DECA Marketing Cluster Exam Vocabulary – Flashcards
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The legal procedure
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The process of reviewing disputes and resolving them in a fair manner
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Sole proprietorship
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A form of business ownership in which a business is owned by one person
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Partnership
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Form of business ownership in which a business is owned by two or more people
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Corporation
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Owned by issuing stock, difficult to form and operate
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Monopoly
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Market is controlled by one supplier
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Marketing - information Management
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Marketing function that involves gathering, accessing, evaluating, and distributing data about customer preferences, opinions, habits and trends to use in business decisions
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Product/service management
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Involves obtaining, developing, maintaining and improving a product or service mix
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Selling
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Determining client needs and wants and responding through personalized communication which influences purchase decisions
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Promotion
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Communicating info about goods, sercices, images or ideas to achieve a desired outcome
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Wholesaler
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A business that buys goods from producers or agents and sells them to retailers
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Agents
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Assist in selling and promoting a producer's goods
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Producers
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Growers, providers, or manufacturers of goods or services
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Retailers
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Businesses that buy consumer goods or services and sell them to customers
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Integrated data between channel members
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Technology of electronic billing, purchase-order verification, bar coding and image processing enabling integrated data
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Vertical and horizontal channel integration
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Methods of organizing distribution channels
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Finance department
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Utilizes methods to share data
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Horizontal channel conflict
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Occurs between businesses at the same level
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Vertical channel conflict
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Occurs between different levels of the same channel (i.e. local branch vs. Corporate office)
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Marketing research
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Systematic gathering, recording, and analyzing data about problems relating to goods and services
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Businesslike telephone answering
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Identify the firm/department and yourself
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Casually operated groups
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Purpose is to give and find out opinions. No "rules" exist
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Complimentary closing
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Yours truly
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Work related problems should be discussed with...
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Their immediate supervisor
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How to make customers feel important
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Use their names in conversation
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Employee policy
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Policies that explain how employees are to act and deal with customers
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Things to avoid doing with slow, methodical customers
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Show them a large selection of products
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Possession utility
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Ownership of a product is transferred from the seller to the customer (credit plans)
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Place utility
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Making goods and services avaliable at the location wanted by customers
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Form utility
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When the shape or form of a product is altered to make it more useful
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When do prices increase?
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When buyers will be willing to pay higher prices
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Matrix organizational structure
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Uses horizontal authority to integrate departmental functions with product orientation
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Oligopoly
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Market structure with relatively few sellers where industry leaders determine prices
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Technical monopoly
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Type of monopoly in which seller controls the market with one or more technical products
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Advantages of specialization of labor
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It's easier to train employees
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Peak phase of the business cycle
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When economy prosperity reaches a high point and demand exceeds capabilities of producers
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Expansion phase of the business cycle
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The beginning of growth in economic activity
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Contraction
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When the economy declines
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Trough
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Economic activities are at lowest level
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Subculture
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Group with distinguishing characteristics that exist within a culture
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Purpose of negative feedback
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Expresses disapproval about a specific behavior
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Conflict response mode
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How people react to conflict
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Truth-in-Lending Act
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Requires businesses to provide credit customers with the info that applies to their accounts and sends regular updated statements about their account statuses
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Equal Credit Opportunity Act
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Makes the granting of credit fair by prohibiting credit denial based on gender, race, etc.
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Fair Credit Billing Act
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Requires business which extend credit to respond within 30 days about customer inquiries
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Fair Credit Reporting Act
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Gives customers the right to inspect files of their credit history and have mistakes corrected
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First step to creating a financial plan
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Knowing your spending habits
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How do business managers use accounting info?
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To find out how many funds are avaliable in order to make budgets. It tells them how to allocate their funds
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Cost of goods sold
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All costs used in obtaining or producing the goods or services a business sells
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Return on capital
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The measure of how well a business generates cash flow
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Desired characteristic of the format of a particular budget report
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Can change to meet a manager's needs
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How might a human resources manager be involved in employee benefits?
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Developing a benefits plan and determine eligibility and costs for employees
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How to reduce a descrepancy of quantity
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Breaking down a large quantity of products into smaller quantities for retailers
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Cookies
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Text files that are put on a website visitors hard drive and later retrieved to track shopping and buying habits
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Concept testing
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Explores concepts for a product in order to obtain feedback
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Research Objectives
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Businesses use these to help answer research problems
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How might businesses use info in salespeople's lost business reports that indicate customers are dissatisfied?
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To revise it's marketing strategy
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How do businesses process survey info?
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Giving each answer a numerical value
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How must questionnaire's be written?
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Concise and objective
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Marketing concept
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Based on satisfying the needs and wants of customers
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Plan of action
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A type of marketing strategy used to help businesses achieve their goals and objectives
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Spreadsheet
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Can be used to calculate potentential calculations
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Invoice
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Formal, printed record of a sale
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Where is computer aided design useful?
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Operations
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Project-Planning tools
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Show you what has to be done, who's doing it and how it will be monitored
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How does effective purchasing benefits businesses?
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Lowers costs
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Production
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Process of producing goods out of resources
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Why is it important for employees to be on time?
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Companies pay them to work a specific amount of time
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Self-Management
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The ability to control one's own activities, behaviors, or attitudes in the workplace
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Implied warranty
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Not written or spoken, but is understood by the marketer and customer that the product will perform as expected
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Magnuson-Moss Warranty Act
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Regulates warranties offered by businesses
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First step in a promotional plan
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Set objectives
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Experienced personnel should know about
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Technical product info
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Difference between selling approaches in retail vs. Manufacturing industries
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The nature of the customer
