DECA Marketing Cluster Exam Vocabulary

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