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DECA Test Terms

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Psychographic
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This market segmenting involves studies of consumers based on their attitudes, lifestyles, and values.
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Demographic
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This market segment refers to statistical data or information concerning a person’s age gender income level occupation, etc
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Behavioral
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This type of market segmentation is based on segmenting a market based on segmenting a market based on rate of use, shopping patterns or product benefits
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Geographic
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This market segmentation refers to segmenting as market based on where people live.
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Marketing
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A process of identifying human wants and needs, and developing a plan to meet those wants and needs. Refers to everything involved with convincing an attendee to come to the event. Also refers to providing information to support the exhibit sales function.
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Approach
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The first-face-to-face contact a sale person has with the customer
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Psychological Pricing
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Pricing techniques that create an illusion for customers
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Market Share
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A firm’s percentage of total sales generated by all competitors in a given market
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Sole Proprietorship
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A business owned by one person
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Suggestive Selling
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Selling additional goods or services to the customer after the customer has made a commitment to buy
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Ethics
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Based on knowing the difference between right and wrong
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Decrease
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According to the law of supply and demand, as the price increases the quantity demanded will.
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Boomerang
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Bring the objection back to the customer.
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Superior Point
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Admit disadvantages in certain products but then present superior points to offset or compensate for them.
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Third Party Demonstration
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Use a previous customer or neutral person to give a testimonial about the product show to operate a product
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Substitution
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Recommending a different product that would satisfy the customer’s needs
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Trade Surplus
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When a country exports more than it imports.
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Introduction
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1st step of the product life cycle. company focuses it’s efforts on promotion and production
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Decline
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4th step of the product life cycle: Sales level off and competition increase
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Maturity
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3rd step of the product life cycle: Sales begin to fall and company looks to modernize or alter the product
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Growth
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2nd step of the product life cycle: Product is enjoying success shown by increased sales and profits
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Price
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The value of money placed on a good or service
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Headline
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Attract readers, arouse interest, and get people to look at the illustration and copy.
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Copy
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Represents the selling message in the ad.
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Illustration
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Help expand on the copy by showing how the product works or how it is used
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Signature
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Aka logo, the identification symbol for a business
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Slogan
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A catch phrase or small group of words that are combined in a special way it identify a product or company
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Wholesaler
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Buys, stores, and resells large quantities of goods
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Closing the sale
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Obtaining positive agreement from the customer to buy.
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The Marketing Mix
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Product, Place, Price, Promotion
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Secondary Research
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Government records, internet sources, Business publications, Focus groups
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Primary Research
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Interview, survey, observation, Focus Group
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Sample
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A part of target population that is assumed to represent the entire population
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Price Fixing
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An illegal activity occurs when competitors agree on setting prices
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Approaching the Customer
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Step 1 of the selling process
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Determine Needs
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Step 2 of the selling process
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Presenting the Product
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step 3 of the selling process
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Overcoming Objections
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Step 4 of the selling process
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Suggestion Selling
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Step 6 of the selling process
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close the sale
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step 5 of the selling process
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Relationship Building
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Step 7 of the selling process
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Marketing Research
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Used to obtain information about the preferences, options, habit, trends, and plans of current and potential customers
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Product/ Service Management
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Obtaining, developing, maintaining, and improving a product or product mix in response to marketing opportunities
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Financing
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Getting the money that is necessary to set-up and run a business
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Marketing Information Management
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Gather, storing, and analyzing data to determine customers habits and attitudes
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Distribution
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Physically moving and storing goods
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Pricing
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Determining how much to charge for goods and services
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Promotion
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Informing persuading or reminding potential customers about a business’ products/ services
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Selling
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Determining customer needs and wants and responding through planned, personalized, communication
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Nonverbal Communications
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Expression yourself through body language such as facial expressions, hand motions, and eye movement.
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Promotional Mix
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A carefully planned combination of techniques designed to persuade customers to purchase and support a business’ products
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Direct Close
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Closing technique in which salesperson asks for the sale.
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Image
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The public’s view of a business.
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Price Lining
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A pricing technique in which a store offers all merchandise in a given category at certain prices, such as $10 and $20
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Bundle Pricing
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Offering several complimentary products in a package that is sold at a single price
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Prestige Pricing
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Setting high-than average pricing to suggest status
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Everyday Low Pricing
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Setting a consistent price point with no intention of offering discounts
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Line
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A group of closely related products within the product mix is a business’ product
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Marketing Segmentation
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Analyzing a market by specific characteristics in order to define the target market.
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Objections
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Concerns, hesitations, doubts, or other honest reasons a customer has for not making a purchase.
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Traditional Economy
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An economy where decisions are based on cultural or religious practices and ideals
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Command Economy
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An economy in which the government controls the factors of production and makes all decisions about their use.
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Market Economy
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An economy with no government involvement in economic decisions. Decisions are made by individuals and businesses
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Mixed Economy
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An economy in which the decisions are made by the government individuals and businesses
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Staffing
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The selection and training of new employees.
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4P’s
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Product, Place, Price, Promotion
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Return on Investment
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A calculation that is used to determine the relative profitability of an investment
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Channel of Distribution
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The path a product takes from producer or manufacturer to the final user.
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Form
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Changing raw materials into actual goods.
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Information
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Providing knowledge to consumers through salespeople displays packaging and labeling
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Place
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Locating a product where a customer can buy it
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Possession
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Accepting alternatives to cash, such as personal checks, credit cards, or debit cards in exchange for merchandise
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Marketing Concept
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The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the firm.
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Form Utility
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Changing raw materials or putting parts together to make them more useful
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Rational Motive
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A customers conscious logical reason for a purchase
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Selling Points
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features and characteristics of the merchandise that make it desirable
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Follow-up
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Last step of the selling process; would lead to a lot more future sales
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Promotion
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Part of the 4p’s that is concerned with informing, persuading, and reminding people about their product/service
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Trade Promotion
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Sales promotion activity that are targeted at manufacturers, wholesalers, and retailers
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Secondary Data
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Information that has already been collected for another purpose
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Market Research
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A procedure designed to identify solution to a specific marketing problem by systematically gathering and analyzing information
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Product Line
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A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
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Factors that affect a business’ profit
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Employees Overhead Cost Competition Market Trends
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Consumer
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A person who purchases goods and services for personal use
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Advertising Agencies
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specialists in planning and handling mass-selling details for advertisers
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Copy
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Represents the selling message in the ad
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Intangible
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Unable to be touched or grasped: not having physical presence
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Tangible
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A thing that is perceptible by touch
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Strength
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Internal Characteristics of the business or project that give it an advantage over other competitors
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Weaknesses
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Internal Characteristics of the business that place the team at a disadvantage relative to competitors
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Opportunities
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External elements that could company could use to its advantage
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Threats
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Externals elements in the environment that could cause trouble for the business
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Stakeholder
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A person, group, organization, member or system who affects or can be affected by an organization’s actions
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Gatekeeper
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A person who controls access to something (in business it may be the person answering the phones and taking messages)
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Primary Data
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Data observed or collected directly from first-hand experience
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People
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The 5th P in the marketing mix if there are more than 4 P’s
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External Environment
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Conditions, entities, events, and factors surrounding an organization that influence its activities and choices, and determine its opportunities and risks.
