DECA Marketing

Key Terms and Definitions

Promissory note - A promissory note is a documented promise to repay borrowed money.
Commission or bonus - is compensation because they get it for doing good work.
Are all products test marketed - NO IT WILL DELAY ITS ENTRY INTO THE MARKET.
Accrual - the accumulation or increase of something over time, especially payments or benefits.
Channel of distribution - getting products somewhere. Shortest would be local.
Persuasive messages business can write - collection letter.
Enclosure notation - something is being sent with the letter.
Income tax form - a key tax document which taxpayer needs to file with the appropriate tax authority.
A profit oriented pricing objective - earning return on investment.
Consensus - a general agreement with no voting.
Scope - In business, scope refers to the extent, range, or boundaries of a particular activity, project, product, or business operation.
Prospects - likelihood of happening in the future.
Retailer vs wholesaler → Retail involves selling products directly to customers at retail prices, while wholesale involves selling products in larger quantities to businesses at lower prices.
Commerce - buying and selling.
Dividends - A dividend is a payment to a company's shareholders out of its earnings after tax.
Sellings policies can also help access staff performance.
LIKERT rating scale - levels of agreement.
A profit and loss statement (P&L), also called an income statement or statement of operations, is a financial report that shows a company's revenues, expenses and net profit or loss over a given period of time.
Incarceration - prison.
Feature benefit process

Terms for DECA Roleplay

Important Concepts

AIDA - attention interest desire action
The four P’s - product place price and promotion
SWOT analysis - strengths weaknesses opportunities and threats
LIKERT rating scale
Touch points
Scope management plan

Other DECA Exams

Key Terms and Concepts

Scanner fraud - when a owner overcharges products.
Predatory pricing - setting prices at a low rate so that it eliminates competition.
Empathy is shown in how much compassion and understanding we can give to another. Sympathy is more of a feeling of pity for another.
Fiduciary - involving trust, especially with regard to the relationship between a trustee and a beneficiary.
Newspaper offers more ads.
Monopolized the discussion.
OSHA - ontario safety and health administration.
Asset management firm - helps build wealth overtime by making diversified investments.
Negligence - lack of care for something.
Slotting allowances - a fee paid by a manufacturer to a supermarket chain for shelf space for a new product.
Gray market - an unofficial market or trade in something.
Finance company - a company concerned primarily with providing money, as for short-term loans.
Contraction - period of economic decline.
Big data - a lot of data.
Why do businesses write informational messages? To explain new policies.
Markup and markdown.
The biggest risk to real estate investment is depreciation.
To identify product opportunities, the best way is to observe competition.
Patent - a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.
A project is officially okay to begin by the project charter.
Arbitration -
Logistics - transportation of goods.
Six Thinking Hats is a powerful technique for decision making that includes different points of view.
Joint ventures are typically established as separate legal entities, whereas partnerships can be established through simple agreements without the need for specific legal registration.
Speciality advertising - an advertiser's message printed on small items such as diaries, note-pads and key-rings, usually to give away without obligation to prospective customers.
The section of a project plan that specifies what is in or not included in the project is the scope management plan.
Credit Union - A credit union is a self-help co-operative whose members pool their savings to provide each other with credit at a low interest rate.
Commercialization - Commercialization is the process of bringing new products or services to market.
Lobbyists - trying to influence someone.
Intermittent - occurring at irregular intervals; not continuous or steady.
Unlike in probability sampling, where everyone in a population has a chance of getting selected, in non-probability sampling, not all population members can participate.

ICD DECA Exam

Key Terms and Concepts

Oligopoly - Oil industry.
Tabulating data - organizing data into a table.
Skip interval - This interval is calculated by dividing the population size by the desired sample size.
Push money - a direct motion of giving more money for benefits.
What component of a print advertisement has the sales message? - COPY
Product cannibalization - happens when a company's new product displaces an existing one.
Intranet - a private network of an enterprise.
Consent order - an agreement between 2 parties.
What stage is the business failure rate the highest? - THE INTRODUCTION.
Causal - generates business for the organization and brings positive change.
Job shadowing - interested employee to follow and closely observe another employee performing the role.
Statement stuffers - advertisements delivered to customers along with account statements.
A tying arrangement is an agreement in which the seller conditions the sale of one product (the “tying” product) on the buyer's agreement to purchase a separate product (the “tied” product) from the seller.