DECA Marketing Cluster (copy for senuki) (copy)

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Appropriation (Tort)

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187 Terms

1

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

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Torts

Civil wrongdoings that cause harm or injury to another party

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3

Wrongful Interference (Tort)

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

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4

Defamation (Tort)

Making false, malicious statements about a person or organization

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5

Conversion (Tort)

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

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6

Corporation

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

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7

Partnership

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

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8

Sole Proprietorship

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

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9

Cooperative

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

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10

Channel Management

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

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11

Promotion

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

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12

Pricing

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

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13

Intermediarires

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

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14

Direct Channels of Distribution

Involve producers and either industrial or ultimate consumers

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15

Consumer Protection

Deals with safety features and product labeling standards that protect the consumer

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16

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

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17

Time Utility

When products are available at the time they are needed or wanted by customers

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18

Form Utility

Usefulness created by altering or changing the form or shape of a good to make it more useful to customers

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19

Place Utility

Usefulness created by making sure that goods and services are available at the place where they are needed or wanted by customers.

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20

Possession Utility

Usefulness created when ownership of a product is transferred from the seller to the user

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21

Quality Control

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

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22

Purchasing

Acquiring necessary goods and services; part of operations

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23

Inventory Management

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

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24

Profit Motive

Desire to make profit, which moves people to invest in business

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25

Inflation

Rapid rise in prices usually occurring when demand exceeds supply

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26

Excise Tax

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

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27

Subsidy

Government financial help given to a business

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28

Bonds

A piece of paper (real or virtual) that says the governing body or corporation will borrow your money at a particular interest rate for a particular period of time; Interest-bearing certificates issued by government that promise to pay bond owners a certain sum at a specified time

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29

Union Stewards

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

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30

Union President

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

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31

Mediator

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

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32

Arbitrator

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

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33

Productivity

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

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34

Consensus

Decision-making outcome that requires the substantial agreement of each group member

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35

Minority Rule

Few people in the group make the decision

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36

Store of Value

When money is saved rather than spent

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37

Medium of Exchange

When money is used to obtain goods and services

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38

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

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39

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)

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40

Taxation Department

Collects various types of taxes

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41

High Interest Rates

A business condition that can create economic risks

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42

Accounting

The process of keeping and interpreting financial records

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43

Liability

Financial obligations a business has

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44

Accounts Receivable

Money owed to the business for purchases made by customers

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45

Dividends

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

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46

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

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47

Profit Margin

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

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48

Distribution Channels

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

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49

Marketing Research

The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern

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50

Experiment

A marketing research method that tests cause and effect by testing marketing new products or comparing test groups with control groups

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51

Semantic-Differential Rating Scales

Measure attitude

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52

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

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53

Secondary Data

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

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54

Marketing Information Management

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

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55

Selling

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

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56

Promotional Mix

The combination of marketing communication channels that a business uses to send its messages to consumers

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57

Rate of Usage

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

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58

Objectivity

Presenting unbiased information

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59

Information System

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

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60

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

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61

Environmental Scan

An analysis of external forces that influence a business's success; Collecting information about the environment (e.g. competitors and economic decisions) surrounding the business

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62

Consumer Spending Habits

An economic factor that may be a threat or an opportunity

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63

Quality Inspection

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

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64

Quality Assurance

The process businesses use to prevent defective products from being created

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65

Platform Project

One that creates something entirely new

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66

Derivative Project

Enhances, adds to, or extends an existing project

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67

Breakthrough Project

Relies on the use of new technology

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68

R&D Project

Takes on new visions or pursuits for the business

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69

Process Orientation

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

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70

Product Innovation

Involves the development of totally new or improved products

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71

Process Innovation

Changing the way that a product is produced or delivered

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72

Positioning Innovation

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

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73

Paradigm Innovation

A shift in the way of thinking that causes a change

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74

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

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75

One-Price Policy

When a business charges one price for all items it sells

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76

Price Skimming

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

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77

Mind-Mapping Process

A creative-thinking process that involves generating ideas by making associations

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78

Express Warranties

Warranties that are in writing or expressed verbally

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79

Positioning

A product-mix strategy in which a business creates a certain image or impression of a product in the minds of consumers

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80

Tag Line

A slogan used in an advertisement

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81

Touch Points

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

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82

Product Promotion

Used to stimulate consumer purchases of goods or services

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83

Advertising

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

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84

Sales Promotion

Includes promotional activities other than advertising

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85

Publicity

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

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86

Personal Selling

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

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87

Telemarketing

An advertising medium that utilizes telephone service to promote a product either by phoning prospective customers or providing a number for them to call

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88

"Do Not Call" Laws

Allow consumers to register their phone numbers with a "do not call" registry

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89

Direct Mail

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

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90

Public Relations

Involves establishing good relationships between the business and the public

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91

Administrative Law

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

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92

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

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93

Intensive Distribution

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

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94

Selective Distribution

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

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95

Wholesalers

Intermediaries who help move goods between producers and retailers

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96

Agents

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

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97

Industrial Distributors

Intermediaries that sell products to industrial users (businesses)

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98

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

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99

Universal Product Codes

Bar-coded tag that are read by a scanner

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100

Supplier Performance Index

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

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