DECA #2

1. Marketing: The dynamic activities that focus on the customer to generate a profitable exchange 2. The Goal of Marketing: To meet customers' needs (goods and services you need) and wants (goods and services you do not need but would like to have) with products that customers can and will buy 3. Dynamic: constantly changing 4. Customer: an individual or group who buys products 5. Target Market: The specific group of customers whose needs a company will focus on satisfying 6. The Four Ps of Marketing: Product, Place, Price, and Promotion 7. Product: Anything that can be bought or sold 8. Good: A physical item 9. Service: An action that is done for you 10. Idea: A concept, cause, issue, image, or philosophy that can be marketed 11. Place: The process of making products available to customers 12. Distribution: the process of physically delivering goods to customers 13. Price: The amount of money requested or exchanged for a product 14. Marketing Plan: A guide for a company's product which includes Market Opportunities and Analysis, Strategy, and an Action Plan 15. SWOT Analysis: An analysis of a company's strengths, weaknesses, opportunities, and threats 16. Forecast: A prediction of future sales or revenue 17. Need: Something that is necessary for survival 18. Want: Something a person desires but could function without 19. Economic Needs and Wants: Needs and wants that you can satisfy by buying something 20. Economic Goods and Services: The products that you buy to satisfy economic needs 21. Exchange: To trade something of value for something you want 22. Money: A consistent item people accept in exchange for goods or work 23. Value: How much something is worth 24. Time Value of Money: The greater potential worth in the future than it does today 25. Store of Wealth: Money's ability to keep and store wealth for long periods of time. 26. Business: The general term for all the activities involved in the development and exchange of products 27. Profit: The money that a business has left after all the expenses and costs of running the business are paid 1 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 28. Sole Proprietorship: A business owned by one person [who] has all the responsibility and gets all the profits from the business 29. Partnership: A business owned by a small number of people, usually two or three 30. Legal Entity: An artificial person that exists separately from [other people] 31. Corporation: A legal entity established for the purpose of doing business [who] can buy property, run a business, manufacture products, earn money, lose money, sue, and be sued 32. Stockholders: People who own a corporation 33. Stock: The right of partial ownership in a corporation 34. Two Categories of Business Organizations: For-profit and not-for-profit 35. For-Profit: A business organization whose goal is to make a profit for the owners 36. Not-for-Profit: A legal entity whose goal is to benefit society 37. NPO Categories: Social services, recreation and sport, arts and culture, food and health, housing, religion, and education 38. Functions of Business: Production, Finance, Marketing, and Management 39. Production: Any activity related to making a product 40. Finance: All activities involving money 41. Management: All activities required to plan, organize, lead, and control a business 42. Utility: Making a product more useful or accessible 43. Marketing Concept: An approach to business that says that the way to make a profit is to focus on customer satisfaction 44. Customer Satisfaction: The positive feeling a customer gets when the product purchased meets or exceeds the customer's expectations 45. Total Company Approach: The idea that all company employees can have an effect on the customers 46. Elements of the Marketing Concept: Customer satisfaction, Total Company Approach, Profit 47. Marketing Function: The function a company takes to learn about customer needs and wants through production, finance, and management 48. Channel-Management: Handles activities involved in getting products from producers to customers 49. Marketing-information Management: Also called marketing research; gathers, analyzes, and distributes information about markets, competition, and customers. 50. Market Planning: This function is used to determine and target marketing strategies to select audiences 51. Pricing: All activities involved in setting prices for products 2 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 52. Product/Service Management: The function of developing new products and improving an old product 53. Promotion: the nonpersonal communication with customers that is designed to influence them to purchase products 54. Selling: The function which consists of personal communications with customers [...] including helping customers in a store, making sales presentations, answering questions on the phone, and demonstrating how a complex product works 55. Scarcity: A condition in which there are not enough resources to meet needs 56. Traditional Economy: An economy in which people perform activities the way they have always been done. In these economies, elders often answer questions facing communities according to long-held beliefs and practices. 