BUSINESS DECA Vocab

Assets

Items of value, including cash, property, and equipment.

Applied research

Research conducted to solve problems.

Balance sheet

shows the company's assets and it's liabilities at a specific point of time.

Brand

the name, symbol, word, design, or combination of these elements that identifies a product, service, or company

Break-even point

the minimum attendance and sales required to cover all of the expense of organizing promoting and running the event

Business plan

a formal, written document that provides the details for a proposed new business

Cartel

a combination of independent businesses formed to regulate production, pricing, and marketing of a product.

Client-side researchers

staff researchers work with external research agencies

Clinic

workshop

Cold calling

Contacting potential customers at random without researching customers' needs first

Collective bargaining

a group of employees join together as a single unit to negotiate with employers

Contraction

the downside of the business cycle during which the economy slows down, unemployment goes up, and consumer demand lessens.

Contracts

agreements enforceable by law that detail the business transaction

Controllable risk

a loss that can be prevented or the likelihood of it's occurrence reduced.

Corporation

form of business in which ownership is represented by share of stock

Casual research

research used to determine cause-and-effect relationships when the problem is already clearly defined

Customer Management

building a customer base and carefully scheduling time spent with customers.

Customer service gap

the difference between customers expectations and the service that is actually received.

Damage Control

statement issued to refute, justify, or downplay negative stories and to focus attention on more positive matters

Demand

The relationship between the quantity of a product that consumers are willing and able to purchase and the price

Demographics

common characteristics of a group, such as age, marital status, gender, ethnic background, income, and education

Demographic segmentation

market segmentation that focuses on information that can be measured, such as age, income,profession, gender, education, marital status, and size of household

Depression

more severe contraction of the economy in the business cycle

Directors of corporate sales

people who work to establish partnerships with business for sponsorship of sports and entertainment events

Desk research

reports of other completed research are used to help define the problem

Economic Cycle

the ups and downs of the economy, also called the business cycle

Economic market

all of the consumers who will purchase a product or service

Economic Risk

business risk that can result from changes in the business environment, such as the economy

Economics

the study of how goods and services are produced, distributed, and consumed

Ecotourism

responsible travel to natural areas that conserves the environment and sustains the well being of the local people

Endorsement

a person's public expression of approval or support for a product or service

Engaged customers

repeat customers who are completely loyal to the company's products and services

Entrepreneurs

individuals who take the risk of starting, owning, and operating a business

Equilibrium

the point where the supply and demand curves intersect. (Willing to pay vs Demand)

Event coordinator

Full-time staff person of the city hosting the event and or the venue who works with the events's sponsors to plan the event

Exhibit manager

person who plans where various types of exhibits may be set up, rents space to businesses that wish to set up promotional booths, and secures exhibitors have everything they need for successful setup

Expansion

the upside of the business cycle during which there is a growing demand for goods and services

Federal Trade Commission (FTC)

A U.S. government agency whose principal mission is the promotion of consumer protection and competitive business practices

Franchise

in broadcasting, authorization cable service providers need from local governmental agencies to sell their services in a given area

Hierarchy of needs

Five areas of human needs identified by Abraham Maslow, including physiological needs, security, social needs, self-esteem needs, and self-actualization

Human resources

the employees who work for an organization

Human risk

business risk that can result from customer dishonesty, employee theft, and employee incompetence

Industry

A group of organizations involved in producing or handling the same product or type of services

Industry norm

the average expectation within an industry

Insurable risk

pure risk for which the chances of loss are predictable and the amount of the loss can be estimated

Infrastructure

water, sewer, roadways, and all other underlying framework

Job analysis

the study of a specific job to identify the duties and skill requirements of the job

Joint venture

two organizations share the costs and profits of a business; one of the organizations may be a government

Law of Demand

inverse relationship between the price of a product and consumer demand for it- when the price goes up and demand goes down, and when the price goes down and demand goes up

