DECA Marketing Exam Stuff to Know

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Business

135 Terms

1

Referral sampling

getting individual who meet the criteria and then asking them to refer/recruit more people that follow the criteria

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2

Judgement sampling

selecting individuals based on criteria set/ predetermined by the researcher

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3

Obsolescence

The risk that a process, product or technology used or produced by a company will become obsolete and will no longer be competitive in the workplace

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4

Lien

A legal claim to an item or property that protects the seller if the buyer does not complete his/her payments

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5

Subculture

Secondary group within a dominant culture

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6

Dominant culture

The culture which a person most identifies with

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7

Interest rates increase when

There is a tight money supply

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8

Estate tax

Tax on inherited things

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9

Excise tax

“Sin tax” on nonessential products like alcohol, gasoline, cigarettes

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10

Matrix organizational structure

Share resources and employees with certain skills will be assigned different types of projects based on the organization’s needs

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11

Adhocracy organizational structure

Work teams to create new processes (adopted by tech companies like google)

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12

Machine bureaucracy organizational structure

Provide a simple work environment that involves standardization of work process or specialization by work task

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13

Agents

Business or individual that assists in the sale and/or promotion of products but does not buy them

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14

industrial distributor

wholesaler

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15

market changes

increases/decreases in demand for particular goods or services

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16

economic changes

increases/decreases in consumer disposable income

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17

population changes

lead to increase/decrease in population in a business market area

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18

changes to sales forecasts occur when

competitors enter or leave the market

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19

valid research

research based on collecting the most appropriate and up-to-date information available to use in solving a problem or addressing in issue

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20

budgets prepared in period of

a fiscal year

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21

disbursement journal

tracks/records daily expenditures

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22

sales journal

a special book, or computer software that records daily receipt and would provide the daily sales figures the business needs

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23

credit cards are beneficial for customers because of

convenience

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24

you can build trust in negotiations by

showing respect by actively listening

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25

exclusive/unique benefit

advantage that is only available for your good/service

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26

obvious benefits

advantages that need little to no explanation by the salesperson, easily recognizable

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27

individual customers

individual people that purchase goods such as clothing, food, and services like insurance or car washes

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28

industrial customer

business that buy from other businesses

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29

free-standing insert (promotion)

an advertising leaflet or brochure that is inserted into a magazine, newspaper, or other publication

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30

point-of-sale promotion

any display, sign, or other visible advertisement that is placed next to a product in a retail setting to draw customers/ attention

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31

secondary (product) promotion

can also be called “selective” promotion, used to stimulate demand for a specific brand of products

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32

primary (product) promotion

aims to stimulate demand, or desire for an entire class of goods or services

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33

individual brand

using different brands for products owned by one company

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34

family brand

using the same brand for related products in a product line

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35

private brand (store brand)

owned by an intermediary, supplier produces product and puts the intermediary’s brand on it

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36

manufacturer’s brand (national brand)

manufacturer assumes all responsibility for branding and makes all decisions regarding the use of the brand

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37

implied warranty

not written or stated orally, but simply understood by both the seller and the customer that the product will perform as expected

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38

full warranty

states that if the product does not work properly, is defective, or does not live up to the warranty, it must be made good within reasonable time

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39

limited warranty

warranty that does not have all of the provisions of a full warranty

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40

standard and grades

used to establish reliability when marketing

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41

checking account

not a price, but does have a price to open one

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42

situation analysis

looks at the company, customer, competitor, climate, and collaborators

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43

what is “problem oriented” used to describe?

data

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44

qualitative data

mainly opinions or facts and NOT numbers to measure something; good for understanding how customers feel about something

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45

applied research

seeks to solve a problem or answer a specific answer

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46

basic research

seeks to build knowledge and understanding about a field

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47

what is the primary question to ask about data?

is the info complete?