57. Command Economy: An economy in which the national government answers economic questions. The goal of this economy is to ensure all members of the nation share limited resources, get a job, and receive other social services 58. Mixed economy: An economy in which both the government and individuals make economic decisions. Government and individuals take actions to ensure each other are in balance. 59. Market Economy: Private property, economic freedom, and market forces are properties of this type of economy. 60. Private Property: The right of individuals to own land, goods, and make products. 61. Economic Freedom: The ability of individuals to make their own decisions: what to buy, how to use products, and what to sell. 62. Market Forces: Supply and Demand, Profit, and Competition are the three most significant origins of work in a market economy. 63. Profit Motive: The drive to earn more money 64. Law of Demand: The economic principle that says when prices fall, demand rises. 65. Law of Supply: The economic principles that says when prices are high, supply will rise. 66. Productivity: The amount of product a worker produces per hour 67. Competition: The rivalry between two or more businesses to attract scarce (limited) customer dollars 68. Business Opportunity: The chance for success provided by the combination of a product idea and a market that is willing and able to buy the product. 69. Strategy: A plan developed to reach a goal 70. Target Market: The specific group of customers whose wants and needs you will try to meet with a specific marketing mix 3 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 71. Qualities of a Target Market: Clearly defined wants and needs that your company meet, money to buy your product, willingness and authority to buy your product, enough customers in the market to be profitable 72. Marketing Mix: The decisions made about the product, place, price, and promotion for one product 73. Product Strategies: All decisions made about what product to offer 74. Price Strategies: All the decisions made about pricing a product 75. Place Strategies: All decisions made about where the product will be sold 76. Promotion Strategies: All the decisions made about how to tell customers about the company and the product 77. Mass Market: All the customers for a specific type of product 78. Mass Marketing: The development of only one marketing mix for a specific product [...] assumed everyone has exactly the same wants and needs for the product 79. Nature of Consumer Markets: Diverse, consisting of many groups of consumers with different needs 80. Target Marketing: The development of a unique marketing mix for a specific market 81. Approaches to Choosing a Target Market: (1) Choosing a target market first, (2) developing a great product idea and finding a target market, (3) develop the idea with the target market in mind, (4) create a new market for an old product 82. Market Niche: A small segment of the market whose needs are not being met 83. Market Segmentation: The process of dividing a large market into smaller parts 84. Segmentation Variable: A customer characteristic that is used to segment a market 85. Categories of Market Segmentation: Geography, Demographics, Psychology, Behavioral 86. Geographic Segmentation: Segmenting a market based on where customers live 87. Census: A count of the people in a country made by the government 88. Demographic Information: Statistics that describe the characteristics of a population 89. Generation: A group of people born during a particular period of history 90. Discretionary Income: The income left after taxes and after the necessities of life have been paid for 91. Psychographic Segmentation: Segmenting a market based on psychological characteristics of customers 92. Behavioral Segmentation: Segmenting a market based on the way customers use a product 4 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 93. Market Segment Profile: A detailed description of the typical consumer in a market segment 94. Categories of Customer Influences: (1) Psychological, (2) social, (3) situational 95. Psychological Influences: The influences that come from within a person 96. Buying Motive: The reason that a customer seeks a product 97. Social Influence: The influences that come from the society in which you live 98. Categories of Social Influence: (1) Culture, (2) family, (3) friends and coworkers 99. Reference Group: The people who influence your buying decisions 100. Peer Pressure: The social influence that comes from the people your age with whom you interact daily 101. Situational Influences: Influences that come from the environment 102. Consumer decision-making process: 1. Awareness of need or problem 2. Information search 3. Evaluation of options 4. Decision to buy 5. Purchase 6. Post-purchase