DECA Marketing Test

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Appropriation (Tort)

1 / 240

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Business

11th

241 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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2

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

Product/Service Management

The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

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14

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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15

Direct Channels of Distribution

Involve producers and either industrial or ultimate consumers

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16

Green Marketing

Practice of pricing, promoting, and distributing products in such a way that they do not harm the natural environment

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17

Consumer Protection

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

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18

Social Awareness

The practice of enlightening the community of business actions to promote social welfare

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19

International Marketing

Marketing goods and services in foreign countries

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20

Hidden Complaint

Conceal the real complaint a customer has by stating another believable but secondary complaint for their dissatisfaction

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21

Sincere Complaint

A complaint when the customer expresses an honest dissatisfaction

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22

Service Complaint

A complaint which results from poor service

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23

Business Complaint

A complaint in which the customer is dissatisfied with the business in general

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24

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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25

Time Utility

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

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26

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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27

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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28

Possession Utility

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

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29

Quality Control

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

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30

Purchasing

Acquiring necessary goods and services; part of operations

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31

Inventory Management

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

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32

Competition

Rivalry between two or more business to attract scarce (limited) customer dollars

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33

Profit Motive

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

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34

Inflation

Rapid rise in prices usually occurring when demand exceeds supply

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35

Excise Tax

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

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36

Subsidy

Government financial help given to a business

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37

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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38

Discount

the amount by which the price of something is reduced

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39

Union Stewards

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

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40

Union President

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

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41

Mediator

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

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42

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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43

Empathy

The ability to put yourself in another person's place

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44

Self-Understanding

Comprehending one's personal needs interests, values, and motives and recognizing their effects on one's behavior

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45

Productivity

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

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46

Consensus

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

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47

Minority Rule

Few people in the group make the decision

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48

Vision

A desire for the future that is achieved over time with determination and hard work

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49

Store of Value

When money is saved rather than spent

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50

Medium of Exchange

When money is used to obtain goods and services

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51

Bartering

Trading one good or service for another good or service

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52

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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53

Commercial Bank

Provides a variety of financial services to individuals and business. Besides providing savings accounts and other saving options, banks also make loans and offer credit cards. Many large banks have trust departments and help individuals plan for retirement. It may be possible to obtain all necessary financial services from that institution

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54

Taxation Department

Collects various types of taxes

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55

High Interest Rates

A business condition that can create economic risks

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56

Accounting

The process of keeping and interpreting financial records

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57

Liability

Financial obligations a business has

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58

Liquid Asset

Cash or any asset that can quickly be converted into cash

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59

Accounts Receivable

Money owed to the business for purchases made by customers

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60

Dividends

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

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61

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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62

Profit Margin

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

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63

Human Resources Management

The process of planning, staffing, leading, and organizing the employees of a business

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64

Distribution Channels

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

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65

Marketing Research

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

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66

Variable

Any factor that is subject to change

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67

Case Study

An in-depth analysis of a person, group, or event

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68

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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69

Hypothesis

Proposed explanation for something

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70

Semantic-Differential Rating Scales

Measure attitude

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71

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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72

Secondary Data

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

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73

Marketing-Information Management

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

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74

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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75

Objectives

The things the business want to attain

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76

Promotional Mix

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

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77

Market Segmentation

Dividing the market into groups that have similar characteristics

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78

Psychographic Segmentation

The market divided on the basis of a lifestyle choice

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79

Geographic Segmentation

Dividing a market on the basis of location

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80

Demographics

The physical and social characteristics of a population

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81

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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82

Presentation

The way in which the information is communicated

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83

Objectivity

Presenting unbiased information

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84

Information System

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

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85

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

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86

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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87

Consumer Spending Habits

An economic factor that may be a threat or an opportunity

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88

Quality Inspection

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

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89

Quality Assurance

The process businesses use to prevent defective products from being created

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90

Platform Project

One that creates something entirely new

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91

Derivative Project

Enhances, adds to, or extends an existing project

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92

Breakthrough Project

Relies on the use of new technology

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93

R&D Project

Takes on new visions or pursuits for the business

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94

Process Orientation

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

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95

Lean Production

Maximizing customer value while minimizing waste

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96

Continual Improvement

A focus on increasing efficiency and effectiveness in all areas of the organization

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97

Concurrent Engineering

Performing the stages of product design and development simultaneously, instead of one after another

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98

Product Innovation

Involves the development of totally new or improved products

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99

Process Innovation

Changing the way that a product is produced or delivered

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100

Positioning Innovation

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

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