DECA HTPS

DECA HTPS CHEAT CODE

Consumer protection

federal and state laws that regulate the sale and credit policies surrounding consumer sales

Correlations

Connections between two or more variables in a market research study;correlational analysis uses statistics to determine if a correlation, or connection exists.

Descriptive statistics

Utilized in marketing research when mathematical quantities are used to interpret a set of data, providing a simple summary about the data.

Market size

refers to the number of buyers and sellers within a market

Product mix

All of the different products and/or services a company makes or sells.

Pricing

The value placed on a good or service

Professional development

Specialized training, formal education or other sources of gaining skills necessary for on-the-job success and/or advancement.

Exploratory research

A study into a problem that provides details where a small amount of information exists. It may use a variety of methods such as trial studies, interviews, group discussions, experiments, or other tactics for the purpose of gaining information.

Causal research

a study into an issue or topic that looks at the effect of one thing or variable on another

Direct marketing

Advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience

Special events

a public event or activity, used in marketing to promote a business or product

Pay-per-click ads

An online form of advertising, in which the advertiser pays every time a potential customer clicks on their advertisement

Regulations

A rule, often created by a regulatory agency or government, that can be enforced by law

Product extensions

utilizing a current company's recognizable brand name to introduce a new or upgraded product

Descriptive research

A statistical study to identify patterns or trends in a marketing situation.

Sales promotion

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

Cash controls

Procedures established by a business relating to credit, collection, cash allocation and disbursements, accounts payable and invoicing.

External Business Correspondence

communications and promotional efforts aimed at individuals or groups outside of an organization

Secondary information

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

Discussions

a qualitative marketing research technique in which data is gathered through individual or group conversations

Grades

used to describe the quality of a product

Sales data

Usable information collected as part of a sales report- that could include such data as: sales by day, sales by product category, average items per transaction, etc…

Continuing education courses

a broad term for post-secondary training- including formal education, webinars, seminars, and other training opportunities

Promotion

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

Questionnaire

written questions, used in marketing research, to obtain information from respondents.

Marketing research

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

Sales forecast

The projection of future sales.

Marketing research brief

A written document that includes a market and strategic overview, background information, role of research, objectives, suggested approach and research target, reporting requirements, timing, budget and existing research or other information related to the study.

Pop-up ads

an online form of advertising in which a new browser window opens to display an advertisement

Customer database

Customer information gathered by a business - such as name, address, phone and purchase history.

Vendor

an individual or organization with a product for sale

Marketing

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

Warranties

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

Bias

Inaccuracy in data due to the characteristics of the process employed in the creation, collection, manipulation, and presentations of data, or due to faultysample design

Suggestion selling

selling additional goods or services to the customer

Product marketing

refers to the marketing of a tangible good or a service- including, developing the product, identifying the target market, and determining price, promotion, and distribution of the product

Standards

used generally as an example or model to compare or measure the quality or performance of a practice or procedure

Produce positioning

A strategy that either emanasizes features or image to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer.

Diaries

a qualitative marketing research technique where participants are asked to record activities, opinions, etc… in a journal or diary

Economics

Attempts to explain how wealth is created and distributed in communities,now people allocate their resources and any matter that details with human wants and their satisfaction.

Advergaming

Utilizing a video game to promote a product by integrating that product into the video game.

Petty-cash fund

A small amount of cash kept on hand day business to cover incidental expenses.

Produce bundling

Technique of offering two or more complementary goods or services together as a package deal. Bundled items are sold at a price attractively lower than the total of their individual selling prices.

Buzz marketing

Develops from a viral marketing technique used to get consumers talking about a product.

Word-of-mouth (wom) strategy

Utilizing oral or written recommendation by a satisfied customer to the prospective customers of a good or service to obtain sales.

Operations

jobs or tasks consisting of one or more elements performed typically in one location

Market

all people who share similar needs and wants and who have the ability to purchase a given product

Invoice

a document that lists goods purchased, price terms of sale, and total amount due

Business image

The public perception of a business.

