DECA MARKETING (copy)

Channel/Distribution/Conflict Terms

• Customary: A usual or traditional way of doing something.

• Voluntary: Done by choice, not forced.

• Unintentional: Done without meaning to.

• Implied vertical conflict: Disagreement between levels of a supply chain (like retailer & manufacturer), even if not directly stated.

• Complex distribution patterns: Complicated systems to get products from producers to consumers.

• Channel enlargement: Expanding how products are delivered (e.g., more stores or online options).

• Comparative advantage: When a business can produce something better or cheaper than others.

• Indirect agent: A middleman that helps deliver products without direct control from the seller.

• Producer: The person/company who makes the product.

• Wholesaler: Buys goods in bulk to resell to retailers.

• Industrial user: A business that uses products to make other products (not for resale).

Legal/Ethics/Protection

• Tying agreements are illegal when they reduce competition: Forcing someone to buy one product to get another is illegal if it limits choices.

• Copyright protection is needed when a business produces an original artistic work: Like music, books, or videos.

• Price fixing: When businesses agree to set prices; illegal.

• Reciprocity (illegal when it limits competition): "I'll buy from you if you buy from me."

Finance/Analysis

• Cash-flow analysis: Tracks money in and out of a business.

• Sales forecast: Predicts future sales.

• Annual report: A yearly summary of a company’s financial status.

• Media schedule: Plan of when and where ads will run.

• Balance-transfer fee: Charged for moving credit card debt to a new card.

• Mutual funds benefit: Investors get professional management of money.

• Long-term assets: Things used for a long time, like buildings, equipment.

• Budget variance analysis: Helps a business see where it met or missed its financial plans.

• Regressive tax: Takes more from lower-income earners.

• Progressive tax: Higher-income earners pay more.

• Proportional tax: Everyone pays the same percentage.

• Corporate tax: Tax paid by businesses.

Business Management

• Executive summary: Short overview of a business plan.

• Glossary: List of definitions.

• Human-resources management: Handling hiring, training, and employees.

• Innovation management: Creating and improving products/services.

• Reactive control: Responding to problems after they happen.

• Cultural intelligence: Understanding different cultures to work well globally.

• Discovery-oriented decision problem: Trying to learn more about a problem.

• Strategy-oriented decision problem: Focused on choosing an action.

• Causal research: Explores cause-and-effect relationships.

• Descriptive research: Describes characteristics of a market or group.

Marketing & Consumer Behavior

• Constructive criticism: Helpful feedback to improve.

• Secondary dimensions of diversity: Traits like education, income, or religion (not visible).

• Shared vision benefit: Everyone works toward the same goal.

• Indifferent statement: Shows no strong feelings or opinions.

• Open-ended inquiry: Asks for detailed responses, not yes/no.

• Leading question: Suggests a certain answer.

• Unstated alternative: A possible answer that’s not directly mentioned.

• Price-oriented buying behavior: Chooses the cheapest option.

• Quality-based: Chooses the best-made option.

• Brand-preference: Prefers certain brands.

• Variety-seeking: Likes trying new things.

• Marketing mix elements: Product, Price, Place, Promotion.

• Demographic: Age, gender, income.

• Psychographic: Lifestyle, interests.

• Geographic: Location-based.

• Rate of usage: How often a customer buys or uses something.

Positioning & Promotion

• Internal strength: Something your business is good at.

• Product benefit: What the product does for the customer.

• Product class positioning: Comparing to a whole category (e.g., “like sugar”).

• Bundling: Selling products together to increase sales and cut costs.

• Advergaming: Using games to promote a product.

• Viral video: Shared online quickly and widely.

• Consent order: Agreement to stop a business practice without admitting guilt.

• Corrective advertising: Fixing false or misleading ads.

• Headline: Main title of an ad.

• Tag line: A memorable slogan.

• Copy: Text of the ad.

• Illustration: Picture in the ad.

• Sales promotion & advertising: Best for reaching big markets.

Selling & Customer Service

• Build clientele: Follow up with customers, show care, offer good service.

