DECA ENTERPENURSHIP

collateral

something designates as security for repaying a loan ("if you dont pay your loan back, we will take away your collateral: house (mortgage loan, machinery, equipment, other assets, etc)

cash flow

the total amount of money being transferred into and out of a business, especially as affecting liquidity (outflows include payroll, income, rent)

marketing goal

a broad target of what is to be accomplished through marketing activities

marketing objective

short term actionable steps that can be executed to eventually accomplish the marketing goal

marketing plan

A formal, written document that directs a company's activities for a specific period of time; identifies the target audience, the most effective channel in which to engage with them, and insights to guide future plans

BATNA

best alternative to a negotiated agreement; next course of action that is pursued when the original plan/agreement fails to be reached

middleman distribution

INTERMEDIARY in a distribution chain who purchases and sells goods from a producer to a buyer

diversity

differences in employees

1st dimension of diversity

individual personality (age, gender, sexual orientation, physical ability, ethnicity, race, etc)

2nd dimension of diversity

things that can be changed (education receieves, geographical information, income, marital status, military status,

brokerage

The business of making sales and purchases for a commission; a broker. matches up buyers and sellers for needs relating to stocks and bonds; MATCHMAKER

payroll expenses

the total amount of wages and salaries paid by a company to its employees; Salaries and wages, Amounts withheld from employees' paychecks by employers, Payroll taxes and benefits paid by the employer

corporation

separate legal entity that's owned by shareholders and usually guided by a board of directors; A business owned by stockholders who share in its profits but are not personally responsible for its debts;

capital

wealth or money available for investment; the money a business has available to pay for its day-to-day operations and to fund its future growth

investor

a person who gives money to a company with the hope of making money later

minimum viable product

A product with just enough features to satisfy early customers, and to provide feedback for future product development.

fledgling

an inexperienced person, beginner; a company or startup that is young, LACKING EXPERIENCE, and is struggling with their business model

tort

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

Brick-and-Mortar Business

Traditional businesses with actual stores in which trade or retail occurs, it does not exist solely on the internet.

gig economy

a labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs; people hired specifically for one project not on board long term (HELPFUL TO STARTUP ENTREPRENEURS)

surplus

an amount beyond what is required, excess; leftover inventory or materials

equilibrium price

the price at which the quantity demanded equals the quantity supplied

price floor

the lowest legal price that can be paid in a market for goods and services, labor, or financial capital

- example: minimum wage

venture capital

money provided by large investors to finance new products and new businesses that have a good chance to be very profitable

common stocks

Ownership shares in a publicly held corporation. Shareholders have voting rights and may receive dividends

preferred stocks

nonvoting shares in a corporation, usually paying a fixed stream of dividends

change management

set of strategies implemented to make sure changes are made smoothly and efficiently and do not negatively affect systems' reliability, security, confidentiality, integrity, and availability.

expenditure

the action of spending funds

variable expenses

Costs that vary in amount and type, depending on the choices you make; vary on company's success and sales

fixed expense

expenses which stay basically the same from month to month, such as housing and transportation.

bonds

issued by governments and corporations when they want to raise money. You're giving the issuer a loan, and they agree to pay you back the face value of the loan on a specific date, and to pay you periodic interest payments along the way, usually twice a year

remedial action

A means of encouraging appropriate workplace behavior in order to improve employee performance

product line

a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

marginal analysis

examination of the costs and benefits of a SMALL(marginal) change in the production, comparing the costs to the benefits and analyzing whether it is a worthy move

direct marketing

direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships; WITHOUT USE OF THIRD PARTIES OR INTERMEDIARIES

indirect marketing

a marketing channel containing one or more intermediary levels; The promotional strategy that uses ways other than direct marketing to target customers (for example, reaching them through media such as television, radio, or magazine advertising).

product service management

modifying a company's products in response to certain demands in the market at the time. anticipates customer needs and then guides the product development to meet those needs.

business proposal

A written document that describes how you will launch, organize, and operate your business; to anyone who might need convincing about the product

business vision

a mental picture of your business, product, or service at some time in the future based on current goals and aspirations

tagline

A catchphrase designed to sum up the essence of a product

- Loreal Paris: Because you're worth it

brand promise

A business's agreement (spoken or unspoken) with customers that it will consistently meet their expectations and deliver on its brand characteristics and values.

mission statement

a statement of the organization's purpose and intention - what it wants to accomplish in the larger environment; SUPPORTS THE VISION, and serves to communicate direction to employees, customers, stakeholders

Accounts Receivable

Amounts to be received in the future due to the sale of goods or services

supply chain management

a management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value

push money

money offered to channel intermediaries to encourage them to "push" products - that is, to encourage other members of the channel to sell the products

sweepstakes

A form of sales promotion that offers prizes based on a chance drawing of entrants' names

horizontal analysis

Financial analysis that compares an item in a current statement with the same item in prior or later statements.

