DECA Marketing Cluster ICDC

Appropriation (Tort)

Involves a business or person who uses, without permission, another person's name, likeness, and other unique characteristics for the benefit or gain of the user

Torts

Civil wrongdoings that cause harm or injury to another party

Wrongful Interference (Tort)

Predatory behavior undertaken by a business to draw either customers or employees away from a competitor

Defamation (Tort)

Making false, malicious statements about a person or organization

Conversion (Tort)

When personal property is taken from the owner and given to someone else to use

Corporation

A type of business that is operated by several people and owned by stockholders

Partnership

A form of business ownership in which the business is owned by two or more persons

Sole Proprietorship

Form of business ownership in which the business is owned by one person

Cooperative

Owned and operated by its user-owners to supply goods and services to its members

Channel Management

Involves understanding the concepts and processes needed to identify, select, monitor, and evaluate sales channels

Promotion

Involves understanding the concepts and strategies needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome

Pricing

The marketing function that involves determining and adjusting prices to maximize return and meet customers' perceptions of value

Product/Service Management

The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

Intermediarires

Middlemen and incude sales agents, wholesalers, and retailers who perform specific functions in the movement of goods form producers to consumers

Direct Channels of Distribution

Involve producers and either industrial or ultimate consumers

Brand Promise

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

Quality Control

Ensuring that products met predetermined standards for excellence; also part of operations

Purchasing

Acquiring necessary goods and services; part of operations

Inventory Management

Supervising inventory levels to make sure there is an appropriate balance; part of operations

Inflation

Rapid rise in prices usually occurring when demand exceeds supply

Excise Tax

A special government tax on certain items, such as gasoline, certain businesses, cars, etc.

Union Stewards

Union members elected by their peers to handle any grievances or problems members might have with management

Union President

Responsibilities include leading the union as a whole rather than assisting individuals

Mediator

Involved in union negotiations, clarifying issues, and making suggestions concerning the contract

Arbitrator

Assists with (union) negotiations; In binding arbitration, this person's decisions regarding the contract are final and cannot be changed

Productivity

The amount and value of goods and services produced (outputs) from set amounts of resources (inputs)

Store of Value

When money is saved rather than spent

Measure of Value

When money functions as this, the individual holding the money assesses what s/he is willing to pay for a good or service

Commercial Bank

Full-service banks that offer a variety of banking services (checking and savings accounts, loans, installment credit, and bank credit cards.)The regular bank you go to (Bank of America, JP Morgan, Chase)

High Interest Rates

A business condition that can create economic risks

Accounting

The process of keeping and interpreting financial records

Liquid Asset

Cash or any asset that can quickly be converted into cash

Accounts Receivable

Money owed to the business for purchases made by customers

Dividends

Sums of money paid to investors or stockholders as earnings on investments

Cash Conversion Cycle

The ratio that reflects the number of days between a company paying for raw materials and receiving cash from selling the products made from those raw materials (keep component to managing working capital)

Profit Margin

The amount of money that a business earns on sales after expenses; expressed as a ratio

Human Resources Management

The process of planning, staffing, leading, and organizing the employees of a business

Distribution Channels

Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user

Semantic-Differential Rating Scales

Measure attitude

Volume-Tracking Scanner

A method of collecting information about customers' buying habits and inventory status because the scanning system can track large volumes of goods

Secondary Data

Information that have been collected for purposes other than the project at hand.

Marketing Information Management

This function involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in making marketing decisions

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Selling

This function involves determining customer needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunity

Rate of Usage

A type of behavioral segmentation, which involves dividing customers into groups according to their response to a product

Information System

A method of gathering, storing, and analyzing data for the purpose of making business decisions

Private Enterprise

An economic system where individuals control the means of production. Considered a mixed economy because individuals and business are the primary economic decision makers, while the government helps to regulate and control the system