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Target Market
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A market segment selected because the firm believes that the offerings of the firm are most suited to winning those customers.
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Qualitative Data
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Data that approximates or characterizes but does not measure the attributes, characteristics, properites, etc… of a thing or phenomenon.
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Quantitative Data
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Data that can be quantified and verified, and is amenable to statistical manipulation.
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Variable Cost
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A periodic cost that varies in step with the output or the sales revenue of a company
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Fixed Cost
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A periodic cost that remains more or less unchanged irrespective of the output level sales revenue, such as depreciation, insurance, interest, rent, salaries, and wages
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Captive Pricing
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Premium pricing levels applied to components of a product that consumers have already purchased. The customer cannot avoid purchasing the components, such as replacement razor blades, without sacrificing the value of the core product, such as the razor itself, enabling the company to achieve much higher profit margins than are possible for regular products.
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Skimming Price
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High price aimed at higher income groups for luxury or status goods, or at extracting maximum returns from a market for a new technology product before competitors emerge.
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Loss Leader
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High price aimed at higher income groups for luxury or status goods, or at extracting maximum returns from a market for a new technology product before competitors emerge. Most frequently seen on Black Friday.
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Point of Purchase (POP)
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The location or medium at which a product is purchased by an end-user. A point of purchase may be a physical location, such as a store, booth, or other retail outlet, or may consist of an electronic sales environment such as a telephone-based ordering service or a website.
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Break Even Point
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Point in time (or in number of units sold) when forecasted revenue exactly equals the estimated total costs
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Decoding
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Process whereby a receiver assigns meaning to a message
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Encoding
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Process whereby a sender assigns meaning to a message.
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Brainstorming
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Presenting a problems to a group and allowing group members to produce many ideas for the solution to the problem.
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Budget
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Statement of expected results or requirements expressed in financial or numerical terms.
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Computers
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Programmable electronic devices that can store, retrieve, and process data.
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Day Planner
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A hard copy or electronic way of planning daily activities that allows the user to better organize their, keep track of meetings and events, etc.
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Decision Making Process
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Recognizing a problem, identifying it, evaluating, alternatives, selecting and implementing an alternative, and following up.
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Planning
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Act of setting goals, developing strategies and tactics, and outlining tasks and timelines to meet those goals.
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Planning tools
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those items that make it easier for a person or organization to set goals, develop strategies, and outline tasks and schedules to accomplish goals.
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Strategic Objectives
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The process of Determining a company’s long-term objectives and then identifying the best approach for achieving those goals.
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Variance Reports
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A report that goes through the difference between budget, standard costs and actual costs
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Management Functions
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The activities of planning, leading, organizing, and controlling.
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Centralized
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Communications by team members through a single person to solve problems or make decisions.
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Decentralized
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System in which team members communicate freely among themselves to arrive at decisions together
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Corporation
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Legal Entity with authority to act and incur liability separate from its owners
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Entrepreneur
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Person who conceives and initiates business activity
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Franchise
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A business established or operated under an authorization to sell or distribute a company’s goods or services in a particular area
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Franchiser
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the company that owns the product or service and grants the right to another business
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Joint Venture
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An agreement between two or more firms to undertake the same business strategy and plan of action resulting in sharing a foreign business or government’s operation costs, risks, and management
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Line-and-Staff
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Structure that combines the direct flow of authority of a line or organization with staff departments that serve, advise, and support the line department
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Organizational Chart
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A graphic representation of how authority and responsibility is distributed within a company or other organization.
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Organizing
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To put together into an orderly, functional, structured whole
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Partnership
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An association of two or more persons who jointly own a business an where all partners have unlimited liability for business debts
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Affirmative-action Programs
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Program set up by a business firm to increase employment opportunities for women and minorities.
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Benefits
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Non-wage compensation provided to employees- includes such things as paid vacation, sick leave, insurance, etc.
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Comparable Worth
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The idea that one group of individuals such as women should get paid equal to men for performing the same type of work as difficulty and responsibility or requiring similar levels of education and/or training.
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Compensation
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Payment, usually monitory, received as payment or reparation for goods or services.
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Cross Training
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To Provide training in different tasks or skills than those usually needed so the employee can do another job if the need arises.
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Flexible Work Schedule
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A system that allows employees to choose their own times for starting and finishing work within a broad range of available hours
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Herzberg Theory
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Two Factor theory of human motivation. According to his theory people were influenced by two factors. Satisfaction and psychological growth was a factor of motivation factors. Dissatisfaction was a result of hygiene factors. Essentially, hygiene factors were needed to ensure an employee was not dissatisfied. In order to motivate an employee into higher performance motivation factors were needed.
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Human Resource Management
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Branch of a business that deals with the creation and management of systems that integrate people, materials, and energy in productive ways.
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Human Resources Department
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The department of a business concerned with recruiting and managing employees.
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Maslow’s Hierarchy of Needs
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A pyramid of needs consisting of physiological, self actualization; where lower level needs are met before higher level needs.
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Nepotism
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The practice of giving promotions, basic employment, higher earnings and other benefits to employees who are relatives of management.
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OSHA
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Occupational Safety and Health Administration; An arm of the U.S. Department of Labor that attempts to keep people safe in their workplace by setting safety standards and enforcing them. OSHA will inspect for such problems as contaminants in a factory’s air.
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Recruitment
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The process of persuading someone or a business entity to become a new member of an organization
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Training
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Education To develop a person’s professional skills.
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Unemployment Insurance
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State run insurance program funded by employers and payroll taxes that provide workers with weekly payments when they are fired or laid off.
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Whistle Blowers
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A person who tell someone in authority about something illegal that is happening.
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Patent
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Document issued by the federal government giving exclusive rights to inventors and companies for particular inventions
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Product Safety
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The degree to which a product is safe from undergoing or causing hurt, injury, or loss; governed by the Consumer Product Safety Commission
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Social Security Act
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A law passed in 1935 providing old-age retirement insurance, a federal-state program of unemployment compensation, federal grants for state welfare programs
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Trademark
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Name, Symbol or slogan a business uses to identify its goods
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Copyright
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Legal protection provided to creative work such as books, movies, and music.
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Culture
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A group’s social heritage, including behavior patterns and values.
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Directing
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Providing leaderhip to give direction so activities can be accomplished in a timely manner.
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Leadership
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Act of motivating or causing others to perform activities designed to achieve specific objectives
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Leadership Style
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The way a leader chooses to act to motivate or cause others to perform activities designed to achieve specific objectives
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Business ethics
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Standards of business conduct and moral values.
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Code of Ethics
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Principles of conduct to be used in making decisions within a company.
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Social Responsibility
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The idea that businesses should not function armorally, by instead should contribute to the welfare of thier communities.
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Mission Statement
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Definitive scope of the overall business, in a concise narrative format
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Balance Sheet
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Statement of a firm’s financial position on a particular date; including assets, liabilities, and owner’s equity.
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Break-even analysis
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Method of determining the minimum sales volume needed at a certain price to cover all costs. There would be no profit or loss at this point.
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Financial Statements
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Financial Report that summarizes accounting data, balance sheet and income statement are examples.
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Income Statement
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A financial record of sales, expenses, and net profit for a given period.
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Net Income
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The amount remaining when expenses are deducted from gross income.
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Debt Financing
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Raising money through selling bonds, notes, or mortgages, or borrowing direction from financial institutions.
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SBA (Small Business Administration) Loan
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Obtaining a loan for the purpose of starting or continuing a small business. the SBA is a federal government agency
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Venture capitalists
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Organizations or individuals that make money available for investment in innovative enterprises or research, especially in high technology, in which both the risk of loss and the potential for profit may be high.
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Added Value
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Takes and existing product, adds additional “value” usually in the form of a specific application, packaging, etc. and resells it as a new products or “package”
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Depression
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A period of low general economic activity marked especially by rising levels of unemployment.
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Economics
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The study of the decisions or choices that go into making, distributing, and consuming products.
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Factors of Production
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Resources used in the process of production. These are usually divided into three main groups—natural (land), human resources (labor) and capital (money)—but may also include entrepreneurship.
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Inflation
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When the amount of money supply and business activity dramatically increases, accompanied by sharply rising prices
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International Trade
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Trade between two or more partners from different countries( and exporter and an importer). Early international trade consisted mostly of barter transactions
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Oligopoly
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Not quite a monopoly, but getting there. a small group of large suppliers dominate a market, providing similar versions of a product like soft drinks.
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Profits