• Service: Helping the customer.

• Selling-activity: Actual sales tasks.

• Qualifying the customer: Seeing if a customer can/will buy.

• Illegal selling practice: Forcing sales through tied agreements or limiting competition.

• Best way to learn a complex product: Attend a training session.

• Buying motive (security system): Emotional (fear, protection).

  Oligopoly: A market dominated by a few large sellers (e.g., airline industry).

  • Use when: A few companies control most of the market share.

• Regressive tax: A tax that takes a larger percentage from low-income earners than from high-income earners.

• Proportional tax: A tax where everyone pays the same percentage, regardless of income.

• Progressive tax: A tax that takes a larger percentage from high-income earners.

• Corporate tax: A tax on a company's profits.​LanguageTool

Feedback & Diversity

• Constructive criticism: Helpful feedback aimed at improving performance.

• Internal feedback: Feedback from within an organization, like from coworkers or supervisors.

• Unsolicited opinion: Feedback given without being asked for.

• Defensive response: Reacting negatively or protectively to criticism.

• Secondary dimensions of diversity: Traits like education, income, or religion that can change over time.​Ludwig+1renshuu.org+1

Financial Terms

• Cash-advance fee: A charge for borrowing cash from a credit card.

• Balance-transfer fee: A fee for moving debt from one credit card to another.

• Annual fee: A yearly charge for using a credit card.

• Late fee: A penalty for missing a payment deadline.​

Risk Management

• Identifying business risks: Focus on the probability of occurrence, impact, sources, and ability to transfer risks.

  • Use when: Assessing potential threats to business operations.​

Assets & Budgeting

• Long-term assets: Items like land, buildings, and equipment used over several years.

• Budget variance analysis: Comparing planned financial outcomes to actual results to identify discrepancies.

  • Use when: Evaluating financial performance and making adjustments.​Reddit+2renshuu.org+2Ludwig+2

Ethical Issues in Business

• Cultural bias: Favoring one's own culture over others.

• Lack of transparency: Not openly sharing information.

• Conflict of interest: A situation where personal interests could influence professional decisions.

• Bribery: Offering something valuable to influence someone's actions.​renshuu.org+1Reddit+1

Data & Research

• Information reporting: Sharing collected data in an organized format.

• Data processing: Converting raw data into meaningful information.

• Data mining: Analyzing large datasets to find patterns.

• Information gathering: Collecting data for analysis.

• Internal, quantitative: Numerical data from within an organization.

• Elementary, qualitative: Basic non-numerical data.

• External, quantitative: Numerical data from outside sources.

• Organic, qualitative: Natural, descriptive data.​Tatoeba+1LanguageTool+1renshuu.org

Market Research

• Strategy-oriented decision problem: A problem requiring a strategic solution.

• Market-research analysis: Examining data to understand market trends.

• Discovery-oriented decision problem: A problem focused on identifying new opportunities.

• Market-situation analysis: Assessing the current market conditions.

• Causal research: Investigating cause-and-effect relationships.

• Descriptive research: Describing characteristics of a population or phenomenon.

• Skip interval: A sampling method selecting every nth item.

• Cluster: A group used in sampling representing the population.

• Stratum: A subset of a population sharing similar characteristics.

• Quota gap: The difference between desired and actual sample characteristics.​

Survey & Statistical Terms

• Likert scale: A rating scale measuring attitudes or opinions.

• Paired comparison: Comparing two items to judge preferences.

• Semantic differential: A scale measuring the connotative meaning of objects.

• Retention: The ability to keep customers or employees over time.

• Mode: The most frequently occurring value in a dataset.

• Range: The difference between the highest and lowest values.

• Mean: The average value of a dataset.

• Scope: The extent or range of a subject matter.​

Question Types

• Indifferent statement: A neutral comment showing no preference.

• Open-ended inquiry: A question allowing for detailed responses.

• Leading question: A question that suggests a particular answer.