Consumer Spending Habits

An economic factor that may be a threat or an opportunity

Quality Inspection

Checking a sample item for defects after it has already been produced

Quality Assurance

The process businesses use to prevent defective products from being created

Platform Project

One that creates something entirely new

Derivative Project

Enhances, adds to, or extends an existing project

Breakthrough Project

Relies on the use of new technology

R&D Project

Takes on new visions or pursuits for the business

Process Orientation

A focus on how things are done, rather than just outcomes

Continual Improvement

A focus on increasing efficiency and effectiveness in all areas of the organization

Concurrent Engineering

Performing the stages of product design and development simultaneously, instead of one after another

Product Innovation

Involves the development of totally new or improved products

Process Innovation

Changing the way that a product is produced or delivered

Positioning Innovation

Involves identifying new, different ways to position a product or a company

Paradigm Innovation

A shift in the way of thinking that causes a change

Below-Cost Pricing

When a company prices its products below cost, making it difficult for other companies to complete with the low prices causing the other companies to possibly go out of business

One-Price Policy

When a business charges one price for all items it sells

Price Skimming

A pricing strategy that involves setting prices higher than those of the competition

Express Warranties

Warranties that are in writing or expressed verbally

Contraction

A product mix-strategy in which a business removes, or deletes, product items or product lines from its product mix

Alteration

A product mix-strategy in which a business makes changes to its products or product lines

Expansion

A product mix-strategy in which a business expands its product mix by adding additional product items or product lines

Touch Points

The interactions that customers have with the business; can be divided into three categories: pre-purchase, purchase, and post-purchase experiences

Product Promotion

Used to stimulate consumer purchases of goods or services

Advertising

Any paid form of nonpersonal presentation of ideas, images, goods, or services

Sales Promotion

Includes promotional activities other than advertising

Publicity

Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual which benefits from it

Personal Selling

The form of promotion that uses planned, personalized communication in order to influence purchase decisions and enhance future business opportunities

Direct Mail

A promotional medium that comes to consumers' homes in the form of letters, catalogs, postcards, and folders

Administrative Law

Deals with the rules and regulations that have been established by governmental agencies.

Exclusive Distribution

Involves selling a product through just one middleman in a geographic area and allows the manufacturer to maintain tight control over the product

Intensive Distribution

Involves selling a product through every available wholesaler and retailer in a geographic area where consumers might look for it

Selective Distribution

Involves selling a product through a limited number of wholesalers and retailers in a geographical area

Wholesalers

Intermediaries who help move goods between producers and retailers

Agents

Intermediaries who assist in the sale and/or promotion of goods and services but do not take title to them

Industrial Distributors

Intermediaries that sell products to industrial users (businesses)

Radio Frequency Identification (RFID)

A small computer chip that is attached to the item. The tag contains product information such as price, style, model number, etc., and allows channel members to track the item's movement from the time it leaves the production line to the point of purchase

Universal Product Codes

Bar-coded tag that are read by a scanner

Supplier Performance Index

A method to measure and evaluate a channel member's performance

Customer Relationship Management

An effort to build loyal, trusting, personal, and long-term associations with the clients or customers that have the potential to generate profit for the business

Product/Service Management

The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

Human Resource Management

The process of planning, staffing, leading, and organizing the employees of the business

Operations Management

The process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning

Corporate Bonds

Bonds issued by corporations to fund operating expenses

Mutual Fund

A collection of shareholders' money that invested by professional fund managers in an assortment of different securities, such as stocks and bonds

Municipal Bonds

Issued by local governments

Sales Tax

A fee that the government charges on retail products

Property Tax

A tax on land and buildings

Income Tax

A tax on the income a person earns, such as wages earned by performing work for an employer

FRUGGING (Fund-Raising Under the Guise of Research)

An unethical and, in some jurisdictions, an illegal practice in which a researcher pretends to conduct research but is really trying to solicit a donation for a group or organization

Consumer Panel

A group of consumers formed for the purpose of discussing a specific topic, usually a good or service

Internal Secondary Data

Data from within the business that has been collected for purposes other than the project at hand

Warranty Agreements

Outline condition under which the seller will repair or replace a product

Exploratory Research

Involves collecting information to help the business define its issue, situation, or concern, and decide how to proceed with its research

Sampling Plan

The course of action for gathering marketing information from a section or portion of a target market