Marketing Cluster Exam- DECA Notecards

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