DECA Marketing Vocabulary

457 Plan

• A tax-deferred retirement plan available to state and local government employees.

Accounts Payables

• A company’s short-term obligations owed to its creditors or suppliers which have not yet been paid.

Accounts Receivable

• Money owed to a business by customers for goods or services delivered on credit.

Administrative Law

• A branch of law that addresses the rules and regulations that have been established by government agencies.

Affinity

• Refers to a spontaneous or natural liking or sympathy for someone or something.

Angel Investors

• Individuals who provide startup money to new businesses.

Annual Percentage Rate (APR)

• A rate of interest expressed as a yearly percentage.

Appropriation

• A legal act that relates to the invasion of privacy.

Arbitration

• A formal process in which a neutral third party makes decisions about a contract dispute.

Artificial Intelligence (AI)

• Used in accounting to automate and optimize numerous processes that were once repetitive, labor-intensive, and time-consuming.

Assimilation and Contrast

• Refers to the theory that a person’s judgement of something can act as a type of anchor, influencing later judgements.

Assortment

• The combination of goods that a business offers for sale.

Balance of Trade

• The difference between the value of a nation’s exports and imports.

Behavioral Segmentation

• Dividing customers into groups according to their response to a product.

Bond

• A fixed-income investment which represents a loan made by an investor to a borrower.

Borrower

• An individual or entity that receives funds, assets, or services from a lender with the agreement to repay the borrowed amount along with interest within a specified timeframe (promissory note).

Brand Evangelism

• When a consumer advocates for a brand, convincing others that the brand is the best.

Brand Insistence

• When a consumer refuses alternative products and searches exclusively for the desired merchandise.

Brand Preference

• When consumers prefer a brand based on previous experiences with it and will select it over competitors when the option is available.

Brand Recognition

• A consumer is aware of and can identify a brand.

Brand Reputation

• Refers to how a brand is perceived by the public, customers, and stakeholders, playing a crucial role in a company’s success.

Break Even Point

• The level of sales at which revenues equal total costs.

Broadcast Media

• Use of radio waves to reach consumers.

Buzz Marketing

• A viral marketing strategy that aims to create excitement and word-of-mouth discussions around a product, service, or brand.

Capacity

• Refers to all parties being legally able to sign the contract.

Cash Flow Statements

• Financial summaries with estimates as to when, where, and how much money will flow into and out of a business.

Causal or Conclusive Research

• Focuses on cause and effect, and tests "what if" theories.

Cease-and-Desist Order

• A government agency issued order, ordering an advertiser to stop running the advertisement until a hearing is held to determine if the advertisement is deceptive or unfair.

Central Tendency

• The typical value of a set of numerical values often expressed as a mean, median, or mode.

Certificate Deposits

• A lending investment in which you lend money to a bank at a set interest rate for a particular period of time, guaranteeing a certain rate of return but denying access to your money before the end of the time period without paying a penalty.

Channels of Distribution

• A network of businesses or intermediaries through which a good or service passes until it reaches the final buyer.

Cloud-based Infrastructure

• Refers to the hardware and software that make up cloud computing services.

Communications Channel

• A path or means used to provide information to others.

Comparative Advantage

• The advantage achieved by a nation from specializing in and producing goods and services at which it is relatively most efficient.

Competition

• The rivalry between two or more businesses to attract customer dollars.

Concurrent Engineering

• Refers to performing the various stages of product design and development at the same time, instead of one after another.

Consideration

• Refers to the benefit that both parties receive, such as money, services, or anything of value.

Consumer

• An individual or entity that purchases goods or services from retailers or wholesalers.

Copyright

• The exclusive legal right given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and authorizes others to do the same.

Corporate Brand

• The combined impressions, images, or experiences associated with a company or parent entity.

Coupons

• A type of communications channel in sales promotion that provides information about products to customers.

Creative Employee

• One who can generate new ideas, new approaches, and new ways to solve old problems.

Credit Score

• A rating assigned to a borrower based on previous loans.

Creditor

• A person who extends credit or to whom money is owed.

Cultural Theory of Buying Behavior

• Explains how a person’s own values and beliefs are impacted by their community and how those values influence buying decisions.

Customer Relationship Management (CRM) Systems

• Allows salespeople and companies to organize and keep track of their relationships with customers and other relevant stakeholders.

Dark/Gray Market

• The trade of a commodity through distribution channels not authorized by the original manufacturer or trademark proprietor.

Database Software Program

• Software used by many businesses to store valuable information about customers and arrange it according to various criteria.

Deflation

• The decline in prices of goods and services over time.

Demographic Segmentation

• Dividing a market based on its physical and social characteristics.

Descriptive Statistics

• Summaries of data that make large amounts of information more manageable.

Direct Mail

• A form of promotional media sent to consumers’ homes in letters, catalogs, postcards, and folders.

