DECA Marketing Cluster exam

Exclusive Distribution

Situation where suppliers and distributors enter into an exclusive agreement that only allows the named distributor to sell a specific product.

Electronic Data Interchange (EDI) Systems

The electronic interchange of business information using a standardized format; a process which allows one company to send information to another company electronically rather than with paper.

Trading Partners

Businesses that collaborate to produce, distribute, and sell products or services.

Streamline

Make (an organization or system) more efficient and effective by employing faster or simpler working methods.

Slotting Allowances / Slotting Fee

A fee charged to produce companies or manufacturers by supermarket distributors (retailers) in order to have their product placed on their shelves. Known as Pay-to-Stay.

Consumer Choice

The range of competing products and services from which a consumer can choose.

Tariff

A tax or duty to be paid on a particular class of imports or exports. OR. Fix the price of (something) according to a tariff.

Horizontal Conflict

Refers to a disagreement among two or more channel members at the same level. This occurs when two or more retailers or distributors disagree over certain issues

Vertical Conflict

A disagreement between two channel members on consecutive levels. This often occurs between manufacturers and retailers over issues such as pricing, distribution, and promotional strategies.

Chargeback

A demand by a credit-card provider for a retailer to make good the loss on a fraudulent or disputed transaction.

Scrambled Merchandising

When a shop sells goods that are usually sold by another type of shop, in order to increase profits or attract new customers.

Direct Selling

The marketing and selling of products directly to consumers away from a fixed retail location.

4 P's of Marketing

Product Price Place Promotion

Executive Summary

An executive summary concisely presents key points of a report or proposal for quick understanding.

Project Status Meeting

A meeting to see how the project is progressing.

Brand Promise

Benefits and experiences that marketing campaigns try to associate with a product in its current and prospective consumers' minds.

First-Line Managers

supervise non-managerial workers and relay worker feedback to higher management.

Maslow's Hierarchy of Needs

Maslow's hierarchy of needs describes the motivations behind human behavior. Basic needs must be met before higher-level needs.

Marketing

The action or business of promoting and selling products or services, including market research and advertising.

Product Literature

A primary subset of business publishing specifically geared toward the selection, purchase and use of a business' products. Typically this includes product promotionally literature, product datasheets, product operating manuals and product purchase terms and conditions.

Entertainment Guidelines

Sets minimums for receiving business amenities.

Promotional Plan

outlines the marketing tools, strategies, and resources a company will use to promote a product or service, aiding in its launch or market expansion.

Internal Audience

Public relations term that refers to individuals or groups within (or closely associated with) an organization.

Public-Relations Activities

Public relations activities include advertising, corporate philanthropy, corporate sponsorship, development, lobbying, promotion, publicity, research, and special event management.

Lobbying

The act of attempting to influence the decisions of others.

Corporate Philanthropy

The act of a corporation or business promoting the welfare of others, generally via charitable donations of funds or time.

Rebate

A partial refund to someone who has paid too much money for tax, rent, or a utility. A pay back.

Direct Marketing

Direct marketing is a channel-agnostic strategy that allows businesses to communicate directly with consumers through methods like SMS, email, online ads, and mail.

Telemarketing

Marketing over the phone

Banner Ad

an online advertisement embedded into a web page, delivered by an ad server, and designed to drive traffic to the advertiser’s website.

Interstitial

a web page inserted within editorial content to promote or advertise, varying in intrusiveness based on its relevance and entertainment value.

Media-Rich Advertising

Involves animations that float across the computer screen and move back to their original space,

Puffery

Exaggerated or false praise.

Regulatory Agency

a government authority that oversees and enforces rules in a specific area of human activity.

Scope

Sum of all individual jobs.

Depth

an employee's influence in the workplace, including decision-making and accountability, with higher positions allowing greater discretion and responsibility

Cash Conversion Cycle

It measures how fast a company can convert cash on hand into even more cash on hand.

Liquid Asset

An asset that can be converted into cash quickly and with minimal impact to the price received.

