DECA Business Management & Administration Flashcards

advertising

form of paid companies promote an idea, good or service through a variety of media

channel management

involves selecting and evaluating channel members to monitor the movement of a product from producer or manufacturer to end user

closing the sale

salesperson gains an agreement to purchase from a consumer

competition oriented pricing

a pricing method in which a seller uses prices of competing products as a benchmark i

cost-plus pricing

a type of pricing that includes the variable costs associated with goods as well as a portion of the fixed costs of operating the business

customer service

process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made

data collection instrument

to gather information, marketers can use surveys,interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications

demand oriented pricing

a pricing method which the price the product is changed according to its demand/ product

direct marketing channels

advertising that sends a promotional message to a targeted group of customers rather than a mass audience

distribution

the function of moving and selling goods from producer to consumer

feature benefit selling

selling teq the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable

greeting approach

when a salesperson first interacts with a consumer by welcoming a customer to the store and states they are available for questions

guarantee

a promise that a product has a certain quality or will provide satisfaction

headline

a phrase in an advertisement that grabs the consumers attention, creates interest and encourages them to read a promotional message

illustration

a photograph, drawing or other graphic that is used in a promotional message

market indentification

process of marketer in identifying the most profitable areas to offer a new product or service

marketing

process of creating, communicating, delivering and exchanging offerings that have value for customers to generate profits for a business

marketing info management

process and methods that generates, stores, analyzes and distributes info to promote good decision making for a business

marketing plan

formal document that specifies a company's activities for a determined amount of time

marketing research

process of gathering info, conducting analysis and presenting findings for a product or service to make marketing decisions

mark-up pricing

the practice of adding a constant percentage to the price of an item to determine its selling price

objections

a concern or doubt that a consumer has for not making a purchase

open-ended questions

a question that encourages the consumer to respond with a yes or no answer

personal selling

any form of direct contact between a salesperson and customer to fulfill their wants and needs

pricing

the value placed on a good or service

primary research

gathering data for the first time for a specific product, service and or business

product knowledge

information about a good or service that can include its application, function, features, and use

product life cycle

stages that a product goes through in its life

introduction, growth, maturity and decline

product mix

all of the different products and/or services a company makes or calls

promotion

choices made about advertising, personal selling, sales promotion and public relations used to be communicate, inform and persuade potential and current customers

product service managemnt

the process of creating and changing the info about a company's catalog of offerings

promotional mix

the combination of advertising , personal selling, sales promotion and public used to accomplish an overall marketing strategy

promotional plan

an outline of the marketing tools, strategies and resources that a company intends to use to promote a product or service

selling

when a buyer exchanges, sales quotes , sales commission, and legal and ethical issues

selling policy

decisions of a business regarding forms of payment, returns and exchanges, sales quota

service close

when a salesperson encourages a consumer to purchase with information regarding services available

public relations

promotional activities that are designed to create a good image with the public

situation analysis

the study of internal and external factors that affect marketing strategy

ROMI (return on marketing investment)

a financial calculation to determine the profitability returned to the business based on funds spent on communicating with potential customers

slogan

a catchy phrase of words that identify a product or business

sales promotion

all marketing activities other than advertising, public relations, and personal selling that are directed at a customer in order to increase sales

statistics

numbers that represent a fact or presents a view of a situation

secondary research

data that has been previously collected for non marketing activity and is available for business' use

target marketing

the process of communicating with a particular group who is most likely to become customers.

