DECA Marketing Cluster (copy)

Mediator

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

Store of Value

When money is saved rather than spent

Taxation Department

Collects various types of taxes

High Interest Rates

A business condition that can create economic risks

Liability

Financial obligations a business has

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

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

Rate of Usage

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

Private Enterprise

An economic system in which individuals and groups, rather than government, own or 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

R&D Project

Takes on new visions or pursuits for the business

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

Express Warranties

Warranties that are in writing or expressed verbally

Touch Points

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

Personal Selling

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

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

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

Law of Diminishing Returns

An economic principle stating that after a certain point, hiring additional employees will result in a decrease in the overall level of production

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

Consumer Panel

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

Constant Sum

A type of comparative rating scale that requires the respondent to assign a value (e.g., percentage or points) to the options provided on the questionnaire

Meta Tags

HTML codes that display information about web pages

Stock Plan

A list of items that a business needs to purchase for inventory

Integrated Software Applications

Consist of two or more related computer programs that work together to record information or perform specific business tasks or functions

Scanner Fraud

A deliberate action that involves overcharging customers, usually for smaller goods, with the expectation that the customer will not notice or fuss about it.

Price Fixing

An illegal agreement in which businesses agree on prices of their goods or services, resulting in little choice for customers

Optimal Pricing Software

Makes calculations using a variety of product and pricing data

Competition Oriented Pricing

A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand

Cost-Plus Pricing

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

Feature Benefit Selling

Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable

Service Close

When a salesperson encourages a customer to purchase with information regarding services available