ALEX DECA MARKETING

Things I messed up on the practice test

Descriptive Statistics

Statistical methods used to summarize and describe the main features of a dataset, including measures of central tendency and variability.

Distribution Channels

The paths through which goods and services flow from the manufacturer to the consumer, including wholesalers, retailers, and direct sales.

Focus Group

A small group of people discussing a product for market research.

Status Quo

The existing state of things; keeping things the same.

Preselling

Promoting a product before it is available to build demand.

Product Information

Details about a product, such as features and benefits.

Brand Identity

The visible elements of a brand (logo, design, colors).

Brand Personality

The “human like” traits associated with a brand.

Brand Value

The worth of a brand based on customer loyalty and perception

Marketing plan

A strategy for promoting and selling a product.

Decision Making Model

A step by step process for making choices

Good Faith Money

A deposit to show serious intent in a transaction.

Orderly and Systematic behavior

Acting in an organized and predictable manner.

Experimental Research method

Testing a product or idea in a controlled environment

Causal Research method

Studying cause and effect relationships between variables

Interview Research method

Asking people questions to gather data

Exploratory research method

Research done to gain insights when little is known.

Disability insurance

Covers lost income if you can’t work due to injury or illness.

Health insurance

Pays for medical expenses

Liability insurance

Protects against legal claims for damages.

Term life insurance

Pays out if the insured person dies within a set time period.

Form utility

Value from the physical design of a product

Time utility

Making a product available when it’s needed

Possession utulity

Making a product easy to buy and use

Place Utility

Making a product available when it’s needed

Intellectual Property

Creations of the mind like patents or copyrights

Tangible Proberty

Physical objects like land or buildings

Administrative property

Government owned property for public use

Statutory property

Rights granted by law like trademarks or patents

Product Bundling

Selling multiple products together as a package

Relative market share

compares a company’s share to competitors

Absolute market share

A company’s sales as a portion of total industry sales.

Matrix organizational structure

Employees work on multiple teams or projects

Bureaucratic organizational structure

A structured, rule-based organization

Line and staff organizational structure

Combines direct and support roles

Span of control organizational structure

the number of employees a manger oversees.

Direct Channel of distribution

Selling straight to consumers

Indirect channel of distribution

using intermediates like wholesalers or retailers to sell

Exclusive dealing

A supplier restricts retailers to selling only its products.

Typing Agreement

Requiring a buyer to purchase another product along with the main one

Marketing information management

Collecting and analyzing market data

Product/Service Management

Developing and improving products

Knowledge Management

Organizing and using company knowledge effectively.

Inventory Management

Controlling stock levels to meet demand.