• Unstated alternative: An implied option not explicitly mentioned.​

Consumer Behavior

• Price-oriented: Buying decisions based primarily on price.

• Quality-based: Buying decisions based on product quality.

• Brand-preference: Favoring a particular brand.

• Variety-seeking: Desiring new and different products.​

Marketing Mix Elements

• Price: The cost consumers pay for a product.

• Place: Distribution channels to deliver the product.

• Product: The item or service offered to consumers.

• Promotion: Activities to inform and persuade customersabout a product, including advertising, sales promotions, public relations, and personal selling.

Buying Motives

• Esteem factors: Buying to feel respected or important

• Emotional factors: Buying based on feelings (e.g., happiness, fear)

• Patronage factors: Choosing a business because of loyalty or good service

• Rational factors: Buying based on logic, facts, or need

Sales & Advertising Terms

• Limited partnership: A business with general and limited partners; limited partners have less control and less risk

• Tie-in sales tactics: Forcing a customer to buy one product to get another

• Self-mailers: Ads sent without an envelope

• Media circulars: Printed ads placed in newspapers

• Statement stuffers: Ads placed inside bills or bank statements

Promotions & Ethics

• Cooperative advertising: Manufacturer and retailer split advertising costs

• Push money: Bonus money given to salespeople for selling certain products

• Sweepstakes: A promotion where winners are chosen by chance

• Loyalty programs: Rewards given for frequent purchases

FTC Orders

• Cease-and-desist order: Stop the illegal practice immediately

• Corrective advertising: Must run ads to fix misleading claims

• Consent order: Agreeing to stop a practice without admitting guilt

• Affirmative disclosure: Required info must be shared in ads

Positioning Strategy Example

• Product class positioning example: A business compares its product to others in the same category (e.g., sparkling water vs. soda)

Unethical Business Practices

• Bait-and-switch tactics: Luring with a cheap item, then pushing a more expensive one

• Testing on animals: Using animals to test product safety

• Engaging in collusion: Competing businesses secretly work together to cheat the system

• Setting unrealistic sales goals: Pushing employees too hard with impossible targets

Creativity Techniques

• Forced questioning: Asking “what if” questions to spark ideas

• Attribute listing: Breaking a product into parts and improving each

• Mind mapping: Drawing out ideas in a web to see connections

• Synectics: Using unrelated ideas to solve problems creatively

Warranty Terms

• Limited warranty: Covers only certain repairs or parts

• Unconditional guarantee: No matter what, the product is guaranteed

• Full warranty: Covers all repairs and replacements

• Service guarantee: Promise to provide a certain level of service

Inventory & Product Terms

• Product alteration: Changing a product’s features

• Inventory substitution: Replacing out-of-stock items with similar ones

• Product cannibalization: New product takes sales away from an existing one

• Inventory shrinkage: Loss of inventory due to theft, damage, or error

Business Cycle Stages

• Growth: Economy improving, sales increasing

• Trough: Economy at its lowest point

• Maturity: Sales level out, growth slows

• Peak: Economy or product at highest point

Product Life Cycle

• Introduction: Product is new, low sales

• Growth: Sales rising, popularity growing

• Maturity: Sales level off, competition increases

• Decline: Sales drop, product may fade out

Finance Terms

• Long-term assets on a balance sheet: Items like land, buildings, equipment used for many years

• Cash-advance fee: Charge for taking out cash using a credit card

• Balance-transfer fee: Fee to move debt from one card to another

• Annual fee: Yearly cost to use a credit card

• Late fee: Extra charge for missing a payment

Mutual Fund Benefit

• Answer: D. Investors have access to a fund manager's expertise

Tying Agreements Law

• Answer: D. When they reduce competition

Democratic Leadership:
Everyone gets a vote or say. The majority opinion usually decides what to do. It's team-based and majority-rule.

Participative = leader decides after hearing the team’s input.

• Authoritarian: Leader makes all decisions with little input from others; strict and controlling.

• Laissez-faire: Leader gives lots of freedom; team works independently with little direction.