evaluation 103. Impulse Purchase: A purchase decision made with no planning or research 104. Routine Buying Decision: A buying decision that is made quickly and without much thought 105. Limited Decision Making: Decision making that is made with some research and planning 106. Extensive Decision Making: Decision making which involves a great deal of research and planning 107. Competitor: One of the businesses that competes for customers 108. Monopoly: The exclusive control of a product by one company 109. Direct competitors: Businesses that sell similar products 110. Competitive Edge: The special feature or aspect of a product that makes it different from and better than other businesses 111. Price competition: Competing on the basis of price 112. Nonprice Competition: Competition that is based on something other than price 113. Market Share: One competitor's percentage of the total sales in a specific market 114. Equation of Market Share: Company Sales / Total Sales in Market x 100% 115. Competition Grid: A chart used for recording information about competitors 116. Marketing Research: The gathering of information to make marketing decision 5 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 117. Areas of Marketing Research: (1) Customers, (2) competition, and (3) opportunity 118. Primary Data: Data collected for and about a specific company 119. Secondary Data: Data collected for someone else or for nonmarketing reasons, but is available for you to use 120. Secret Shopper: A person hired by a business to observe the quality of service 121. Five Ways to Collect Primary Data: (1) Observation, (2) Interview, (3) Survey, (4) Diaries, (5) Experiment 122. Interview: A formal meeting between two or more people, during which questions are asked of one person 123. Focus Group: A small group or panel of individuals who discuss topics of interest to the researcher 124. Bias: A prejudice for or against something 125. Survey: An organized study in which a researcher asks questions of a number of people 126. Questionnaire: A series of questions 127. Database: A computerized file of information 128. Data Mining: The process of analyzing company data to find answers to questions 129. Industry Publication: A magazine or newsletter that focuses on a specific industry 130. Trade Association: An organization of people in a specific type of business 131. Chamber of Commerce: A group of businesses whose primary purpose is to promote businesses in their area 132. Hypothesis: A statement that can be tested and proven to be true or false 133. Trend: A direction of movement of consumer behavior 134. Three Trends of Interest: (1) Social Trends, (2) Demographic Trends, (3) Product Trends 135. Social Trends: Changes in society which lead to changes in consumer behavior 136. Demographic Trends: Changes in the size of various segments of the population 137. Product Trends: The direction of development of products 138. Fad: Something that enjoys high popularity for a short amount of time and then disappears 139. Sales forecast: A prediction of future sales based on past sales and an analysis 140. Sales Forecast Formula: Past sales + Percentage increase factor = Sales Forecast 6 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 141. Not-for-profit Organization: An organization whose goal is to benefit society 142. Corporate Sponsorship: A financial contribution by a business to an NPO that pays for specific products or events 143. Mission: What the organization will do to improve quality of life by addressing some aspect of human needs or wants 144. Mission Statement: States the NPO's goal and may include additional information, such as the organization's activities or who is involved in their organization 145. Fundraising: Collecting money from individuals, organizations, or governments in order to achieve the NPO's mission 146. Registered Charities: Organizations that have obtained registered charitable status from the Government of Canada 147. Board of Governors: The group of people that runs the organization and makes decision about its activities 148. Public Service Announcement: A type of advertisement intended to raise awareness about an issue and encourage people to change their behavior 149. Telemarketing: The selling of goods, services, or ideas through telephone calls 150. Cause-related marketing: An ongoing relationship between an NPO and a business 151. Mobile App: Software that can be used on a mobile device 152. 