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The excess of income over all costs, including the interest cost of the wealth invested. the net income of a business is not an accurate measure.
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Pure Monopoly
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A market in which only one firm has total control over the entire market for a product due to some sort of barrier to entry for other firms, often a patent held by the controlling firm.
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Recession
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A period of general economic decline; economic decline; specifically, a decline in gross domestic product(GDP) for two or more Consecutive quarters
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GDP
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Gross Domestic Product
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Sherman Act
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Passed in 1890. Made it illegal for companies to create monopolies.
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SWOT
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A business analysis using strengths, weaknesses, opportunities, and threats.
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Passive-aggressive
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This is the most difficult style of communication to deal with in a relationship. Basically pretending to be nice with unkind motives for your own personal satisfaction
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Passive
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This style of communication avoids confrontation at all costs
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Assertive
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This is the only healthy form of communication. Means having or showing a confident and forceful personality
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Barrier
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A circumstance or obstacle that prevents communication or that keeps people or things apart
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Customer Loyalty
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The result of consistently positive emotional experience, physical attribute-based satisfaction and perceived value of an experience, which includes the product or services.
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Value
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As assessment of the worth of a good or service.
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Benchmarking
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the process of comparing one’s business processes and performance metrics to industry bests or best practices from other industries. Dimensions typically measured are quality, time and cost.
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HIPPA
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provides federal protections for personal health information held by covered entities and gives patients an array of rights with respect to that information. At the same time, the Privacy Rule is balanced so that it permits the disclosure of personal health information needed for patient care and other important purposes.
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FERPA
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Ferpa applies to personally identifiable information in educational records. This includes items such as the student’s name, names of family members, addresses, personal identifiers such as social security numbers, and personal characteristics or other information that make the student’s identity easily traceable.
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Customer Retention Measures
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more than giving the customer what they expect, it’s about exceeding their expectations so that they become loyal advocates for your brand.
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Customer
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A person who purchases an item or service from a business. A person who benefits from another person’s work; they may or may not receive something tangible and they may or may not pay for the service/product.
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Experience
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To have directly observed or participated in an event. There can be positive and negative experiences in customer service, both of which can directly affect a customer’s opinion of a company.
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Industry
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A basic category of business activity. This term can describe very specific business activity (e.g., hotel management) or broader business activity (e.g., technology).
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Soft Skills
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The attitudes or personality traits that can contribute to a person’s success, such as courtesy, listening skills, etc. Also known as people skills, such as communicating, negotiating, problem solving, and engaging in teamwork.
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Conclusion
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The final section of a paper or proposal that summarizes its major points and leaves the reader with a final thought as to why those ideas are important and valid.
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Business Letter
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A letter written in formal language, usually used when writing from one business organization to another, or for correspondence between such organizations and their customers, clients, and other external parties.
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Memo or Memorandum
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A short, informal type of written communication most often employed in a business environment
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Attitude
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An emotion or complex mental state involving beliefs and feelings; causes one to act in a certain way (behavior is one way this can be revealed).
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Mirroring
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Nonverbal communication technique in which a person copies the physical posture, etc., of another person in order to deepen the connection/improve communication.
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Internal Customer Service
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A person who plans and directs the work of a group of other people. The manager is typically a more experienced employee and may be a business owner. The manager is frequently responsible for hiring, supervising, and correcting and/or firing employees as necessary.
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Manager
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A person who plans and directs the work of a group of other people. The manager is typically a more experienced employee and may be a business owner. The manager is frequently responsible for hiring, supervising, and correcting and/or firing employees as necessary.
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Concierge
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A hotel employee who assists guests with making restaurant reservations and various travel arrangements, getting tickets to special events, and arranging for spa services; also recommends nightclubs and tours of interesting places to visit, and assists guests in maximizing their experience by being an expert in the local area.
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Satisfaction
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This section of the STARS model focuses on Customer Service Improvement Methods including Loyalty Programs o Memberships o “Miles and also customer retention
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Social Capital
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the expected collective or economic benefits derived from the preferential treatment and cooperation between individuals and groups
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Target
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Creating a customer profile and determining the differences between satisfaction and dissatisfaction are important in this part of the STARS model
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Service
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Creating a Win-Win and Creating a customer service example are important in this phase of the STAR model
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Resources
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This section of the STARS model involves Measuring Service Components and reviewing Customer Service Experiences
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Aptitude
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In this aspect of the STAR Method, a person might need to: Practice soft skills.
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Millennial
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This internal customer likes to work in teams and be given specific directions for their work. They want attention and to be praised for their hard work.
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Traditionalist
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Although extremely loyal, this internal customer may struggle with the use of technology and change.
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Hidden Needs
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These are issues and problems that customers face but have not yet realized, or choose to not bring to anyone Else’s attention, making it difficult to fulfill
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Explicit Needs
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Typical examples from a customer would include “We need a faster system,” “What we’re looking for is a more reliable machine,” or “I’d like to have a backup capability.”
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Involvement
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The Correct Method of Eye contact
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Intimacy
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A method of eye contact that may include looking at someone for too long of a time or up and down, “checking them out” or in a way that encourages a deeper relationship
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Intimidation
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a method of eye contact that may include staring someone down, making someone fearful of you.
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Aptitude Test
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A test designed to determine a person’s ability in a particular skill or field of knowledge.
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Personality Inventory
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any of several tests that attempt to characterize the personality of an individual by objective scoring of replies to a large number of questions concerning his or her own behavior
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Demographic
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include gender, age, ethnicity, knowledge of languages, disabilities, mobility, home ownership, employment status, and even location.
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Psychographics
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study of personality, values, attitudes, interests, and lifestyles.
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Behavioral
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Grouping patterns may include such behaviors as spending, consumption, life style, usage, and desired benefits.
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Geographics
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Collecting and analyzing information according to the physical location of the customer or other data source.
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Net Provider Score
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management tool that can be used to gauge the loyalty of a firm’s customer relationships.
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Libel
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Publication of something false that hurts a person or company’s reputation.
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Neutral
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Not engaged in either side (e.g., not positive or negative).
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Patron
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To be a customer of (give one’s patronage to) a specific business or organization.
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Communication
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The exchange of information and/or ideas through verbal, nonverbal, or written messages.
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Expectation
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What a person believes or anticipates will happen
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Needs
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Things that are basic and necessary for a decent quality of life.
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Opportunity
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A chance to take action or progress in some way.
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Taxonomy
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A categorized list of terms that are related to a particular topic.
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Customization
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Designing something to meet the needs of a specific market; the opposite of standardization.
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Standardization
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Conforming to a standard, rule, or principle.
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Ego
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The fourth level of Maslow’s Hierarchy of Needs; the need to feel special and respected.
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Hard Skills
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The training or ability necessary to satisfactorily perform a job.
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Perception
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Observation or perspective also understanding with the senses or the mind
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Physiological
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The first level of Maslow’s Hierarchy of Needs; physical needs like eating or sleeping.
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Safety
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The second level of Maslow’s Hierarchy of Needs; the need to be protected from the weather, from danger, from illness.
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Self-Actualization
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The top of the pyramid in Maslow’s Hierarchy of Needs; the need to fulfill your potential.
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Social
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The third level of Maslow’s Hierarchy of Needs; the need for interaction with other people.
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Pass the buck
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Passing responsibility on to someone else (usually undeservedly
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Budget
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The amount of money that is available for, required for, or assigned to a particular purpose.
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Efficient
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Functioning in the best possible manner with the least waste of time and effort.
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Imbalance Ripple Effect
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A continuing series of negative consequences caused by poor management of the flow of service.
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Summary
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A succinct overview highlighting the main issues of a problem or situation.
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Training
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To transfer valuable skills and knowledge to another person.
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Confidential
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Speaking, writing, or acting in strict privacy or secrecy.
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Etiquette
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An established and commonly followed set of rules for a given situation, such as writing an email, dining, or hosting a wedding.
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Thank You Letter
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A letter acknowledging a response, gift, donation, or special effort.
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Body Language
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The use of gestures and other physical movements to communicate.
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Facial Expressions
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The gestures in one’s face that communicate mood, attitude, or emotions.
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Nonverbal Communication
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Process of exchanging information or sending messages without words.
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Proxemics
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The distance between people as they interact
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Tone of Voice
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The sound quality of one’s speech that reflects a mood, emotion, or attitude; includes pitch, volume, and inflection.
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Active Listening
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A communication technique in which the listener utilizes specific strategies to ensure mutual understanding.
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Code-Switching
answer