- usually defined by demographic, geographic and psychographic characteristics

warranty

a promise that is given to a consumer that a product will meet certain standards

balance of trade

the difference in value between exports and imports of a nation

business analysis

investigation into the operations of a business to demonstrate the causes behind the results achieved, and the effects of those results on the business

business risk

the probability of loss inherent in an organization's operations and environment that may impair its ability to provide returns on investment

CMMI ( capability Maturity Model Integration

a process improvement technique for evaluating how efficiently a company is able to deliver technology products to its customers

controlling

the process of setting standards and evaluating performance

data mining

reviewing very large amounts of data for useful information. this activity often uses advanced statistical tools to determine trends, patterns and relationships. data mining can also be referred to as data surfing.

directing

the process of building an effective work climate and creating opportunity for motivation, supervising, scheduling and discipling

economics

attempts to explain how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction

embargo

a complete ban on specific goods coming into or leaving a country

export

products that leave for another country

free trade

commercial trade between nations through free market principles and without regulationq

global trade

worldwide business that involves making and collecting payments for transactions in goods and services, and transporting those products to various markets

import

products that come in from another country

information management

the process of collecting and analyzing data that can be used in the strategic decision making process for a business

information technology infrastructure library

a comprehensive set of documents, which defines best practice and accepted techniques in the information technology community

inventory Management

process of buying and storing materials and products while controlling costs for ordering, shipping, handling and storage

knowledge management

strategy designed to identify, document and share an organization's intellectual assets to benefit performance

managerial control

process of achieving defined goals within an established timetable, and usually understood to have three components: setting standards, measuring actual performance and taking corrective action

organizational control

the process of establishing and maintaining authority over and throughput a business

organizational goals

the overall objectives, purpose and mission of a business that have been established by its management and communicated to its employees

organize

state of being efficient or methodical

planning

setting goals and determining how to reach them

process control

activities involved in ensuring a process is predictable, stable and consistently operating at the target level of performance with only normal variation

project

planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations

negotiation

bargaining process between two or more seeking to discover a common ground and reach an agreement to settle a matter of mutual concern

project management

project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently

project management software

software used for project planning, scheduling budgeting and documentation.

-used for collaboration and communication between project participants

project team

a group of individuals assembled to perform activities that contribute toward achieving a common task related goal

purchase order

a legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment and delivery

purchasing

to acquire goods or services to accomplish the goals of an organization

quality management framework

the act of overseeing all activities and tasks needed to maintain a desired level of excellence

quota

a limit on either the quantity or value of a product that may be imported

research report

a document prepared by an analyst or strategist. research reports generally have "actionable" recommendations

risk management

monitoring the opportunity for loss within a business

rules of conduct

self-understanding

awareness of and ability to understand ones own actions and reactions

six sigma

staffing

the selections and training of individuals for specific job functions, and delegating them the associated responsibilities

strategic management

analysis of the factors associated with customers and competitors and the business itself to provide the basis for maintaining optimum management practices

tariff

a tax on imports

TQM ( total quality management)

a overall approach to long-term success that views continuous improvement in all aspect of an organization as a process and not as a short-term goal

- aims to transform an organization through changes in the attitudes, practices, structures and systems

accounting

a system that monitors and individual, business or other organizations financial standing

budgeting

process of determining a time specific financial plan for an individual

capital

money invested in a business to generate income

capital expenditures

amount spent to acquire pr upgrade an asset that will increase the efficiency of the production or operations of a business for the long term

capital market

market for demand and supply of debt and equity capital.

made up of three major parts

-the stock market

-the bond market

- the money market

client services

a activity provided by a vendor on behalf of a client

commodities exchange

an open and organized marketplace where ownership title or standard units of commodities are traded by its members

compliance

verification that a vendor meets the requirements of accepted practices, regulations, legislation, rules,standard and/or the terms of a contract

cost of goods sold

line of an income statement which shows the cost of raw materials and labor to produce a finished product or service that is available to a consumer

costing

process to determine the cost of production or operation of a business by assigning expenses to various stages of production or operations of a firm

CRM ( customer relationship management

this is a database of customer contacts, purchase history and technical support .

can include

-profiles of potentials clients

data

information in an unorganized from (alphabets, numbers or symbols ) that have a relationship with current conditions, ideas of knowledge

database

the systematic organization of information that allows easy updating and analysis of data

economic of scale

an internal or external reduction in long term costs when production or operation increases in size