3-D Tour: A video-based tour that lets you 'walk' through a place 153. Canvass: To go door-to-door to ask for donations 154. Lottery funding: Involves selling numbered tickets to raise money for the NPO 155. E-commerce: Business activities conducted via the Internet 156. Online: The condition of being connected to the Internet or being available on the Internet 157. Search Engine: Software that searches the Web to find websites on your topic 158. Dot-com: A business that conducts all of its sales and most of its promotion online via a website 159. Bricks-and-mortar business: A business that serves customers from a building or store 160. Electronic Data Interchange: A business-to-business exchange of information via computers using standard formats 161. Information Technology: When businesses use computer technology to store and transmit information 162. E-tailing: Selling products to consumers over the Internet 163. Social Media: Interactive forms of media that let users communicate with each other online 7 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 164. E-marketing: Marketing using computer technology, including websites, e-mail, and mobile phones 165. Microblogging: A short, immediate form of blogging -- usually about 20 to 25 words 166. Nonsecure connection: An Internet connection over which anyone can see any of the information 167. Encryption: A process that converts data into a form that can be read only by a person with an authorized code 168. Secure Connection: An Internet connection that uses encryption 169. Tangible: An object that exists physically and can be touched 170. Intangible: Something that exists but is not physical and cannot be touched 171. Consumer products: Products sold to customers for personal use 172. Business products: Products sold to businesses for business uses 173. Service Economy: An economy in which most of the GDP comes from services and most of the workers have jobs in services 174. Differences between services and goods: (1) Intangible, (2) inseparable, (3) variable, (4) perishable 175. Inseparable: Production of the service cannot be separated from the use of the service 176. Perishable: Cannot be stored for later use 177. Installation: The process of placing a good where it will be used and making the good ready for use 178. Technical Support: People who are available to help customers with problems 179. Standards: Measurable attributes that describe the value and utility of a product 180. Warranty: A written document stating the quality of a product and promising to correct specific problems that may occur 181. Guarantee: A promise that a product has a certain quality or will provide a satisfaction 182. Product Strategy: All the decisions made about the product 183. Product Life Cycle: The stages that a product or a product category goes through from its beginning to its end 184. Stages of Product Life: (1) Introduction, (2) growth, (3) maturity, and (4) decline 185. Industry Sales: All the sales of a product 186. Saturated Market: A market in which most of the potential customers who need, want, and can afford a product have bought it 187. Brand: A mark or design placed on a product to distinguish it from other products to identify the owner of the brand 8 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 188. Brand Name: Works, numbers, or letters that can be spoken as part of a company's brand 189. Logo: The picture, design, or graphic image that is associated with a brand 190. Trade Character: A logo or brand mark that has been given human characteristics 191. Slogan: A phrase or sentence that summarizes some essential aspect of the product 192. Corporate Brand: The brand that represents the whole company 193. Product Brand: The brand of a specific product 194. Manufacturer Brand: A brand created by a manufacturer for its own products 195. Private Brand: A brand owned by a reseller 196. Generic Brand: A product that is not branded 197. Customer Functions of Branding: (1) Identifies the product, (2) provides assurance of quality, and (3) provides assurance of consistency 198. Marketing Functions of Branding: (1) Create a unique image of the brand, (2) create a positive image of the brand, and (3) develop brand loyalty 199. Benefit: The need-satisfying ability of a product 200. Functional Benefits: Benefits which meet physical and safety needs 201. Emotional Benefits: Benefits which meet acceptance and esteem needs 202. Self-expressive Benefits: Benefits which meet esteem and self-actualization needs 203. Visual Symbol: The graphic design; it may include the brand name, logo, or slogan 204. Metaphor: A comparison between two unlike objects or ideas, for the purpose of implying a similarity between them 205. Positioning: The actions marketers take to create a certain image of a product in the minds of customers 206. Brand Position: The image that a brand has in the mind of the customer 207. Brand Loyalty: A situation in which the customer will buy only a certain brand of a product 208. Trademark: Another term for brand; it refers to the word, phrase, symbol, or design, or a combination of words, phrases, symbols, and designs that identifies and distinguishes the source of goods 209. Service Mark: The same as a trademark, except that it identifies and distinguishes the source of a service 210. Generic Name: The general name for an entire product category 211. List Price: The established price of a product, as published in a catalog, on a price tag, or in a price list 9 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 212. Market Price: The actual price you pay for a product, after any discounts or coupons are deducted 213. MSRP: The price that the manufacturer recommends 214. Price Factors: (1) Company goals, (2) expenses, (3) other marketing mix variables, (4) customer response, (5) competition, (6) economic conditions, (7) government regulations, (8) product life cycle, and (9) supply and demand 215. Expenses: Money that goes out of the business to pay for the things that a business buys 216. Profit Equation: Profit = Revenue - Expenses 217. Price Fixing: A situation in which a group of competitors gets together and sets the price for a specific product; they then all agree to sell that product for the same price 218. Price Discrimination: A situation in which a company plays favorites by charging lower prices to some companies for the same products 219. Elastic Demand: The term used for demand that changes with price 220. Marginal Utility: The additional satisfaction you get when you use an additional unit of the same product 221. Law of Diminishing Marginal Utility: As a consumer consumes more units of the same product, the marginal utility from each unit goes down 222. Inelastic Demand: Demand that is not affected by price 223. Pricing Objectives: The goals that tell what a marketer wants to achieve through pricing 224. Common Pricing Objectives: (1) Maximize profit, (2) maximize sales, (3) increase market share, (4) meet competition, (5) return on investment 225. Return on Investment: A ratio that tells you how much you earned as a percentage of the investment you made to earn the money 226. Return on Investment Formula: Simple ROI = Profit / Investment 227. Return on Marketing Investment: A metric that measures the overall effectiveness and impact of a marketing campaign 228. ROMI Formula: Simple ROMI = (Gross Profit - Marketing Investment) / Marketing Investment 229. Revenue: The money a business takes in for the products it sells 230. Break-Even Point: The point at which revenue from sales equals costs 231. Break-Even Point Formula: Break-Even Point = (Cost/item)(Number of items purchased) / Selling Price 232. Psychological Pricing: A set of pricing techniques used to create an image of a product and to entice customers to buy 233. Unit Pricing: Displaying the price of an item based on a standard unit of measure, such as by grams or meters 10 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 234. Discount Pricing: A reduction from the regular or list price of the product 235. Channel of Distribution: The route a good takes from its original source to its final customer 236. Intermediaries: The businesses between the original source and the customer 237. Wholesaler: A business that buys products from a products, and then sells them to another business 238. Retailer: A business that buys products from a producer or a wholesaler and then sells the product to the final customer in the consumer market 239. Nonstore Retailer: A business that sells directly to consumers through ways other than a retail store 240. Segment: Each step in a supply chain 241. Supply Chain: A channel of distribution 242. Agent: Another type of intermediary is the agent or broker 243. Broker: Another term for agent 244. Direct Distribution: A channel of distribution with no intermediaries 245. Indirect Distribution: A channel of distribution that uses one or more intermediaries 246. Inventory: Items held in a storage 247. Physical Distribution: The physical movement of goods in the distribution channel 248. Logistics: A general term for the handling of detail of any complex activity 249. Components of Physical Distribution: (1) The products which are shipped in a channel of distribution, (2) channel members, (3) transportation companies, and (4) warehouses 250. Merchandise: Finished consumer goods to be shipped to a retailer 251. Shipment: A group of products which are shipped to fill an order 252. Suppliers: Channel [of distribution] members 253. Carrier: Another term for a transportation company 254. Major Modes of Transportation: (1) Truck, (2) Ship, (3) Train, (4) plane, and (5) pipeline 255. Terms of Sale: The conditions governing a sale 256. Purchase Order: A document authorizing the purchase and delivery of certain goods at specific prices and time 257. Contract: A legal written agreement 258. Order processing: Receiving and filling orders 259. Pick Ticket: A list of the items requested for one order 260. Channel Management: To oversee physical distribution first by selecting, motivating, and evaluating Shipping Mode, Warehouse Storage, and Inventory Control 11 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 261. Just-in-time: A distribution strategy: material should not be delivered to the factory until the moment they are needed for production 262. Marketing Communication: Another term commonly used for promotion 263. Persuasion: The use of logic, argument, or pleading to get another person to agree with you or to act in a certain way 264. Effective Promotion: Promotion that achieves