DECA Marketing Cluster Exam Prep

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