Direct Marketing

• Promoting a product or service through direct communication channels such as advertising, sales promotions, and personal selling.

Disability Insurance

• Provides a percentage of a worker’s normal wages when they cannot work due to illness or injury.

Discrimination and Harassment Policies

• Explain a company’s commitment to fair treatment, mutual respect, and diversity in the workplace.

Dishonest Customers

• Customers who intentionally avoid paying part or all of the product price.

Domineering/Superior Customers

• Customers who believe they have all the answers and ignore others' opinions.

Dress Code

• Outlines appropriate attire for work.

Dual Taxation

• The levying of two taxes on the same income.

Elastic Customer Demand

• Describes customer demand that changes based on price fluctuations.

Embezzlement

• The theft of valuables entrusted to one’s care.

Environmental Theory of Buying Behavior

• Explains how buyers exhibit different purchasing behavior based on their current situation or setting.

Exclusive Dealing

• A contractual agreement where a distributor agrees to only sell a producer's products.

Exclusive Territories

• Designated areas in which a distributor is required to sell only products from a specific producer.

Experiment

• A research method testing "cause and effect" by test marketing new products or comparing test groups with control groups.

Exploratory Research

• Collecting information to help the business define its issue or concern, deciding how to proceed with its research.

Export License

• A government document that authorizes businesses the right to ship products out of the country.

External Stakeholders

• Entities interested in the success or failure of a business but do not directly work within it, including customers, suppliers, creditors, the community, and government.

Federal Communications Commission (FCC)

• Responsible for issuing radio and TV licenses to applicants that meet the agency’s standards.

Federal Tax Break

• A government-provided benefit reducing total tax liability.

Feedback

• Companies benefit from customer feedback regarding warranties and guarantees, enabling them to make necessary corrections and improvements.

Financial Goals

• Address the company’s income and expenses.

Financial Plan

• Part of a company’s business plan showing how the business has performed or is likely to perform financially.

Financial Report

• A document containing information related to the overall income and expenses of a business.

Finishes

• Used in enhancing products' beauty, increasing their attractability.

Fixed Costs

• Business costs not affected by changes in sales volume.

Fixed Expenses

• Payables that remain the same for a set period of time.

Flexible Person

• An individual capable of adapting to changes.

Focus Group

• A gathering discussing a specific topic.

Foreign Market

• The market in other nations.

Form Utility

• Usefulness created by altering the form or shape of a good to make it more consumer-friendly.

General Ledger

• The central repository for all financial data within an organization.

Generating Sales Leads

• Looking for potential customers for a company.

Generic Theory of Buying Behavior

• The simplest theory of buying behavior comprising recognizing a need and making a purchase to meet that need.

Geographic Segmentation

• Grouping customers according to their geographical location.

Goals

• Things that a business aims to attain.

Grade

• A designation of product quality usually indicated by a stamp.

Grading

• The process of rating products according to established standards or characteristics.

Gross Profit

• The revenue left after the “cost of goods” expense is deducted from the total income.

Health and Safety Policies

• Policies designed to protect employees and customers from harm.

Health Insurance

• Covers medical expenses of employees.

Hidden Benefits

• Advantages not visible without a salesperson's assistance.

High Depth Jobs

• Jobs that usually include decision-making opportunities and allow employees to set their own pace.

High Scope Jobs

• Jobs requiring various operations with less repetition and more variation.

Horizontal Conflict

• Disagreements among channel members at the same level.

Ideological Goals

• Involve the vision and general purpose of a company.

Image Pricing

• A strategy where products are priced higher to create a perception of superior quality, targeting luxury-seeking consumers.

Import Market

• Buying goods and services from other nations.

Incorporation

• The process of establishing a corporation as a business ownership form.

Industrious Employee

• An employee who values the quality of their performance.

Industriousness

• The readiness, willingness, and ability to work hard.

Inflation

• The increase in the price of goods and services over time.

Information Utility

• Usefulness created by providing consumers with product information.

Inputs

• Resources used to produce outputs.

Intangible Personal Property

• Non-physical assets holding value, such as intellectual property, copyrights, patents, trademarks, trade names, and brand reputation.

Integrated Information Sharing

• Enables near-instantaneous computer decisions related to market, customer, supply, and inventory information.

Integrated Software Applications

• Two or more related computer programs that work together for business functions.

Interest

• Money payments for the use of borrowed funds.

Internal Information

• Data obtained from sources within the business.

Internal Stakeholders

• Individuals or groups within an organization directly involved in its operations, including employees, management, and shareholders.

Internal Theory of Buying Behavior

• Emphasizes personality traits and lifestyle impacts on customer buying behavior.

Internet Policies

• Guidelines for employees regarding appropriate and responsible internet use.

Interviews

• Conversations where a researcher surveys individuals for research data.

Investment

• The use of money aimed at generating future profit or gain.