its goals 265. Promotion Categories: (1) The target market, (2) what is being promoted, or (3) the elements of promotion 266. Business-to-business promotion: The promotion that occurs when a business promotes its products to another business 267. Product Promotion: Marketing communication that focuses on the product and selling the product 268. Institutional Promotion: Communication that focuses on the image of the organization 269. Four Elements of Promotion: (1) Personal selling, (2) advertising, (3) sales promotion, and (4) public relations 270. Personal Promotion: The marketer and the customer communicate in person 271. Nonpersonal Promotion: Promotion that communicates the same message to all potential customers 272. Nonpersonal Elements of Promotion: (1) Advertisement, (2) sales promotion, and (3) public relations 273. Advertising: A written or spoken media message designed to interest consumers in purchasing a product or service 274. Sales Promotion: Marketing activities designed to entice customers to buy a company's products 275. Visual Merchandising: The physical presentation of merchandise for the purpose of increasing sales 276. Coupon: An offer that indicates the product and the amount of price reduction when the coupon is used 277. Rebate: The return of a portion of the money paid for a purchase 278. Premium: An item given to the customer for free or at a reduced price along with the purchase of a product 279. Sweepstakes: Competitions that offer participants a chance to win a price 280. Promotional Tie-In: Promotion involving the products of two or more companies 281. Product Placement: In this form of promotion, the advertiser work with a media company to place one of its products in a movie or TV show, so that the brand name can clearly be seen 282. Trade Promotion: Another term for business-to-business sales promotion 12 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 283. Trade Show: An exhibit of products of interest to a specific industry 284. Trade Allowance: A discount or money paid to the intermediary who buys the product 285. Buying Allowance: A discount given to retailers for the goods purchased 286. Promotional Allowance: Money that the manufacturer pays to the reseller to cover the costs of promotion done by the reseller 287. Slotting Allowance: Money that the manufacturer or wholesaler pays to the retailer to cover the costs of carrying a new product 288. Point-of-purchase advertising: A promotional display located at the place where the customer makes the buying decision 289. Sales Incentives: Contests and rewards used by manufacturers and other channel members to motivate wholesalers and retailers to sell more of the product 290. Public Relations: Promotional activities designed to create goodwill between a company and the public 291. Proactive Public Relations: Communications initiated within the company for the purpose of image building 292. Reactive Public Relations: Communications in response to negative events or damaging information that appears in the media 293. Publicity: Information about a company and its products that appears in the media 294. Press Release: A story about the company that the public relations specialist writes and sends to the media 295. Press Kit: information about the company and its products 296. Press Conference: A meeting called by a business to which the media is invited 297. AIDA: (1) Attention, (2) interest, (3) desire, and (4) action 298. Call to Action: Words to motivate action 299. Pull Strategy: Promotion efforts are focused on the consumer in this strategy 300. Push Strategy: Promotional efforts are focused on the wholesalers, distributors, and retailers in this strategy 301. Integrated Marketing Communications: A process designed to convey a single, unified message through all promotional activities 302. Personal Selling: The process of helping customers find solutions to problems created by their needs and wants 303. Inside Sales: Selling that is done from the seller's place of business 304. Outside Sales: Selling that is done outside the seller's place of business 305. Retail Sales/Consumer Sales: Selling to the final consumer in a store 306. Call Centre: An office equipped with a large number of telephones 307. Sales Representatives: Salespeople in B2B sales 13 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 308. Government Sales: When a business sells to a government 309. Institutional Sales: When a business sells to an NPO 310. Direct Selling/Consumer Field Sales: Situations in the consumer market in which salespeople go to the customer's home 311. Party Plan: When a sales representative holds a party to demonstrate or sell products 312. Sales Tasks Categories: (1) Order getting, (2) order taking, and (3) sales support 313. Order Getting: The process of finding customers and then influencing them to buy your product 314. Order Taking: The recording of orders 315. Sales Support: The people behind the scenes who help sales representatives 316. Sales Process: A