Marketing Cluster Exam- DECA Notecards – Flashcards
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Tort
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A wrongful act leading to legal liability
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Channel of Distribution
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Chain of businesses that a good or service passes through until reaching the end consumer
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Intermediaries
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A person linked between other people to try to get an agreement
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Memorandum
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A written message or document
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External Environment
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Conditions that surround a business and influence its choices or activities
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Tying Agreements
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A vendor conditions the sale of a particular product on a vendee's promise to purchase an additional, unrelated product
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Industrial Good
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Machinery, materials, or component parts used by other industries or firms; usually based on demand for consumer goods they produce
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Revenue
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Income generated from sale of goods or services
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Increasing Returns
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Reducing cost per unit due to increased production
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GDP
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Gross Domestic Product; Total market value of all goods and services produced in a given year
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Gross
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A dozen dozen (144)
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Net
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Term used on an invoice to indicate that the full amount is payable
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Infringement
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Violation of another's right
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Fraud
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Intentional misrepresentation of information in order to deceive
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Fiscal
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Pertaining to money, especially government taxes and spending policies
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Jurisdiction
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Geographical area that a government body has the right to exercise authority
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Rebate
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Return of a portion of purchase price from seller to buyer; given after payment of full invoice amount
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Price Fixing
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Agreement among competitors to sell a good or commodity at the same price, restricting competition
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Obsolescence
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Significant decline in the competitiveness or value of property; occurs usually due to availability of alternatives
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Mind-Mapping
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Graphical technique for visualizing connections between several ideas or pieces of information
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Shill Marketing
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An employee that poses as a satisfied customer to generate interest in product to sell more
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Organic Marketing
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To promote a product without the assistance of a company
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Trade Show
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An exhibition or fair that allows companies to showcase and demonstrate their latest products or services
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Defamation
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The action of damaging the good reputation of someone or something; slander
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Physiological
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The way in which an organism normally ought to function
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Indictment
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A formal charge or accusation of serious crime
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Slotting Fees
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A fee charged to manufacturing companies by supermarket distributors (retailers) in order to have their product put on the shelves
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Vertical Channel of Conflict
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An organization has a structure with power emanating from the top down; there's a well-defined chain of command
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Horizontal Channel of Conflict
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An organization has a less-defined chain of command; employees across lines have similar input into how the organization is run
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Matrix Organizational Structure
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There are multiple formal bosses and managers to report to in a business
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Human Risk
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Likelihood that exposure to hazardous substances may or will damage the health of exposed person(s)
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Diminishing Returns
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A point at which the level of profits or benefits gained is less than the amount of money or energy invested
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Marginal Revenues
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Increase in the gross revenue of a firm produced by selling one additional unit of output.
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Negative Returns
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When a business has a financial loss on an investment during a specific period of time
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Variable Products
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A name for any products that allow a customer to select from different product options as part of their purchase
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Personal Consumption Expenditures
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A measure of price changes in consumer goods
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Absolute Advantage
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The ability of an individual or group to carry out an economic activity more efficiently than another individual or group
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Trade Deficit
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The amount by which the cost of a country's imports exceeds the value of its exports
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Trade Surplus
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The amount by which the value of a country's exports exceeds the cost of its imports
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Wage Garnishment
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Deducting money from an employee's monetary compensation (until debt is paid off)
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Fixed Expense
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An expense remaining the same per month
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Capitalism
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An economic and political system where a country's trade and industry are controlled by private owners for profit, rather than by the state
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Depreciation
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A decrease in an asset's value caused by unfavorable market conditions
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Intranet
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An intranet is a private network, accessible only to an organization's staff
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Extranet
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A website that allows controlled access to partners, vendors and suppliers or an authorized set of customers
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Tabulating
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Arrange data in columns or tables
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False Positive
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Also known as false alarm
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Unwarranted Criticism
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Criticism that's not justified or authorized
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Multithreading
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Atechnique by which a single set of code can be used by several processors at different stages of execution
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Augmented Operating System
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A live direct or indirect view of a physical, real-world environment whose elements are supplemented by computer-generated sensory input
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Data Mining
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The practice of examining large databases in order to generate new information
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Pilferage
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To steal
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Stakeholder
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A person with an interest or concern in something, especially a business; one who wagers money
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Intermittent Conversion
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Occurring at irregular intervals; not continuous or steady
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Discretionary Comparisons
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Relating to investment funds placed with a broker or manager who has discretion to invest them on the client's behalf
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Arbitrary Metaphors
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When a figure of speech where a word or phrase is applied to an object or action to which it is not literally applicable occurs on personal whim
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Deliberate Allegories
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A story, poem, or picture that can be interpreted to reveal a hidden meaning
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Affiliation
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To officially attach or connect a group or a person to an organization
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Defensible Agreement
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Justifiable by argument
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Exempt Contract
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Waived contact
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Bilateral Contract
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Arrangement between two parties under which both parties promise to perform an act in exchange for the other act
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Intensive Distribution
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A marketing strategy under which a company sells through as many outlets as possible, so that the consumers encounter the product virtually everywhere they go
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Selective Distribution
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Only a few retail outlets cover a specific geographical area
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Outsourcing
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The contracting or subcontracting of noncore activities to free up cash, personnel, time, and facilities for activities
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Conservation
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Exploitation, improvement, and protection of human and natural resources in a wise manner
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Recession
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Period of general economic decline
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Depression
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Lowest point in an economic cycle
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Profit Margins
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Ratio of profit after taxes to cost-of-sales
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Trade
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Commercial transaction involving the sale and purchase of a good, service, or information
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Feasibility (of product idea)
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Possible to do easily or conveniently
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Entrepreneurship
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To organize and operate a business or businesses, taking on greater than normal financial risks in order to do so
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Monopolistic
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Relating to a person or business that has exclusive possession or control of the supply of or trade in a commodity or service
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Oligopoly
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A state of limited competition, in which a market is shared by a small number of producers or sellers
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Synectics
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A problem-solving technique that seeks to promote creative thinking, typically among small groups of people of diverse experience and expertise
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Morphological Analysis
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Analyzing after studying shapes and patterns
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Endorsements
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An act of giving one's public approval or support to someone or something; paying money to be marketed
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Sole Proprietorship
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Simplest business form under which one can operate a business
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Audits
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An official inspection of an individual's organization's accounts, typically by an independent body
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Modifiers
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A person or thing that makes partial or minor changes to something
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Subordinates
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A person under authority or control of another within an organization
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Equilibrium
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A state in which opposing forces or influences are balanced
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Dividend
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A sum of money paid regularly by a company to its shareholders out of its profits
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Quota
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A limited or fixed number or amount of people or things, in particular
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Compliance
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The action or fact of complying with a wish or command
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Aptitudes
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A natural ability to do something
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Assenting Disclosure
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To allow disclosure or to make new or secret information known
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Liability
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The state of being responsible for something, especially by law
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Vendor
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A person or company offering something for sale, especially a trader in the street
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Socialist Command
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A system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale
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Allocation of Command
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To distribute resources or duties for a particular purpose