  Which of the following should businesses do first to legally establish ownership as a corporation: Request a charter from the state in which the business is located.

  What do many local governments require a sole proprietorship to do before opening its doors? Complete a DBA form. A DBA (Doing Business As) form is often required by local governments.

• Joe is starting a small home-based consulting business. He possesses computer knowledge but lacks marketing skills. The form of business ownership that Joe might consider establishing is a(n) general partnership.

• What is the primary disadvantage in using the hybrid (e.g., LLC, LLP) business ownership option? The lack of universal guidelines among states

• The legal structure that a business owner chooses affects: taxation rates and government regulation.

• Merger: When two companies combine to form one entity, often to increase market share or efficiency.

  Franchise: A business model where an individual operates a branch of a larger company, using its brand and systems.

  Partnership: A business owned by two or more individuals who share profits, losses, and responsibilities.

  Corporation: A legal entity separate from its owners, offering limited liability and the ability to raise capital through stock.

  “C” Corporation: A standard corporation taxed separately from its owners, subject to corporate income tax.

  Private Corporation: A corporation whose shares are not publicly traded, often owned by a small group of investors.

  “S” Corporation: A corporation that passes income directly to shareholders to avoid double taxation, with restrictions on ownership.

  General Partnership: A partnership where all partners share equal responsibility and liability for the business.

  Partnership: A business structure where two or more individuals share ownership and operational responsibilities.

  Cooperative: An organization owned and operated by a group of individuals for their mutual benefit, often in agriculture or retail.

  Corporation: A legal entity that is separate from its owners, providing limited liability and perpetual existence.

  Sole Proprietorship: A business owned and operated by one individual, with no legal distinction between owner and business.

  Limited: A term indicating that a company has limited liability, protecting owners' personal assets from business debts.

  Private: Refers to a company that is privately held and does not offer shares to the general public.

  Nonprofit: An organization that operates for a charitable, educational, or social purpose rather than for profit.

  General: In business, often refers to a general partnership where all partners share equal rights and responsibilities.

  LLP (Limited Liability Partnership): A partnership where some or all partners have limited liabilities, protecting them from certain debts.

  LLC (Limited Liability Company): A hybrid business structure offering limited liability to owners with flexible tax options.

  Multi-level Marketing: A strategy where salespeople earn income from their sales and the sales of recruits they bring into the business.

  Franchising: A method of expanding a business by licensing others to operate under its brand and system.

  Partnership Agreement: A legal document outlining the terms and responsibilities of each partner in a partnership.

  Licensing: Granting permission to use intellectual property, such as a brand or technology, under defined conditions.

  Product Trade-Name Franchise: A franchise where the franchisee sells products under the franchisor's brand name.

  Sole Proprietorship: A business owned and managed by one person, with no legal separation between owner and business.

  Private Corporation: A company whose shares are not available to the public, often owned by a small group.

  Business-Format Franchise: A franchise providing a complete system for operating the business, including training and marketing.

  Master Licensee: An individual or entity granted the rights to develop and manage franchises within a specific territory.

  Piggyback Franchise: A franchise located within another business, sharing space and sometimes customers.

  Strategic Alliance: A partnership between businesses to pursue shared objectives while remaining independent.

  Host Franchise: A franchise that allows another business to operate within its premises, benefiting both parties.

  Product Trade-Name Franchising: A franchise model where the franchisee sells products under the franchisor's trademark.

  Product Licensing: Allowing another company to produce and sell products using one's brand or technology.

  Strategic Partnering: Collaborating with another business to achieve strategic goals while maintaining separate identities.

  Multi-level Marketing: A sales strategy where individuals earn income from their own sales and those of their recruits.

  Deceptive Advertising Gimmicks: Misleading marketing tactics designed to trick consumers into purchasing.

  Marketing Rackets: Fraudulent schemes disguised as legitimate marketing efforts to exploit consumers.

  Pyramid Schemes: Illegal investment scams where returns are paid from new investors' contributions rather than profits.