The ability to shift or switch between languages or language variations (e.g., slang and Standard English) based on factors in conversation such as who one is speaking to, the environment, etc.
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Jargon
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Words or phrases that are specific to an industry, profession or group.
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Paraphrase
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To restate in your own words what someone has said; a strategy used to check for understanding.
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Slang
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Informal words or expressions often used by a specific group of people or in a specific geographic area.
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Standard English
answer

English spelling, grammar, pronunciation, and vocabulary that are substantially uniform and widely recognized wherever English is spoken and understood.
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External Customer
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A person who is outside the organization and someone who usually pays for the service.
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Internal Customer
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A person who is employed by the organization and someone who benefits from the output of work from another employee.
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Profit Sharing
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A system in which employees receive a share of the net profits of the business.
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Biased
answer

Having or showing prejudice; influenced by personal feelings or interpretations.
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Consulting
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Giving professional advice to the public or to those practicing a specific profession.
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Objective
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Not influenced by feelings, interpretations, or prejudice; unbiased.
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Speculate
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To reason or think about the future, often based on inconclusive evidence.
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Entry Level
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What a job is called if it doesn’t require prior work experience, making it suitable for someone who is new to the field or has just graduated and is looking for a first job.
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Hands On Experience
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Direct, active, and personal participation in an activity for the sake of learning.
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On The Job Training
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Training that takes place in a normal working situation, using the actual tools, equipment, documents, or materials that trainees will use when fully trained
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Commensurate
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Corresponding in amount, magnitude, or degree.
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Sports Marketing
answer

the specific application of marketing principles and processes to sports products and to the marketing of nonsports products through association with sport.
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Market Orientation
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Providing a sports product that meets consumers’ needs while achieving organization’s objectives.
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Perception
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The complex process of selecting, organizing, and interpreting stimuli such as sports.
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Selective Interpretation
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Consumers interpret things consistent with their attitudes and values
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Attitudes
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An enduring disposition, favorable or unfavorable, toward an idea, person, thing or situation. The amount of affect or feeling for or against a stimulus
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3 components of attitudes
answer

cognitive (head), affective (heart), behavioral
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Identification
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While there is clearly aesthetic pleasure in merely watching a sport performance, the real intensity comes from identifying with an individual or team as they strive to win
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State of Being
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Geography, Income, Age, Gender
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State of Mind
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Assumes that consumers may be divided by personality traits, attitudes, interests, opinions, and by preferences
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Product Usage
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80-20 principle, light, medium, heavy users, Product Usage Points, Pent Up Demand
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Product Benefit
answer

