DECA - Marketing

affinity marketing

a partnership between multiple businesses to provide goods in exchange for access to a new market

fiduciary relationship

relationship where an individual owes another a fiduciary duty to act in the their interest (ex. lawyer-client)

producer

person, company, or country that makes, grows, or supplies goods or commodities for sale

wholesaler

person or company that sells goods in large quantities at low prices, typically to retailers

retailer

person or business that sells goods to the public in small quantities for use or consumption rather than resale

consumer

person who purchases goods and services for personal use

sole proprietorship

most common structure chosen to start a business. it is owned by one individual with no distinction between business and owner

corporation

company or group of people authorized to act as a single entity and recognized as such in law

stockholder

shareholder; a person, company, or institution that owns at least one share of a company's stock

antitrust laws

regulations that prevent a person or company from taking any actions to restrain free trade and competition in the marketplace

channel distribution

chain of businesses through which a good or service passes until it reaches the end consumer

affiliate marketing

process of promoting and selling another business's products in exchange for a sales commission

cross linking

promoting your company on another company's website and allowing them to promote on yours

social media marketing

promoting your company over social media channels

sales commission

the amount of money a salesperson earns based on the number of sales they have made

bilateral contract

both parties promise to do something

unilateral contract

one party promises to do something

slotting allowances

fee paid by a manufacture to a customer (retailer) that covers the costs for placing a new product on the retailer's shelves

true complaints

honestly felt dissatisfactions by the customer

hidden complaints

concealment of true complaints with secondary reasons for dissatisfaction

ethics

basic principles that govern an individual's behavior (in business, right and wrong)

real property tax

tax levied on real estate, which is land and buildings

personal property tax

tax levied on furniture and supplies, machinery and equipment

menu costs

expenses associated with changing prices

competence

skill that a leader needs to be credible

marketing research

the systematic gathering, recording, and analyzing of data about a specific problem

obsolescence phase

product is in a state of being outmoded or unfashionable

commercialization phase

step in the product development process; product goes into production, marketing plan is set, service and sales training is done, and product's life cycle begins

channel members

all of the businesses or individuals that move goods and services from the producer to the end consumer

memorandums

type of simple written report that business employees prepare to provide information to others within the business

distributor

purchases products from a manufacturer then resells them

depreciation

reduction in the value of an asset over time, due in particular to wear and tear

commodity

a physical item that has value on its own

vertical conflict

occurs between organizations that work together to provide the same product to consumers

horizontal conflict

occurs between two enterprises that might work together, directly or indirectly

initiative

the ability to assess and initiate things independently

horizontal channel integration

the process of a company increasing production at the same part of the supply chain

vertical channel integration

when the supply chain of a company is owned by that company

tort

an act or omission that harms another and amounts to a civil wrongdoing for which courts impose liability

revenue

income generated from normal business operations, including discounts and deductions for returns

lean production

management that focuses on cutting out waste whilst ensuring quality

commercial bank

accepts deposits from the public and gives loans for consumption and investment

savings and loan association

specializes in accepting savings, deposits, and making mortgages and other loans

finance company

primarily provides money for short-term loans

credit union

nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates

reciprocity

practice of exchanging things with others for mutual benefit, especially privileges granted by one country or organization to another

investment bank

special segment of banking that provide financial consultancy services and helps individuals or organizations raise capital

assessment-management firm

manages funds for individuals and companies

downward communication

information and messages flowing from a higher level to a lower one

formal communication

official information flowing through proper, predefined channels and routes

upward communication

information flowing from the lower levels to the upper levels

horizontal communication

communication that flows laterally within the organization, involving persons at the same level of the organization

inflation

decline of purchasing power of a given currency over time

personnel

people employed in an organization or engaged in an organized undertaking such as military service

predatory pricing

pricing goods or services so low that other suppliers cannot compete and are forced to leave the market

price fixing

agreement between participants on the same side of a market to buy or sell a product or service at a fixed price, or to maintain the market conditions (supply and demand) so price is maintained