series of steps that a salesperson goes through to help the customer make a satisfying buying decision 317. Sales Process Stages: (1) Approach, (2) presentation, and (3) close 318. Tax: Money collected by a government from its citizens to pay for government activities 319. Counterfeiting: The process of making fake money with the intent of using it as real money 320. Public Good: This benefits everyone in society, is difficult to monitor and charge, and there is usually no way to prevent use of it. 321. Safety Net: Programs that work together to provide economic relief when people require it 322. Business Cycle: The alternating period of economic growth and slowdown 323. Crown Corporation: A type of business owned by the government 324. Key Government Activities: (1) Legal framework, (2) public order, (3) currency, (4) taxes, (5) infrastructure, (6) health, education, social welfare, (7) disaster relief, (8) data collection, (9) consumer of products, (10) producer of products 325. Government Economic Stabilization Tools: (1) Government spending, (2) taxes, and (3) interest rates 326. International Trade/World Trade/Foreign Trade: Trade between nations 327. Domestic Trade: Trade that occurs within the borders of a nation 328. Gross Domestic Product: The total value of all finished products in a country in a specific time period 329. Emerging Markets: These developing countries are often good markets in which to start or expand a business 330. Reasons for Trade: (1) Unequal distribution of natural resources, (2) products unique to certain nations, (3) lower prices, (4) opportunities for business growth 331. Exports: Products that are sold to another country 14 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 332. Imports: Products that are bought from another country 333. Balance of Payments: The income from exports minus the expenses from imports 334. Trade Surplus: A positive balance of payments 335. Trade Deficit: A negative balance of payments 336. Foreign Exchange Rates: The cost of one currency in terms of another currency 337. Tariff: A tax on an imported product 338. Quota: A limit on the amount of a specific product that can be brought into the country 339. Marketing Board: An organization that encourages the sale of a particular product 340. Interdependence: A situation in which countries rely on each other for economic goods and services 341. Trading Bloc: A group of countries that join together to trade as if they were one country 342. Free Trade Zone: A group of countries that have reduced trade barriers between them 343. Globalization: The process by which the economies of the world are gradually becoming more connected and interdependent 344. Strategies for International Markets: (1) Global strategy, (2) adaption strategy, (3) customized strategy 345. Global Strategy: One marketing mix that is used with minimal changes in all markets 346. Adaption Strategy: Making changes in product or promotion or both to meet that target market's culture, needs, and wants 347. Customized Strategy: Developing a totally new product to meet specific target market needs 348. Social Responsibility: The responsibility that each person has not to harm another person, the community, or the environment 349. Business Social Responsibility: The obligation to make business decisions that consider the impact on society 350. Requirements of Social Responsibility: (1) Be legal, (2) be ethical, and (3) be philanthropic 351. Law's Effect of Business: (1) Fair business practices, (2) safety, and (3) environmental protection 352. Product Recall: The withdrawal of a product from the market for consumer safety 15 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 353. Greenhouse Gas Emissions: Gases formed by human activity, including industry, that trap heat in the atmosphere and lead to climate change. 354. Ethics: Rules for deciding the right behavior in a situation 355. Confidentiality: The ability to keep confidential information private 356. Code of Ethics: A list of rules to help a person make ethical decisions 357. Diversity: A group that includes people from two or more different backgrounds 358. Philanthropy: Actions that improve human welfare and spread goodwill 359. 3-D Printing: The creation of a 3-D object from a digital image using a laser printer 360. Immigration: The movement of people from their country of origin to another country in order to live there permanently 361. Multicultural Marketing: Marketing that reflects the heritage, attitudes, lifestyles, and media preferences of different cultural groups 362. Multinational Corporation: A corporation that has operation in more than one country, and both produces and sells products in many countries 363. Foreign Trade Zone: A pot designated by the government where goods can enter and leave the country duty-free 364. Disposable Income: Income that remains after paying taxes and fixed expenses 365. Challenges of International Marketing: (1) Corruption, and (2) political instability 366. Corruption: Dishonesty involving the payment of money 367. Bribe: The practice of offering a gift, usually money, to gain some sort of advantage 368. Political Instability: Occurs when a government can no longer fulfill its basic responsibilities to its citizens or is on the verge of collapse 369. Customary: According to customs or usual practices 370. Vertical Conflict: Conflict occurring between two or more different hierarchical members of a channel of distribution. 