Consumers seek different benefits depending on a number of factors
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Licensing
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A contractual method of developing and exploiting intellectual property by transferring rights of use to third parties without transfer of ownership
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Quality of Services
answer

Tangibles, Reliability, Responsiveness, Assurance, Empathy
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Sportscape
answer

These elements include layout accessibility, facility aesthetics, seating comfort, electronic equipment and displays and facility cleanliness.
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Agent
answer

sports agents are intermediaries whose primary responsibility is leveraging athletes’ worth or determining their bargaining power
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Exchange
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a marketing transition in which the buyer gives something of value to the seller in return for goods and services
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Goods
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tangible, physical, products that offer benefits to consumers
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Spectators
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consumers who derive their benefit from the observation of the event
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Sports Marketing Mix
answer

advertising, sponsorships, public relations, personal selling, pricing decisions, distribution issues and product and service strategies
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Vision
answer

long term road-map of where the organization is headed
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Culture
answer

shared values, beliefs, language, symbols, and tradition that are passed on from generation to generation by members of a society
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Competition
answer

the attempt all organization make to serve similar customers.
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Direct Competition
answer

the competition between sellers producing similar products and services
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Cultural Values
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widely held beliefs that affirm what is desirable by members of a society
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Demographic Segmentation
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technique for segmenting consumer markets by age, gender, ethnic backgrounds and family life cylce.
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Ethnic Background Segmentation
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based on grouping consumers of a common race, religion, and nationality.
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Socioeconomic Segmentation
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grouping consumers on the basic of social class and income.
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Behavioral Segmentation
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grouping consumers based on how much they purchase, how often they purchase, and how loyal there are to a product or service.
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Geographic Segmentation
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grouping consumers on the basic of local, regional, national, or international characteristics
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Target Marketing
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choosing the market segment that will allow an organization to most efficiently and effectively attain its marketing goals.
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Niche Marketing
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the process of carving out a relatively tiny part of a market that has very special need not currently being filled
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Ambush Marketing
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A planned effort by an organization to associate itself indirectly with an event to gain some of the recognition and benefits associated with being an official sponsor.
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Relationship Marketing
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the process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.
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Image Building
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a sponsorship organization associates itself and/or its brands with the positive image generated by the unique personality of the sporting event.
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Product
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A tangible object or a service provided to customers. It can even be a program planned for clients in which they participate.
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Price
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The process of determining what to charge for the product or service.
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Place
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The distribution of the product (or service) in the most advantageous way possible.
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Promotion
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Ways to encourage customers To purchase products
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Bundling
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Selling several items as a package for A set price
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Prestige
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Pricing based on consumer perception
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Entertainment Marketing
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what people are willing to spend their Spare time and money viewing
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Target Pricing
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Selling all goods in a product line at A specific price points
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Loss Leader
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Pricing an item at cost or Below cost to draw Customers into the store
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Wants
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Things that people desire based On personality, experiences, or Information about a product
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Demand
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based on how popular the product is high demand=high price, low demand=lower price
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Selling
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Determing the customer’s needs and wants, and the responding to them through planned, personalized communication.
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Financing
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Getting the money that is necessary to pay for setting up and running a buisness.
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morality
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values that govern a society’s attitude toward right and wrong
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justice
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equal and fair treatment of people
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Compassion
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sympathy towards the difficulties of others
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Integrity
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willingness to do the right thing regardless of personal consequences
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Law
answer

rules of conduct established by the government of a society to maintain stability and justice in that society
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Constitution
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a document that spells out the principles by which that country’s government operates
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Common Law
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decisions of the early law courts developed in England, based on customs. they are characterized by the practice of deciding cases on precedent
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Legislature
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a body of lawmakers which has the job of creating or passing statutory law
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Unconstitutional
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law or action by a government institution that violates the Constitution
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Administrative Law
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rules and procedures established by regulatory agencies
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Jurisdiction
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the power and authority given to a court to hear a case and to make a judgement
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Verdict
answer

a decision made by the members of the jury
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Tort
answer

a private wrong committed by one person against another
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Intentional Tort
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occurs when a person knows and desires the consequences of his or her act
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Tortfeasor
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person who commits a tort
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trespass
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the wrongful damage to, or interference with, the property of another
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Defamation
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the wrongful act of injuring another’s reputation by making false statements
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Nuisance
answer

anything that interferes with the enjoyment of life or property
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Void Contract
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A contract that has no legal effect
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Legality
answer

the final element of a contract
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Voidable Contract
answer

a contract that a party to it is able to void or cancel for some legal reason
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assumption of risk
answer

plaintiff’s knowledge and acceptance of risk.
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consideration
answer

exchange of benefits and detriments by the parties to an agreement
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express contract
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a contract stated in words; it may be oral or written
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Implied Contract
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a contract that comes about from the actions of the parties
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Bilateral Contract
answer

a two-sided contract that contains two promises
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Unilateral Contract
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a contract that contains a promise by only one person to do something if and when the other party performs some act
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revocation
answer

the taking back of an offer by the offeror
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Counteroffer
answer

acceptance that changes the terms of the original offer and terminates the offer
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Fraud
answer

deliberate deception to secure an unfair or unlawful gain
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Rescind
answer

to cancel; to annul
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Concealment
answer

false representation by not saying something that should be said; nondisclosure
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Misrepresentation
answer

untrue statements of facts, which may or may not be innocent
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Unilateral Mistake
answer

error on the part of one of the parties to a contract
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Bilateral Mistake
answer

when both parties to a contract are mistaken about some important fact
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Duress
answer

overcoming a person’s will by use of force or by threat of force or bodily harm
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Economic Duress
answer

threats to a person’s business or income to cause him or her to enter a contract without real consent
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Undue Influence
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unfair and improper persuasive pressure exercised by one person in a relationship of trust with another person
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Rebuttable Presumption
answer

an assumption that can be challenged in a court of law
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Detriment
answer

any loss suffered from an agreement
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Forbearance
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the act of refraining to do something that a person has a legal right to do
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Unconscionable
answer

contracts in which there is a great inequality in bargaining power between the parties, and the party will all or most of the power takes advantage of other other party.
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Promissory Estoppel
answer

the doctrine that a promise may be enforceable without consideration if that promise reasonably induced another’s action, and the breaking of that promise would result in injustice
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firm offer
answer

an irrevocable offer
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illusory promise
answer

appearing at first to bind both parties to a contract, but in actuality not doing so
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Past Consideration
answer

consideration that took place before a contract was made
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Pr-existing Duty
answer

a legal obligation to do something or under contract to do something
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Conspiracy
answer

individuals who agree to commit crimes for a promised consideration
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Competitive Bidding
answer