  Pressure-Cooker Tactics: High-pressure sales techniques that rush consumers into decisions without adequate time.

  Joint Venture: A business arrangement where two or more parties collaborate on a specific project, sharing profits and losses.

  Product Trade-Name Franchise: A franchise where the franchisee sells products under the franchisor's brand name.

  Sole Proprietorship: A business owned and operated by a single individual, with no legal distinction between owner and business.

  Licensing Agreement: A legal contract allowing one party to use another's intellectual property under specific terms.

  Joint Ventures: Collaborative business efforts between two or more parties for a specific goal or project.

  Partnership Agreement: A document detailing the roles, responsibilities, and profit-sharing among partners in a business.

  DBA Document: "Doing Business As" document; registers a business name different from the owner's legal name.

  Operating Permit: Official authorization required to legally operate a business in a specific location or industry.

  State Charter: A legal document issued by a state granting a corporation its legal status and rights.

  Hostile Takeover: An acquisition where the acquiring company seeks to take control of a target company against its wishes.

  Trading Bloc: A group of countries that have agreed to reduce or eliminate trade barriers among themselves.

  Monopoly: A market structure where a single company dominates, limiting competition and controlling prices.

  Merger: The combination of two companies into one, aiming to enhance competitiveness or efficiency.

  Permit, Trademark, or Copyright: Legal protections for business operations, brand identity, and creative works, respectively.

  Charter, Patent: A charter establishes a corporation's existence; a patent protects inventions from unauthorized use.

  Judicial: Pertaining to courts and the administration of justice.

  Commercial: Related to commerce or business activities.

  Bilateral: Involving two parties, often referring to agreements or trade between two countries.

  Implied: Not directly stated but understood through actions or circumstances.

  Tort: A civil wrong causing harm or loss, leading to legal liability.

  Express Contracts: Agreements where terms are clearly stated, either orally or in writing.

  Debtor-Creditor Relationship: A financial relationship where one party owes money to another.

  Managerial: Related to the management and administration of business operations.

  Legislative: Pertaining to the creation and enactment of laws.

  Promotional: Activities aimed at advertising or selling products and services.

  Regulatory: Related to rules or laws governing business practices.

  Souvenir Tax: A tax imposed on goods purchased as souvenirs, often in tourist areas.

  Travel Duty: A tax or fee imposed on travelers, typically for entering or leaving a country.

  Travel Tax: Charges levied on travel-related expenses, such as airline tickets or accommodations.

  Customs Duty: A tax on imported or exported goods, collected by customs authorities.

  Online Message Board: A digital platform where users can post and discuss topics.

  Archived Government Periodicals: Stored publications issued by government agencies, often for public record.

  Trade Publications: Magazines or journals focused on specific industries or professions.

• Business Process: A business process is a set of related tasks or activities performed to achieve a specific organizational goal, such as processing orders or hiring employees.​

  Business Program: A business program refers to a structured plan or system designed to accomplish specific business objectives, like a marketing campaign or employee training initiative.​

  Business Policy: Business policies are formal guidelines or rules that dictate how decisions are made and operations are conducted within a company.​

  Business Procedure: A business procedure is a detailed, step-by-step instruction on how to perform a specific task or process within an organization.​

  Pie Chart: A pie chart is a circular graph divided into slices to illustrate numerical proportions, showing how parts make up a whole.​

  Line Graph: A line graph displays data points connected by lines, typically used to show trends over time.​

  Bar Graph: A bar graph uses rectangular bars to represent data values, allowing for easy comparison between categories.​

  Area Graph: An area graph is similar to a line graph but with the area below the line filled in, emphasizing the magnitude of values over time.​

  Informal Email: An informal email is a casual electronic message, often used for quick, non-official communication.​

  Letter: A letter is a formal written message sent from one party to another, often used for official or professional correspondence.​

  Verbal Communication: Verbal communication involves sharing information through spoken words, either face-to-face or via phone or video calls.​

  Memo: A memo is a brief, formal written message used within an organization to communicate policies, procedures, or official business.​