vertical analysis

method of analyzing financial statements by comparing each line item as a percentage of the base figure (comparing one piece to total)

environmental impact

technological, economic, social, political, cultural; business need to modify some operations in response to these environmental impacts so the business still succeeds

net profit

The amount left after operating expenses are subtracted from the gross profit

vendor

A company that sells supplies, equipment, or services to another company or individual.

supplier

A business which sells (or supplies) products to another business.

positioning statement

an expression of how a given product, service or brand fills a particular consumer need in a way that its competitors don't.

positioning

identifying an appropriate market niche for a product (or service or brand) and getting it established in that area.

product

the product/service that is being sold

price

price at which product/service is being sold

place

platform on which product/service is being sold (internet store, brick and mortar location, etc)

promotion

raising brand and product awareness in the market; spreading information about the product/service through elements of promotional mix (public relations, advertising, publicity, personal selling, direct marketing, etc)

marketing information management

Obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities. THROUGH SURVEYS FOR EXAMPLE

proximity

being closer to the raw materials the company needs to manufacture its products

benefits:

- communication may improve due to proximity

- save transportation costs

compensation

any payment given to an employee in return for their time, labor, and skills; can be in the form of a salary, wage, benefits, bonuses, paid leave, pension funds, and stock options.

Frequency

the number of times a value, value range or event occurs in gathered data.

primary data

information collected for the specific purpose at hand; problem being solved rn

secondary data

information that already exists somewhere, having been collected for another purpose; but can still be used to solve current problem.

libel

a published false statement that is damaging to a person's reputation; a written defamation.

misrepresentation

a false statement of a fact made by one party which affects the other party's decision in agreeing to a contract.

Negligence

failure to take proper care in doing something; problems that could've been avoided if the company had made some minor adjustments.

incompetence

not having the skills necessary to do something successfully

work flow

the way work is organized to meet the organization's production or service goals

- organized to best suit the nature of the business and its goals

legality of purpose

The intent of the contract must not violate the law. The courts will not enforce a contract that violates the law.

capacity

certain conditions that must be met for a contract to be legally enforceable; having the mental and cognitive ability to understand the agreement and the consequences of their actions.

consideration

agreement must include something of value that both parties want HAS TO BE GIVE AND RECEIVE SOMETHING IN RETURN

Genuiness of Assent

The consent of the parties to create a contract must be genuine; all parties know what they are agreeing to

contingency data

data in which the row entries correspond to a variable and the column entries correspond to a different variable and the data compares the correlation between the two variables

value proposition

sentence or paragraph that articulates what your service or business does, who it brings value to, and why it's valuable for those customers. WHY SHOULD PEOPLE CHOOSE YOU OVER EVERYONE ELSE?

blue ocean

uncontested market space; to avoid competition and having to share the market

business disruption

the process in which a product becomes popular enough to replace a traditional or common product or service.

what form of business requires a charter granted by the state?

coropration

Business Charter

details the major components of a company such as its objectives, its structure and its planned operations

articles of incorporation (corporate charter)

the basic governing documents of a corporation, which must be filed with the secretary of state of the state of incorporation (in order to create a corporation)

Indirect channel of distribution

The process through which goods move through one or more middlemen (intermediaries) between the producer and the consumer.

formal business report

report that define a specific topic or problem area, present and interpret data, draw conclusions, and make recommendations. Supervisors prepare these to gather all the pertinent information that will help them in making important decisions.

touchpoint

Any interaction between a business and a customer or a potential customer Example: When a customer sees a news story on TV about a business.

one of the government's original roles in business

acting as a referee; referee. When the United States was created, government was not intended to have a hand in business. Businesses would be free to act in their own best interests without government involvement.

economies of scale

Economies of scale is the concept that increasing the scale of production will lead to a decrease in the cost of production while increasing the output. This concept affects the cost of production because businesses that apply this concept usually develop large production facilities that produce large quantities of specific items. The larger the facility, the less it costs to produce an item.

goal

a concrete achievement that you want to complete. specific, targeted, and measurable

faciliator

objectively guide the discussion, keep the group on track, and record the group's ideas.

risk control

tactic to mitigate a perceived risk

risk assessment

evaluation of the short-term and long-term risks associated with a particular activity or hazard

Enterprise Risk Management

a process used by a company to identify its risks and develop responses to them that enable it to be reasonably assured of meeting its goals IMPORTANT BECAUSE MOST RISKS ARE PREDICTABLE AND MANAGEABLE IF A COMPANY PLANS FOR THEM.

marketing tactics

strategic actions that direct the promotion of a product or service to influence specific marketing goals

individual financial planner

personal advisor who helps clients manage their financial affairs and work towards their long term financial goals

market segment

people who are grouped together for marketing purposes. Part of a larger market, often lumping individuals together, based on one or more similar characteristics.

cooperative advertising

when multiple brands collaborate together to form a mutually beneficial promotion; used to provide channel members with financial assistance to offset product advertising expenses.