Rivals Submissions of bids for a project
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Breach of Contract
answer

wrongful failure to perform one or more promises of a contract
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Perjury
answer

false statements under oath in court
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Statute of Frauds
answer

state laws requiring that certain contracts be evidenced in writing
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Memorandum
answer

the written evidence of an agreement, such as a letter, sales slip, invoice, etc.
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discharged
answer

when a contract ends
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Legal Tender
answer

U.S coin or currency
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Tender
answer

An offer to do what you have agreed to do under the terms of a contract
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Civil Law
answer

Torts and contracts… represents law that regulates the relationships between parties.
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Pre-editing
answer

Consciously or unconsciously choosing to quantitatively transform or limit the content of a message before it is sent.
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editing
answer

Consciously or unconsciously choosing to quantitatively transform or limit the content of a message after it is received.
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Feedback
answer

Response from message recipient, turning one-way into two-way communication.
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Document Design
answer

A process focusing on the appearance and navigability of documents
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Structure
answer

The way in which the material is laid out in chapters or sections, the use or non-use of cues such as headings, and the ease with which the document can be navigated or explored.
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Design
answer

The way in which the material is laid out in types or fonts, the use of formats or pre-determined styles of fonts and spacings in word processors, and illustrations or graphics.
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Post editing
answer

Receiver transforming messages after the message has been sent. Unconscious or conscious bias related to message content. Known as selective perception or selective recall.
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Aggressive Listening
answer

Patient listening with the primary purpose of spurring speakers to say things they might later regret.
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Announcement Email
answer

An email sent to all persons in an organisations. A reply is usually not called for, and thus it is usually a one-way communication.
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Footer
answer

Text at the bottom of the page set off from the main body of text and containing details about the document
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Downward Communication
answer

Sending messages from upper levels to lower levels of a hierarchy
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Horizontal Communication
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Sending and receiving messages between individuals at the same level or layer of a hierarchy.
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Diagonal Communication
answer

Communication that cuts across vertical and horizontal channels.
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Upward Communication
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Sending messages from lower levels to upper levels of a hierarchy.
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Vertical Communication
answer

Sending and receiving messages between the levels or layers of a hierarchy.
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Micro-culture
answer

The predominating attitudes and behavior that characterize the functioning of a group or organization
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Macro-Culture
answer

All the arts, beliefs, social institutions, etc. Characteristic of a community, race, etc.
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Blog
answer

A log or record or diary on the web
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Decoding
answer

Qualitatively transforming or converting a message from a coded form into a plain form
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Empowerment
answer

Transferring decision-making power to others, especially teams
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adaptability
answer

The ability to stay flexible and change with the times
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Forced Analogy
answer

A synthetics technique that compares a problem with something totally unrelated
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Promotion
answer

Communication of a product lines
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Unlimited Liability
answer

You alone are liable for the success and failure of the business.
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Place Utility
answer

when products are available at convenient places, ATMS, Convenient stores.
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Time Utility
answer

Added when products are made available at times that customers need and want them, for example banks used to close at 4pm and not be open saturday
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Information Utility
answer

Marketing provides information about a product to a customer
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Possession Utility
answer

When it becomes easier for a customer to acquire a product, zero credit is when you get to pay a bill later(not right away) Ex. credit cards
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Consumer Market
answer

To buy products for own use, actual end users of the product, the selling to individual
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Business Market
answer

Customers who buy products for use in a business
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Marketing Plan
answer

A document describing business and marketing objectives and the strategies and tactics to achieve them
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What does a Marketing plan cover?
answer

it covers, price points, percentage of annual sales, and expected profit by product.
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Product Strategies
answer

The decisions marketers help make about what products, a business should sell regarding quantities, sizes, packaging, warranties, brand names, image, design
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Promotion Strategies
answer

Decisions about selling, advertising, sales promotions, and public relations activities to use in the promotional mix.
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Promotional Mix
answer

A combination of the elements used in a promotional campaign
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Template
answer

A document that already has a basic format that can be used many times.
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A Marketing Plan Outline Includes
answer

A company name, the product line or products being discussed, marketing manager name, any team members that participated should be included, date the plan is presented lastly comes the table of contents
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Executive Summary
answer

Provides an overview of plan key points, it is written last, it has to be short and to the point, shows how marketing can help drive future sales and profits in the company.
question

Business Description
answer

Gives description and overview of the business companies goals.
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Vision Statement
answer

Overall goal of future of company. It should inspire employees and help drive the business and it tells what we are and what the company is about.
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Mission Statement
answer

Company message to customers about why the business exists. Describes the business, identifies the customers, and shows how the business adds value.
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Sales Analysis
answer

Determine future sales goals, it analyzes sales history and projections, sales goals, and figure out best sales opportunities.
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Situation Analysis
answer

How business has been operating over the past year
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Internal Environment
answer

Your personal business world this may include staff
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External Environment
answer

The condition of the local and national economy
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USP
answer

Unique selling proposition, what makes your product is different or better
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Marketing Objectives
answer

Goals business want to achieve during the year through the marketing plan
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S.M.A.R.T. Goals
answer

Specific, Measurable, Attainable, Relevant, Time.
question

Market Strategies
answer

Decisions made by the 4P’s directly support marketing objectives
question

Marketing Tactics
answer

Specific activities to carry out the marketing strategies,
question

Action Plan
answer

Detailed time line, Budget and metrics to evaluate the effectiveness of any campaign
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Return on Investment
answer

(ROI) The ratio that shows the delivery of an investment by comparing the gains from the investment to its cost
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Data
answer

The pieces of information gained through research
question

Database
answer

An organized collection of data most often in digital form
question

Customer Database
answer

Contact info for customers, learn about customers so that the company can meet customer’s needs
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Primary Data
answer