Leadership

the ability to influence or encourage others to accomplish organizational goals

League agreement

controls the marketing mix and governs the distribution of the games, including the locations of the teams and the number of teams allowed to operate within a league

Liable

the business is legally responsible for damages and might have to pay for the medical costs and other losses suffered by and injured person

Licensed brand

a well-known name and or symbol established by one company and sold for use by another company to promote its products

Luxury Boxes

fancy rooms inside stadiums and arenas that allow corporate executive and some wealthy private individuals to entertain clients and friends while watching the events

Market researchers

People who conduct surveys to gather information about sports trends and statistics for teams, sports associations, sports retailers, and manufactures

Market Segment

a group of consumers within a larger market who share one or more characteristics

Mentor

an experienced professional who willingly acts as a role model and provides guidance, encouragement, and training for individuals in a career field

Microeconomics

the study of relationships between individual consumers and producers

Mission statement

identifies the nature of the business and the reason it exists

Monopoly

one business controls the entire market

Natural Risk

weather conditions that cannot be avoided such a tornadoes, blizzards, hurricanes, floods, droughts, and ice storms

Networking

associating with other professionals for the benefit of sharing best practices, professional development, and friendship

Net Worth

the difference between the assets and liabilities of the business

Non-compete clause

Prohibits a person from working in a competing business for a specific period of time

Occupational outlook handbook

publication of the U.S. Bureau of Labor Statistics that provides an overview of different marketing-related jobs

Opportunity cost

the value of the next best alternative that you forgot when making a choice

Outsourcing

having other businesses perform a specific job task; also called subcontracting

Partnership

two or more individuals sign an agreement to own and operate a business together

Part-time workers

employees who may be in permanent ongoing jobs, but work less than 30 hours per week

Patronage Purchases

Purchases based on loyalty to a particular brand or product

Peak

the highest point of growth in the economy

Penetration price strategy

uses low pricing to help capture a large market share early

Permanent employees

employees who have a long-term commitment to continue working for the business as long as the business remains profitable

Personal Selling

an in-person, face-to-face communication between a seller and a customer; element of promotion wherein the salesperson becomes the link between the customer and the business

Piracy

theft of copyrighted material; unauthorized copying

Place utility

ensures that the product or service is available where the consumer wants it

Polls

surveys of peoples opinions

Positioning

used by a company to differentiate its products or services from its competitors' products or services

Possession Utility

results from making the product or service available at an affordable price

Preapproach

sales process step during which the salesperson learns everything possible about the products and services offered, the target market, and the competition

Prestige Pricing

Pricing policy whereby retailers charge higher-than-average prices for merchandise and target customers seeking status and high quality

Price

The amount that customers pay for products and services

Price discrimination

one individual, group, or business is charged a higher price than others purchasing the same product or service

Price fixing

related business conspire to charge high prices

Price lines

distinct categories of merchandise based upon price, quality, and features

Price points

the range of prices charged for a category of merchandise

Pricing

the process of establishing and communicating to customers the value or cost of goods and services

Primary data

data obtained for the first time to advertise on television because and personal life

Primetime

the most expensive time to advertise on television because the largest number of viewers are watch

Principles

the high standards of rules and guidelines in both business and personal life

Private-enterprise system

economic system based upon independent decisions made by consumers and businesses; also called free-enterprise system

Probationary Period

test period of a few months to determine if the new employee will fulfill the needs of the organization

Producers

business that use resources to develop products and services

Product line

a group of similar products with slight variations to satisfy the different needs of consumers

Product Mix

a new product's final form and its total assorted features, including the brand name, the various products offered under the brand, and the packaging

Product Placement

a product is integrated into the plot of a movie or television show

Product Portfolio

all the products a company has available for customers at any one time

Productivity

the rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized

Product/service management

Designing, developing, maintaining, improving, and acquiring products or services for the purpose of meeting customer needs and wants

Professional development

all meetings, courses, networking opportunities, and seminar that improve an individual's knowledge and performance in his or her career area