Profit Margin

The amount by which revenue from sales exceeds costs in a business.

Dividend

A sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).

Sugging

The act of selling or attempting to sell a product under the guise of conducting market research.

Price Discrimination

The action of selling the same product at different prices to different buyers, in order to maximize sales and profits.

Scanner Fraud

When a store changes the sticker price of an object to be on sale, but doesn't change the price within the computer, so the consumer will pay the higher price at the point of sale.

Price Gouging

occurs when a seller drastically raises prices beyond reasonable levels, often following a demand or supply shock.

Invoice

a commercial document detailing a transaction, including quantity, price, date, parties, invoice number, and tax information.

SWOT Analysis

A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.

Demographic

A particular sector of a population.

Geographics

A particular sector of the world/ geography.

Psychographics

Study of personality, values, opinions, attitudes, interests, and lifestyles. Because this area of research focuses on interests, attitudes, and opinions.

Six Thinking Hats

A creative-thinking technique using different "hats" to categorize aspects of a problem.

Tort

A wrongful act or an infringement of a right (other than under contract) leading to civil legal liability.

Competition (of business)

The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.

Bilateral Contract

A bilateral contract is a reciprocal agreement where each party is both an obligor to its own promise and an obligee to the other party's promise.

Executed Agreement

All parties have agreed to the terms and conditions of the proposed contract by signing and initialing any changes to the written document.

Sole Proprietorship

A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return.

Sole Proprietor

A sole proprietorship is a simple, unincorporated business owned by one person who pays personal income tax on profits.

Bar Code

A machine-readable code in the form of numbers and a pattern of parallel lines of varying widths, printed on and identifying a product.

Price Look-Up Codes (PLU)

Identification numbers on products in large retailers and supermarkets to streamline checkout and inventory control.

Tying Agreement

an agreement where a seller conditions the sale of one product on the buyer also purchasing a tied product or refraining from buying it elsewhere.

Automation

The use of largely automatic equipment in a system of manufacturing or other production process.

Gross Domestic Product (GDP)

The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis.

Product Life-Cycle

The cycle through which every product goes through from introduction to withdrawal or eventual demise.

Product Life-Cycle Stages

Introduction: Launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing. Growth: Strong growth in sales and profits which allows more money to invest in promotion. Maturity: The product is established and the aim for the manufacturer is now to maintain the market share they have built up. This is probably the most competitive time for most products and businesses need to invest wisely in any marketing they undertake. Decline: the market for a product will start to shrink, and this is what's known as the decline stage. This shrinkage could be due to the market becoming saturated (i.e. all the customers who will buy the product have already purchased it), or because the consumers are switching to a different type of product

Certificate of Deposit (CDs)

A certificate issued by a bank to a person depositing money for a specified length of time.

Capital Investment

Funds invested in a firm or enterprise for the purposes of furthering its business objectives. May also refer to a firm's acquisition of capital assets or fixed assets such as manufacturing plants and machinery that is expected to be productive over many years.

Turnover

The amount of money taken by a business in a particular period. OR The rate at which employees leave a workforce and are replaced.

Inventory Clerks

Keeps track of stock that moves in and out of a specified location, commonly referred to as a stockroom.

Fixed Costs

Business costs, such as rent, that are constant whatever the quantity of goods or services produced.

A/B Testing

This is the process of comparing two variations of a single variable to determine which performs best in order to help improve marketing efforts

Blogging

Weblog or Weblog. Core component of inbound marketing as it can accomplish several initiatives simultaneously, such as website traffic growth, thought leadership, and lead generation. It does not, however, do your taxes.

Call-to-Action

A text link, button, image, or some type of web link that encourages a website visitor to visit a landing page and become of lead. Some examples of CTAs are "Subscribe Now" or "Download the Whitepaper Today."

Qualified Lead

A contact that opted in to receive communication from your company, became educated about your product or service, and is interested in learning more.

Niche Marketing

Market plan to serve a specific demographical, geographical, psychographics slice of the market pla