Pieces of info collected by you or your organization.
question

Qualitative
answer

People’s thoughts or opinions or to think and give an opinions
question

Quantitative
answer

Facts and Figures
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Secondary Data
answer

Data that already exists and can be found in a variety of sources. Someone else collected the data buy you can use it. Data older than 5 years is useless
question

Social Trends
answer

The patterns of change in society
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Product trends
answer

the changes in current product features or new products being developed. Marketers must know product trends to meet customer needs
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Marketing-Information System
answer

The organized system of gathering, sorting, analyzing, evaluation, and distributing information for marketing purposes
question

Database Marketing
answer

Consists of gathering, storing, and using customer data for marketing directly to customers based on their histories
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4 Basic Marketing Structures
answer

Oligopoly Monopoly Perfect Competition Monopolistic Competition
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Perfect Competition
answer

Characterized by a large number of small businesses selling the same products at the same prices, it would be the ideal market structure, but it is unrealistic
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Monopolistic Competition
answer

A large number of small businesses selling similar, but not the same, products at different prices. it is also known as imperfect competition
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Antitrust
answer

A term created by the government in an effort to fight the big corporate trusts that operated as monopolies in hopes of protecting the consumer
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Command Economy
answer

Government decides which goods are produced, how much is produced and the prices, little or no competition, there is usually a shortage of popular products, the lack of competition is why this economy is not successful
question

Market Economy
answer

Individuals own private property, Products and services offered by companies are those customers choose to buy (no one tells you what to buy, but people buy it anyway hot tubs, sports cars), Buying and Selling with few government restrictions, In a Pure Market economy no business would be owned or controlled by the government (Capitalism)
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Traditional Economy
answer

Most citizens have just enough to survive, People trade and barter for needed goods and services, Money is scarce and property is held by families to be passed to the next generations
question

Mixed Economy
answer

Both government and individuals make decisions about goods and services, most businesses are privately owned (the US is an example)
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Direct Competitors
answer

Companies that sell products or services identical or very similar to the ones you sell, Ex. Starbucks vs. Dunkin’ Donuts, Wendy’s vs. McDonald’s
question

Indirect Competitors
answer

Offer different, but similar, products or services that could also meet customer’s needs.
question

Market Size
answer

Total sales per year for a specific product
question

Competitive Advantage
answer

A product or business is offering better value, features, or service then the competition
question

Price Competition
answer

When a lower price is the main reason for customers to buy from one business over another
question

Non-price Competition
answer

Competitive advantage based on factors other than price
question

How would you learn about your competitors?
answer

-Scope out their location -Go on their website to find out about products/promotions -Sign up fro their Newsletters -like on facebook -follow on twitter
question

Four Characteristics of Target Markets
answer

Defined wants and needs that the business can meet, Money to buy the product, Willingness and ability to buy the product, Enough customers to be profitable, Businesses can select more than one target market. However, each one selected must meet the four characteristics of a target market.
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Niche Markets
answer

Piece of the target market is narrow and specific, often created by businesses looking for a market segment whose needs are not being met
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Customer Profile
answer

A detailed description of the typical consumer in a market segment, helps determine best promotional strategies.
question

Mass Market
answer

Overall market or group of people who might buy a product or service, Products that apply to everyone have mass markets, Case Study – cars, Mass market for cars is everyone old enough to drive who has a source of income, However, markets for specific cars are different from the market for cars in general, Mass Market consists of many customer groups with different needs, wants, and product preferences, Relevance? Marketers do not want to waste time and money on people who do not want or need their products
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Encoding
answer

Qualitatively transforming or masking a message in some way
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Vertical Conflict
answer

occurs between channel members at different levels within the same channel. EX: manufacturers tell distributors they must achieve an extremely high level of sales next year to continue as channel members.
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Intermediaries
answer

Interdependent Organizations
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Intensive Distribution
answer

The producer’s products are stocked in the majority of outlets. This strategy is common for basic supplies, snack foods, magazines and soft drink beverages
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Selective Distribution
answer

Means that the producer relies on a few intermediaries to carry their product. This strategy is commonly observed for more specialized goods that are carried through specialist dealers, for example, brands of craft tools, or large appliances.
question

Exclusive Distribution
answer

Means that the producer selects only very few intermediaries. Exclusive distribution is often characterized by exclusive dealing where the reseller carries only that producer’s products to the exclusion of all others. This strategy is typical of luxury goods retailers such as Gucci.
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Industrial User
answer

a business that buys materials, services, or goods which it will use to make other goods
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Company Policies
answer

general rules to be followed by company personnel. EX: dress codes, vacation time, reimbursement rates
question

Intranet
answer

an internal network similar to the internet that is accessible only by authorized personnel. used to access information and communicate with others within an organization. Companies often have one that consists of internal data bases, which provide computerized storage for information and facts. When an employee needs info, such as the model number of a customers’ product, they can quickly obtain the customer’s sales records by accessing data stored on this.
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Job Shadowing
answer

involves following an employee while s/he is working to gain insight about a specific occupation or career
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Warranty
answer

a promise made by the seller to the customer that the seller will repair or replace a product that does not perform as expected. Limited ones last a certain amount of time
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Short Report
answer

Gives brief details about a product, project, or service
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Gross Profit
answer

The difference between the selling price of a product and its cost to the business
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Ownership Investment
answer

Investment in which you own what you invest in.
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Lending Investments
answer

Certificates of deposits, savings accounts, and money market accounts
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Financial Plan
answer

identifies the need for capital and helps to reduce the business risk. The risk of financial loss is the basic risk in business. Development of this type of plan is a critical step in reducing business risk
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Market Share Loss
answer

A problem because it usually indicates that the business is selling less and losing profits
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Contract
answer

One business promising to do something for another business in return for receiving compensation
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Providing Notice
answer

Before taking action, a basic principle would of the procedural due process involves
question

Procedural Due Process
answer

Principle required by the constitution that when the state or federal government acts in such a way that denies a citizen of a life, liberty, or property interest, the person must first be given notice and the opportunity to be heard
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Business License
answer

A document that grants permission to operate a business
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Cash flow
answer

The movement of funds into and of a business; determines the amount of cash the business has to work with at any given time
question

Fixed Expenses
answer

Business costs that are not affected by changes in sales volume
question

Raw materials
answer

Items in their natural state or condition
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Start up Money
answer

Funds used to bring a business into operation
question

Advertising
answer

any paid form of nonperson presentation of ideas, images, goods, or services
question

Brand
answer

All the combined impressions and experiences associated with a particular company, good, or service
question