371. Channel: A set of practices or activities necessary to transfer the ownership of goods from the point of production to the point of consumption. 372. Oligopoly: A market form in which a market or industry is dominated by a small number of sellers 373. Skip Interval: A random method of sampling that applies a constant interval to choosing a sample of elements from the sampling frame. 374. Steward: An official appointed to supervise arrangements 375. Mediator: A person who attempts to make people involved in a conflict come to an agreement 16 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 376. Subsidy: A sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive 377. Cooperative: Owned and run jointly by its members, with profits or benefits shared among them 378. Partnership: A business or firm owned and run by two or more partners 379. Proprietorship: The owner of a business, or a holder of property 380. Appropriation: The action of taking something for one's own use; typically without the owner's permission 381. Defamation: The action of damaging the good reputation of someone 382. Capital-Intensive: A business process or an industry that requires large amounts of money and other financial resources to produce a good or service. 383. Green Marketing: The practice of pricing, promoting, and distributing products in such a way that they do not harm the natural environment 384. Vision: A desire for the future that is achieved over time with determination and hard work 385. 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 386. Volume-tracking scanner: A scanners that is commonly used during a sales transaction, which is the point of purchase, that reads or translates codes that are placed on products and enters the product information into a computer 387. Environmental Scan: An analysis of external forces that influence a business's success 388. Platform Project: A project that creates something entirely new 389. Product Innovation: The development of totally new or improved products 390. Process Innovation: Improving of some aspect of a process 391. Positioning Innovation: Identifying new, different ways to position a product or a company 392. Paradigm Innovation: A shift in the way of thinking that causes change 393. Market opportunity: When a situation exists to fulfill a market's unmet needs 394. Subhead: Adds information to that expressed in the headline, it is usually positioned below the headline and set in slightly smaller size type 395. Touchpoints: The interactions that customers have with the business, and they can be divided into three categories: pre-purchase, purchase, and post-purchase experiences 17 / 18 DECA Marketing Study online at https://quizlet.com/_3l1bu7 396. Executive Summary: Provides an overview of the entire report and contains the most important information included in the body of the report 397. FRUGGING: (fund-raising under the guise of research) unethical and, in some jurisdictions, an illegal practice in which a researcher pretends to conduct research but is really trying to solicit a donation for a group or organization 398. Internal Secondary Data: Data from within the business that has been collected for purposes other than the project at hand 399. Sampling: The course of action for gathering marketing information from a section or portion of a target market 400. Invoice: The formal, printed record of a sale that includes all necessary information about a sales transaction 401. Respondent-selection Error: When interviewers survey an inappropriate sample of the population 402. Deliberate-falsification Error: When people provide false information on purpose 403. Respondent-inability Error: When respondents forget the answer to a question 404. Scanner Fraud: When the customer is charged an incorrect amount for the item when it is scanned at the checkout counter 405. Cease-and-desist order: A court-ordered demand requiring an advertiser to stop running an advertisement 406. Affirmative disclosure: A legal remedy in which the government orders the advertiser to include product information in future advertisements that it omitted in its previous advertisements 407. Push Promotional Strategy: Taking the product directly to the customer via whatever means, ensuring the customer is aware of your brand at the point of purchase 408. Pull Promotional Strategy: Motivating customers to seek out your brand in an active process 409. Likert: Scale that primarily measures attitudes by asking respondents their degree of agreement or disagreement to a number of statements