Product placement

A promotionthat involves a around or product being mentioned or shown in a media outlet - such as television, movies or sporting events.

Communication skills

The ability to convey information to another effectively and efficiently.

Security policies and procedures

The stages that a product goes through in it's life: introduction, growth, maturity, and decline.

Advertising

A form of paid, nonpersonal promotion in which a company promotes an idea, good or service through a variety of media

Business law

Laws that govern businesses and transactions between businesses.

Information management

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

Marketing plan

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

Guarantees

a commitment from a company that their product will perform as described

Primary information

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

Visual merchandising

conveying a certain image to customers through the manipulation of physical elements within a business

Error

A wrong action that can not be attributed to a lack of knowledge.

Channel management

also known as distribution, channel management deals with getting goods to customers

Sales channel

the methods a company uses to market its products

Mobil marketing

Promotional messages designed for cell phones, smart phones, tablets or other handheld devices

Banner ads

an advertisement that runs along the top, bottom or sides of a website

Channels of distribution

Refers to the path a product takes from producer to the final consumer.

Post sales experience

Includes activities directed toward the customer AFTER the customer has made the purchase. It may include a follow-up thank you, survey or other promotional activity to retain the customer.

Press release

an announcement made by a business that is sent to the media

Data-collection instruments

To gather information, marketers,can use surveys, interviews, observations, federal and state government agencies, reseal companies- business publications, and trade association publications.

Product/service management

The process of creating and changing the information about a company's catalog of offerings.

Observations

used in marketing research in which people's actions are watched and recorded

Product development

Process of improving capabilities of staff through access to education and training opportunities in the workplace, through outside organizations, or observing others perform the job

Distribution

The function of moving and selling goods from producer to consumer

Public relations

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

Market identification

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

Market planning

The market planning process typically results in a marketing strategy that can de used to enhance sales for the business producing it.

Display ads

a large advertisement- typically in a magazine or newspaper, with large graphics. Also refers to online advertisements that may also include video and audio

Marketing information management

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

Trade show

An event at which business within the same or similar industries promote their products

Expanse control

Identifying and reducing business expenses in order to increase profits

Social platforms

consists of software or technology that allows one to develop, distribute and manage social media

emotional intelligence

the ability to identify, assess, and control the emotions of oneself or others

Amenity

Hotel products and services designed to appeal to guests

Channels of distribution

Refers to the path a product takes from producer to the final consumer.

Economic impact

The costs or benefits that a particular event, policy change or situation has on the economy

Competitive advantage

a circumstance that puts a company in a favorable or superior business position

Executive summary

a statement that outlines the key points of a larger document, such as a marketing plan

Cash flow

Refers to the amount of money coming into and going out of a business

Public relations

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

Target marketing

The process of communicating with a particular group who is most likely to become customers. A target marketis usually defined by demographic, geographic and psychographic characteristics.

Financial analysis

Evaluating an organization's financial statements to determine the profitability of the organization, a division within the organization or a specific event or project.

Terms

outlines the conditions of a sale, such as when payment is due or shipping method/cost

Quality insurance

Includes the processes used to ensure a product is free of defects and/or meets a desired level of service.

Clientele

all of the clients of a business

Pop-up ads

an online form of advertising in which a new browser window opens to display an advertisement

Guarantees

a commitment from a company that their product will perform as described

Descriptive statistics

Utilized in marketing research when mathematical quantities are used to interpret a set of data, providing a simple summary about the data

The idea that change happens in a straight, predictable sequence:

Linear thinking

The phenomena that organizations usually bounce back to old behaviors without continuous reinforcement:

Rubber Band Effect

Change often happens in a ‘one step forward, three steps backward’ fashion, unexpected situations occur, and businesses are fluid

Factors that make linear thinking fail

Understanding that change impacts a complex network of moving parts (culture, tech, people):

Systemic/Dynamic Thinking