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48

secondary data

existing data that can be used for other purposes (ex. customer purchases, etc)

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49

primary data

data collected for the purpose of the market research objective

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50

currency exchange rate equation

(base currency/quote or counter currency)

one unit of base currency will buy ____”percentage” of quote/counter currency

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51

private enterprise

includes private property, limited government control, and the profit motive

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52

private enterprise system

markets, not the governments, answer the economic questions of what, how, and for who to produce

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53

gray market

buying and selling products through channels other than what was originally intended (an organized, authorized system)

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54

consideration (relating to contracts)

requires both parties to get something out of the deal

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55

capacity (relating to contracts)

parties entering into a contract must have the mental capacity to understand what they are signing

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56

exploratory research

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

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57

what do accounting computer software programs create?

invoices and records customer payments

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58

what happens when a nation’s currency rate increases?

the consumer confidence increases

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59

economic contraction

unemployment increase, consumer confidence and strength of the economy decreases

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60

marginal cost

change in cost involved with increase and decrease in production

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61

channel conflict

can occur when members are competing amongst themselves for customers

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62

what are the six thinking hats?

White (facts), Red (emotions), Black (cautiousness), Yellow (positivity), Green (creativity), Blue (control)

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63

types of unemployment

cyclical, structural, frictional, underemployed, hidden, seasonal

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64

cyclical unemployment

unemployment that rises during recessions and based on the business cycle

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65

structural unemployment

when there is a mismatch between the jobs available and the jobs people are looking for

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66

frictional unemployment

when people are between jobs and are in and out of the labor force

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67

underemployed unemployment

when people are employed but want to/can work more hours

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68

hidden unemployment

when people are not counted as unemployed in stats

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69

seasonal unemployed

unemployment at different points in the year from seasonal jobs

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70

What are the types of risk management

avoidance, retention, transfer, spreading, loss prevention

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71

avoidance of risk

avoiding the risk altogether

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72

retention of risk

accepting the presence of the risk, no changs to actions

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73

spreading of risk

duplicating records/documents (if risk of loss of property, etc)

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74

loss prevention in risk

minimizing risk in severity by taking precautions

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75

transfer of risk

transferring risk to others by contract

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76

collective bargaining

the process in which working people through their unions,

negotiating contracts with their employers to determine their terms of employment

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77

memorandums

used as written message that’s used for interval communications within an organization

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78

fiat money

government-issued currency that is not backed by a commodity like gold

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79

representative money

portable currency that is backed by a physical commodity such as a bank deposit

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80

commodity money

objects having value or use in themselves (intrinsic value) as well as their value in buying goods

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81

tabulating (within survey)

listing # people who “agree”, “disagree”, or “no opinion.”

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82

consumer’s movement

advocating for the rights and welfare of consumers

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83

Simpson’s Paradox

when association between two variables in a population emerges, disappears or reverses when the population is divided into a subpopulation

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84

quality culture

an environment where team members genuinely care about the quality of their work, and make decisions based on achieving that level of quality

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85

fiduciary relationship

where one part has special trust, confidence, responsibility in another part, and is influenced by another who has a fiduciary duty to act for the benefit of the party

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86

debtor

the individual or business that owes money to another individual or business (creditor)

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87

voluntary debtor-creditor relationship

both the debtor and the creditor enter the relationship willingly and understand the risks and expectations

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88

innovation management

management style that embraces active participation throughout all levels of the organization

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89

competitive aggression

a drive to win scarce customer dollars in the marketplace

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90

cultural intelligence

being sensitive to the customs and traditions of people from different cultural backgrounds

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91

proactive management

anticipating and advanced planning for change, which helps businesses adapt more quickly than a reactive approach

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92

progressive tax structure

one in which those who earn more are required to pay a higher percentage of their income

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93

regressive tax structure

the tax rate decreases (i.e. sales and excise taxes)

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94

proportional tax structure

everyone pays the same percentage of income in taxes regardless of income level

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95

corporate taxes

taxes that businesses structured as corporations have to pay

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96

constructive criticism

evaluative information designed to help someone improve

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97

benefit of a shared vision to an organization

it serves as a guide for decision making

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98

ethnocentrism

the belief that your own culture is naturally better than other cultures

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99

groupthink

a form of extreme cohesiveness that occurs when individuality and independent thinking within the group is discouraged

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100

when identifiying risks that a business faces, management should focus on

the sources of the risk

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