DECA ICDC ntoes

Intentional torts

Torts that occur when a party purposely commits wrongdoing.

Negligent torts

Torts that occur when a party fails to adhere to standards or duty.

Strict torts

Torts that bypass the issue of intention or negligence, often involving product liability.

Selective distribution

A distribution pattern where a producer sells a product through a limited number of middlemen in a geographic area.

Wholesalers

Intermediaries that buy goods from producers and sell them to retailers.

Technology in channel management

Technological tools that increase efficiency throughout the channel.

Slotting allowance

Payment from a manufacturer to a distributor or retailer to ensure a product appears on the shelf.

Place (Marketing)

Marketing element focusing on getting a product in the right place at the right time.

Affinity marketing

Partnership between businesses to promote and sell products, attracting new customers and building trust.

Growth mindset

Objective response to feedback, seeing it as opportunities to learn and grow.

Revision

Making large, overarching changes to a document’s content and structure.

Customer experience management

Strategies to meet or exceed customer expectations and provide outstanding experiences at touchpoints.

Relative price

Ratio between two separate prices.

Profit

Income minus expenses, resulting in profit if income exceeds expenses.

Industrial union

Union of workers in the same industry with a variety of different jobs.

Expansion

Beginning of a business cycle with growth in economic activities, signifying economic prosperity.

Contraction

A period of diminishing economic activity.

Recession

Widespread economic contraction lasting for an extended period.

Stagnation

Not a business cycle phase.

Change leaders

People who initiate and facilitate change, embracing learning and growth.

Objective measure

Setting specific criteria for success, independent of past performance or comparison.

Responsibility

Feeling valuable and respected by being given important tasks.

Competitive negotiation style

Viewing situations as a rivalry or game-like challenge.

Overcommitted

Committing to more than what is possible, necessary, or desirable.

Good faith money

Deposit indicating intention to complete a business deal.

Stocks

Ownership shares in a corporation with associated rights and risks.

Conflict of interest

Occurs when independence and objectivity are compromised.

Asset

Anything of value owned by a business or individual.

Primary information

Data collected systematically for a specific situation.

Effective marketing research

Systematic and timely gathering, recording, and analyzing of information.

Product strategy

Involves determining what products to offer or develop.

Ethics in marketing-information management

Importance of obtaining information ethically.

X-data

Experience data, insights, and perspectives used in data analysis.

Financial records

Secondary data sources like public corporation records or sales invoices.

Range

The difference between the highest and lowest values in a data set.

External data

Secondary data that already exist outside the organization, sourced from trade publications like AdWeek.

Decision problem

The basic issue managers face, prompting the need for marketing research.

Predatory pricing

Strategy using low prices to eliminate competition and establish a monopoly.

Convenience sample

Sampling method based on opportunity, like asking mall passersby to review a new soda flavor.

Focus groups

Qualitative data collection method involving group discussions with target market participants.

Nonresponse error

Sampling error due to insufficient responses from potential respondents.

Leading question

Question subtly influencing respondents to answer in a particular way.

Clear and neutral

Characteristics of effective survey questions, avoiding ambiguity and complexity.

Sugging

Selling under the guise of research, misleading individuals or companies for sales purposes.

Situational influences

Factors overriding dominant influences on buying behavior, like sales promotions.

Promotion element

Marketing mix component focusing on coordinating communication efforts to inform, persuade, or remind customers.

Mass marketing

Designing products and marketing to appeal to the whole market, communicating broad messages.

Strengths and weaknesses

Information about competitors included in a firm's situation analysis in a marketing plan.

Environmental scanning

Process of collecting information about internal and external environments to evaluate potential opportunities and threats.

Quantitative forecasting

Costly method of sales forecasting that can be objective but lacks accuracy.

Privacy

Legal issues in information management, especially concerning consumer privacy laws.

Credentials

Information about a person's skills and qualifications, essential for verifying the validity of sources.

Thorough Review Process

Implementing a detailed review process to ensure consistency and catch voice inconsistencies in shared documents.

Collaborate on Internal Documents

Working together to create a unified voice in complex internal documents.

Merchandising Security

Using security measures like security stands and surveillance cameras to protect products in retail settings.

Adversarial Threat

Various cyber threats including insider threats, malware, and corporate espionage.

Enterprise Resource Planning Software

Software integrating different operational aspects like product planning, inventory management, and order tracking.

Project Scope

Defining the boundaries of a project in terms of what will and will not be included.

Brainstorming

Generating ideas freely without censorship to encourage creativity and idea flow.

Marketing Analyst

Individuals responsible for monitoring and developing products or brands.

Unethical Marketing

Marketing tactics using false claims to manipulate consumers into purchasing products.

Adhering to Company Protocols

Following company guidelines and seeking clarification when needed.

Communicating Organizational Goals

Involving employees at all levels in understanding and achieving organizational goals.

Realistic Pricing

Setting prices that are competitive, flexible, and practical.

Selling Price

Helping customers allocate their money by determining the value of goods or services.

Surveying Customers

Gathering qualitative data by collecting opinions and experiences related to products.

Loss Leader

Strategy involving selling products at low prices to attract customers and increase sales of other items.

Product/Service Management

Involves making decisions about what to offer customers in the product/service mix.

Trading Up

Adding higher-priced products to the product mix to enhance offerings.

Quality Standard

Measuring the excellence of a good or service.

Using Warranties

Advertising warranties or guarantees as promotional tools to build customer loyalty and encourage feedback.

Brand Insistence

When consumers will only accept a specific brand for a given purpose and refuse to consider substitutes.

Market Saturation

Occurs when a product has reached most potential customers, and sales growth relies on population increase or market share shifts.

Prototype

An early model or sample of a product used for testing and development.

Environmental Impact

The consideration of a product's packaging materials' effects on the environment in product management decisions.

Pure Bundling

A marketing strategy where products are only available as a combined package and cannot be purchased separately.

Product Class

Marketing a product by emphasizing its product type or class rather than its specific features.

Divergent Thinking

Generating multiple creative ideas or solutions to a problem.

Logo

A distinctive symbol, design, or group of letters representing a brand.

Customer Review

An evaluation of a product or service by someone with experience, influencing branding efforts.

Post-Purchase Touchpoints

Opportunities for businesses to connect with customers after a sale, like thank you cards and billing communications.

Public Relations

Function of business to establish and maintain positive relationships with various publics

Carousel Ads

Featured on social media, allow scrolling through different images to display multiple products

Word-of-Mouth Marketing

Utilizes recommendations from friends, family, and customer reviews for effective communication

Coupon

Certification entitling holder to reduced purchase price, can be print or digital

Press Kit

Set of articles and pictures provided to media for publicity, includes company description and testimonials

White Space

Increases legibility and comprehension by providing open and clean design, reduces cognitive load

Corporate Social Responsibility

Business duty to contribute to society's wellbeing, goes beyond focusing solely on business interests

Internal Public Relations

Boosts employee relations and morale, recognizes employees for accomplishments

Intangible Product

Service or activity paid for by the customer, contrasts with tangible products that can be touched

Prospecting

Identifying potential buyers and organizing information for future use, aided by advancements in analytics