  Letter of Transmittal: A letter of transmittal accompanies a document or report, explaining its purpose and providing context to the recipient.​

  Executive Summary: An executive summary is a concise overview of a larger report or proposal, highlighting the main points for quick understanding.​

  Personal Letter: A personal letter is a written message from one individual to another, typically informal and used for personal communication.​

  Office Memorandum: An office memorandum is a written communication used within an organization to share information, directives, or policies among employees.​

  Contact Spots: Contact spots are specific points where a business interacts with customers, such as customer service calls or in-store visits.​

  Brand Interactions: Brand interactions encompass all the ways consumers engage with a brand, including advertising, social media, and product usage.​

  Touch Points: Touch points are individual moments when a customer comes into contact with a brand, influencing their perception and experience.​

  Customer Exchanges: Customer exchanges refer to the transactions and interactions between a business and its customers, including purchases and service inquiries.​

  Piece of Equipment: A piece of equipment is a tangible asset used in business operations, such as machinery or tools.​

  Installation: Installation involves setting up equipment or systems so they are ready for use in business operations.​

  Supply: Supply refers to the total amount of a product or service available to consumers at a given time.​

  Part: A part is a component or piece that combines with others to form a complete product or system.​

  Human Resources: Human resources are the personnel of a business or organization, and the department responsible for managing employee-related functions.​

  Natural Resources: Natural resources are raw materials obtained from the earth, such as water, minerals, and forests, used in the production of goods.​

  Capital Goods: Capital goods are physical assets like machinery and buildings used in the production of other goods and services.​

  Consumer Goods: Consumer goods are products purchased by individuals for personal use, such as clothing or electronics.​

  Just-in-Time (JIT): Just-in-time is an inventory strategy where materials are ordered and received only as needed in the production process, reducing storage costs.​

  Shared Time: Shared time refers to work arrangements where two or more employees share the responsibilities and hours of a single full-time position.​

  Lead Time: Lead time is the period between the initiation of a process and its completion, such as the time from ordering to delivery.​

  Flextime: Flextime is a flexible work schedule that allows employees to choose their working hours within agreed-upon limits.​

  Economic Want: An economic want is a desire for goods or services that can be satisfied through purchasing and consumption.​

  Limited Want: Limited wants are desires that can be fully satisfied, leading to no further desire for that specific good or service.​

  Noneconomic Want: A noneconomic want is a desire that cannot be satisfied through purchasing, such as love or friendship.​

  Unlimited Want: Unlimited wants refer to the endless desires of consumers for goods and services, which exceed the resources available.​

  Opportunity Cost: Opportunity cost is the value of the next best alternative foregone when making a decision.​

  Trade-Off: A trade-off involves sacrificing one thing to obtain another, acknowledging that resources are limited.​

  Economic Need: An economic need is a basic requirement for survival, such as food, shelter, and clothing.​

  Types of Utility:

  • Possession Utility: The value added to a product by facilitating its purchase or ownership.​

  • Place Utility: The value added by making a product available at a convenient location for consumers.​

  • Form Utility: The value added by changing a product's form to make it more useful or desirable.

  • Mechanization: Using machines to do physical work.

  • Automation: Using technology to run tasks without humans.

  • Division of Labor: Splitting work into small tasks so each worker does one part.

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  Specialization, Standardization, and Division of Labor

  • Specialization: Workers focus on one skill or job to do it better.

  • Standardization: Making products or tasks the same every time for consistency.

  • Division of Labor: Breaking down jobs so each person does one step.

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  Research and Development, Quality Circles, and Automation

  • Research and Development (R&D): Creating new products or improving old ones.

  • Quality Circles: Small groups of workers who meet to solve work problems and improve quality.

  • Automation: Machines or tech doing work with little human help.

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  Participative Decision Making, Flextime, and Motivation

  • Participative Decision Making: Employees help make workplace decisions.

  • Flextime: Workers choose their own work hours within a range.

  • Motivation: What drives people to work hard and do their best.