DECA whitewater studying

joint venture

When two or more businesses enter a relationship by combining complementary resources like technology, skills, capital, or distribution channels benefitting all the parties. Usually short tern

Tariffs

Tariffs are taxes on imported goods, when an imported product enters a country that requires a tariff, the merchant will pay a certain percentage of the product’s value directly to the government.

Domestic fee

A domestic fee is a cost charged to a customer or student who is a citizen or permanent resident of the same country where the service or institution is located.

Channel of distribution

The pathway a product or service takes from its producer to the final consumer. Every channel of distribution promotes products, channel members don’t need to make payments to retailers, as retailers are usually the last intermediary in the channel. Do not need detailed marketing reports either.

Evolving Internet

Some businesses have the capacity to distribute most or all products through the internet. Some businesses provide services that do not require the use of intermediaries.

Purchasing department

Purchasing department negotiates pricing and orders products from suppliers to service customers and keep the operation going.

Distracted listening

ex. daydreaming during a lecture

Active listening

ex. carefully listening to a friend and paraphrasing a speaker’s message.

Passive listening.

When a person listens without giving full attention, ex. casually listening to a podcast.

Marketing concept

A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals

External feedback/ Internal feedback

Comes from someone who is not you is external.

Endorphins

Peptides produced in the brain that block the perception of pain and increase feelings of wellbeing.

Formal/Informal recognition

Formal recognition are well-thought-out systems like school grades. Informal recognition is praise that is offered outside of formal systems.

Dividends

Earnings that are paid to investors or stockholders for their investments.

Credit Union

Are not-for-profit financial institutions that are owned by their members. They have better interest rates and lower fees that other types of financial institutions.

Tort of appropriation

When a business or person used without permission another person’s name, likeness, and other characteristics. 

Secondary data

Information that has already been collected, published, or compiled by someone else for another purpose

trade publications

provides data, trends, and analyses that companies can use to understand market conditions, competitors, and customer preferences.

integrated information sharing

all members of a distribution channel are connected through technology

Break-even point

the level of sales at which total revenue equals total costs

Export license

A legal requirement imposed by most governments for certain goods being shipped to other countries.

Credit Approval

When a business checks and approves a customer’s credit before allowing them to buy now and pay later.

Sales contract

A legal agreement between a buyer and a seller that lists the terms of a sale: price, quantity, delivery date, payment method

Insurance Coverage

Protection purchased to reduce financial loss if something goes wrong

Legal remedy

an official action taken to stop illegal or unethical advertising practices.

Remand

When a higher court sends a case back to a lower court for further action

Arbitration

A private dispute resolution where an impartial third party makes a binding decision.

Product Bundling

When a business sells two or more products or services together as a single combined package.

Customer Identification software

Helps a business identify and manage information about customers, such as tracking purchases or preferences.

Marketing intelligence software

Collects and analyzes data to help businesses understand market trends, customer behavior, and competitors.

Integrated software

Combines multiple related business functions into a single program.

Engineering design software

Helps in creating, simulating, and testing engineering designs.

Trade surplus

When a country exports more goods and services than it imports

Balance of trade

the difference between a country’s exports and imports of goods and services

Trade deficit

When a country imports more goods and services than it exports

Comparative advantage

The ability of a country to produce a good or service at a lower opportunity cost than another country.

Information on a market exit strategy

Included in the strategic planning

How the target market will use a product

Included in the marketing strategy or customer analysis.

A company’s mission statement

Part of the company overview

Strengths and weaknesses of competition

Included in the analysis section of a marketing plan

Employee acquisition

The company’s process of hiring employees

Job networking

Using professional or social contacts to discover employment opportunities.

Push strategy

When the producer promotes the product to intermediaries to push it to consumers

niche strategy

targets a specific, specialized market, not necessarily the ultimate consumer

pull strategy

When a producer directly targets the ultimate consumer to create demand for a product

product placement

involves placing products in movies, shows, or media for indirect promotion

form utility

The value added by manufacturing or assembling the product

place utility

Makes the product available where the customer wants it

Time utility

Makes the product available when the customer wants it

Possession utility

The value a customer gets from actually owning or being able to use the product

Semantic Differential Scale

A method used to measure satisfaction on a scale

Mark-up pricing

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

Trade show

Exhibit of products or services of interest to a specific industry

Likert Scale

A method developed by Dr. Rensis Likert that attributes quantitative value to a qualitative data to make it easier to analyze.

Warranty

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

Standing room only close

when a salesperson encourages a consumer to make a purchase because the product is in short supply or a price change may occur.

Word-of-mouth channels

oral or written recommendation by a satisfied customer to the prospective costumers of a good or service

ROMI

Return on marketing investment, a financial calculation to determine the profitability returned to the business based on funds spent on communication with potential customers.

cable tv

A service that delivers television programming, offering a wide range of channels.

Institutional promotion

Focuses on building a positive image or reputation for the company as a whole

CRM

Customer Relationship Management system, helps businesses manage and analyze interactions with current and potential customers.

Forced analogies method

Used to generate new ideas or solve problems by comparing the problem to something unrelated

Flat tax

In some states, businesses pay a percentage of their profits in taxes, no matter how much they make.

Integrated information sharing

All parts of a business or distribution channel can access and share the same up-to-date data easily and efficiently.

Cable TV benefits

Allows businesses to advertise to a particular group of viewers based on location, interests, demographics.

Systematic random sampling method

Way to select a sample from a larger group, using a fixed, regular interval

quota

Set number or proportion of people or items that must be included in a sample to represent certain characteristics

Stratum

Subcategory within a population that shares a common characteristic

Monitoring buzz marketing

Promotion strategy that lets the company track what people are saying on social media.

Fraud

Act of intentionally deceiving someone to gain money, property, or another benefit unfairly or illegally

Oligopoly

A market with few large sellers that dominate the industry

Monopolistic competition

A market with many sellers offering similar but not identical products.

Pure Monopoly

A market with only one seller that controls the entire supply of a product

Pure competition

A market with many sellers offering identical products.

Accounts receivable

Money owed to a company by constmers, helps businesses keep track of transactions.

Touchpoint

A customer knows or interacts with the company

can-spam

law that regulates emails going out to recipients, allows them to block them or unsubscribe, etc.

sugging

selling under the guise of research

frugging

fundraising under the guise of research