a.k.a. Sole Proprietorship
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Cooperative
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Form of ownership; owned and operated by its user-owners to supply goods and services to its members
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Channel Management
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Understanding the concepts and processes needed to identify, select, monitor, and evaluate sales channels
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Promotion
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Understanding the concepts and strategies needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome
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Pricing
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Involves determining and adjusting prices to maximize return and meet customers' perceptions of value
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Product/Service Management
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Involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
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Intermediaries
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Middlemen; Include sales agents, wholesalers, and retailer who perform specific functions in the movement of goods from producers to consumers
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Direct Channels of Distribution
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Do not involve intermediaries; involve producers and either industrial or ultimate consumers
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Green Marketing
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Practice of pricing, promoting, and distributing products in a way that they do not harm the natural environment
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Consumer Protection
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Deals with safety features and product labeling standards that protect the consumer
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Social Awareness
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A term used to describe the practice of enlightening the community of business actions to promote social welfare
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International Marketing
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Marketing goods and services in foreign countries