Media
answer

the message channels used by a seller to promote a good, service, or idea.
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Brand Name
answer

That part of brand identity that can be spoken, including words, phrases, letters, numbers, or any combination of these
question

Ethnicity
answer

The background handed down to individuals from the ethnic group. or culture, into which they were born
question

Channels of Distribution
answer

Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user
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Product Life Cycle
answer

The stages through which goods and services move from the time they are introduced on the market until they are taken off the market
question

Product Mix
answer

The particular assortment of goods and services that a business offers in order to meet its market’s needs and its company’s goals
question

Product/Service management
answer

A marketing Function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
question

Marketing- Information Management
answer

A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions
question

Fiscal Year
answer

the 12-month period chosen by a business as its operating year that may or may not coincide with the calender year
question

Manufacturer
answer

A type of producer that changes the shapes or forms of materials so that they will be useful to consumers
question

Service Business
answer

A type of business that performs intangible activities that satisfy the wants of consumers or industrial users
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Sales Forecast
answer

A prediction of future sales over a specific period of time
question

U. S Department of Commerce
answer

A federal agency that warlin in partnership with businesses, universities, communities, and workers to promote job creation and economic growth
question

U.S Small Business Administration
answer

A federal agency whose mission is to “maintain and strengthen the nation’s economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters.”
question

Assertiveness
answer

The ability to express yourself, communicate your point of view, and stand up for your rights, principles, and beliefs
question

Accommodating
answer

A negotiating style involving a person who agrees to a certain course of action that benefits someone else, even though s/he does not equally benefit from the transaction
question

Negotiating Strategy
answer

The plan or technique a person uses to reach a goal or achieve a desired outcome
question

Mass Production
answer

The rapid production of large quantities of a product
question

Productivity
answer

The amount and the value of goods and services produced(outputs) from set amounts of resources(inputs)
question

Virtual Services
answer

Services provide through a medium of communication(such as the internet), rather than in person
question

Limited Liability
answer

Restricted chance of loss; a condition in which business owners risk only the amount of their investment
question

Limited Liability Company
answer

(LLC) a hybrid form of business ownership in which members of a business experience limited liability and taxation; limited life for the business entity
question

Limited Liability Partnership
answer

(LLP) a hybrid form of business ownership that is generally used by business professionals for the purpose of protecting innocent partners from the malpractice of the other partner
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Limited Partnership
answer

A type of partnership agreement in which a partner’s liability is limited to the amount of the investment
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Durable Goods
answer

Tangible items that should last a long time
question

Tariff
answer

A tax levied by a government on imports
question

Communication Channel
answer

A path or mean s used to provide information to others
question

External rewards
answer

Outside forces that motivate people to perform well
question

Internal Rewards
answer

Forces within people that motivate them to perform well.
question

Publications
answer

Category of advertising media that includes newspapers and magazines that are printed on a regular basis
question

Law of Demand
answer

Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service
question

Law of supply
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Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price
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Appendix
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A segment added to the end of a document; includes supporting information
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Brand Identity
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Those elements that are instantly recognized as representing a particular business or product
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Brand Personality
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The projection of a brand that encompasses its values and emotional connections with consumers
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Brand Symbol
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A business’ distinctive logo, design, or group of letters that cannot be spoken but are used to establish brand identity; often used in conjunction with a brand name
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Endorsement
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Approval by a reputable external source
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Contingency Plan
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The specific guidelines that are used when responding to undesirable circumstances
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Product Decision
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The decision a customer makes on the brand, type, model, etc…, to buy
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Price decision
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The decision a customer reaches on the price s/he is willing to pay for a good or service.
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Buying motives
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The reasons or benefits that cause people to make purchases to satisfy wants and needs; customers reason for buying goods and services.
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Bureaucracy
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a system of government in which most of the important decisions are made by state officials rather than by elected representatives
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Machine Bureaucracy
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A moderately decentralized form of organization that emphasizes the technical staff and standardization of work processes.
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Articles of Incorporation
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A document filed with a state department of commerce that identifies the name and address of a new corporation, its purpose, the names of the initial directors, and the amount of stock that will be issued to each director
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Aspetic Packaging
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A food storage process that keeps foods fresh without refrigeration for up to six months
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Disclaimer
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A statement that contains exceptions to and exclusions from a warranty
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indictment
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A formal complaint before a grand jury which charges the accused with one or more crimes.
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Transparency
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A concept that describes a company being so open to other companies working with it that the once-solid barriers between them become see-through and electronic information is shared as if the companies were one.
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Marketing strategy
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Identification of target markets and determination of marketing mix choices that focus on those markets
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Product Depth
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The number of items offered within each product line
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Product Mix Pricing Strategies
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Adjusting prices to maximize the profitability for a group of products rather than just one item
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Product Planning
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Making decisions about the features and services of a product or idea that will help sell that product
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Product Promotion
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A promotion method businesses use to convince consumers to select its products or services
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Product Positioning
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The image a product projects that sets it apart from the competition
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Product Research
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The evaluation of product design, package design, product usage, and consumer acceptance of new and existing products
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Product Width
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The number of different product lines a business manufactures or sells
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Tariff
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A tax on imports; also known as a duty
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A tying agreement
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an illegal agreement requiring a customer to buy other products in order to obtain desired goods and services.
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Inquiry
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written to ask more information, concerning a product or service
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Business defamation
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making unfair or untrue statements to customers about a competitor, its products, or its salespeople
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Channel Differentiation
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Companies can more effectively and efficiently design their distribution channels’ coverage, expertise, and performance.
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Excise Tax
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Consumer tax on a specific kind of merchandise, such as tobacco.
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Estate Tax
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A tax on the estate, or total value of the money and property, of a person who has died
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Contingency Plan
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Planning for unexpected events, usually involving a range of scenarios and assumptions that differ from the assumptions behind the core plans.
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Dissonance reducing-buying behavior
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Consumers may be more concerned with appearance, durability, and feel rather than brand.
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Routine Buying Behavior
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(Habitual) buying inexpensive goods on a regular basis
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Product Placement
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Advertisers pay to put their products into TV shows and movies where the audience will see them.
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Innovation
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Creation of new and more effective technology or ideas. In other words, coming up with new and better ways of thinking about and doing things.
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Commercial Bank
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A profit-seeking organization that receives deposits from individuals and corporations in the form of checking and savings accounts and then uses some of these funds to make loans.
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Judicial Lien
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when the court awards the creditor a judgement against the debtor (usually for the amount of the debt plus any interest and legal cost incurred in obtaining the judgement)