Job Analyses

• Systematic studies of tasks and responsibilities of a job within an organization.

Job Networking

• Connecting with others for professional development or advancement.

Kiosk

• An interactive, stand-alone structure in public places designed to provide information and sell products.

Legality

• Refers to whether a contract obeys federal, state, and local laws.

Lender

• An individual or financial institution granting a loan.

Liabilities

• Debts that a business owes.

Liability Insurance

• Protects against lawsuits arising from injuries to others.

Loan Repayment Terms

• Conditions for loan repayment, including repayment period and interest rate.

Long-term Impact

• Recognizing the interconnectedness of a company’s success with all stakeholders’ interests.

Low Depth Jobs

• Jobs with strict guidelines requiring minimal decision-making.

Low Scope Jobs

• Jobs performing one specialized skill repetitively.

Machine Learning (ML)

• A technology utilizing algorithms for processing extensive datasets automatically.

Management

• Directing or controlling business operations.

Marketing Intelligence

• The process of obtaining and analyzing information about the target market.

Marketing Strategies

• Action plans for achieving marketing goals and objectives.

Mass Market

• The entire market.

Mass Marketing

• Designing products and directing marketing activities to appeal to a broader market.

Mimicking

• A form of imitation meant for entertainment or ridicule.

Mirroring

• The act of imitating others’ actions or words to communicate understanding of their needs.

Money Market Account

• A deposit account yielding interest based on current money market rates, generally higher than savings accounts.

Money Supply

• The total quantity of money existing at any one time in a nation.

Monitoring

• Keeping track of statistics.

Nepotism

• Favoritism shown by a person in power towards relatives or friends, especially in giving jobs.

News/Press Conference

• Inviting media to announce something significant, such as a merger.

News/Press Release

• Written information distributed to the media for publicity.

Newsletter

• A message that informs particular groups, like a customer base, of interest.

Novelty

• Refers to a situation being new or unknown.

Objectives

• Desired outcomes a business wants to achieve.

Observation

• Watching people engage in activities in a natural setting.

Offer and Acceptance

• The concept where one party offers something, and the other party accepts it.

Ordering Costs

• Expenses incurred by retailers to buy merchandise.

Organizational Goals

• Affect overall organization performance.

Origination Fees

• Fees charged by lenders for approved loans.

Out-of-Home Media

• Promotional media encountered outside homes, like outdoor and transit advertisements.

Outsourcing

• Acquiring assistance from outside organizations or consultants to fulfill business objectives or perform core activities.

Owners Equity

• The amount an owner has invested in the business plus or minus profits and losses.

Paradigm Innovation

• A significant change in how a product is viewed by users and society.

Parallel Market

• An unofficial market trading goods outside official channels, often due to regulations.

Patent

• A government authority or license conferring a right to exclude others from making, using, or selling an invention for a period.

Patronage Promotions

• Promotions designed to enhance a firm’s prestige or features.

Pension

• A retirement fund contributed to by an employee and/or employer.

Personal Interviews

• A qualitative data collection method for in-depth conversations with individuals, exploring their thoughts and motivations.

Phone Interviews

• A qualitative data collection method using direct or virtual conversations for gathering detailed information.

Place Utility

• Usefulness created by making goods/services available where needed.

Planned Obsolescence

• The practice of designing a product to become unusable before it reasonably should require replacement.

Positioning

• A strategy for creating an image or impression of a product in consumers’ minds.

Positioning Innovation

• When the purpose of a product is altered.

Possession Utility

• Usefulness created when ownership of a product is transferred from seller to buyer.

Predatory Pricing

• Setting very low prices to harm competitors and drive them out of business.

Predicting

• Using marketing research to gain insights on future events.

Premium Pricing

• A strategy pricing products higher to create an impression of superior quality for luxury and status-seeking consumers.

Press Release

• Written information provided to media for publicity purposes.

Prestige Pricing

• A higher pricing strategy for products to create an impression of exclusivity and quality.

Primacy and Recency Bias Theory

• The theory stating that first and last items receive maximum attention from individuals.

Primary Data

• Information collected specifically for the current problem or project.

Primary Product Promotion

• A non-institutional promotion aimed at stimulating demand for an entire class of goods/services.

Priming and Anchoring

• When an initial piece of information influences all subsequent responses.

Process Innovation

• A change in how tasks are performed.

Product Innovation

• Occurs when a business creates or improves a product.

Product Knowledge

• The understanding salespeople have that helps translate features into customer benefits.

Product Life Cycle

• The stages a product experiences from introduction to discontinuation:

  • Introductory Stage: Gaining product recognition, promoting to early adopters.

  • Growth Stage: Adjusting promotional efforts to attract a larger audience.

  • Maturity Stage: Facing competition, promoting differentiation.

  • Decline Stage: Deciding to continue, discount, or discontinue the product.

Product Management

• A strategic practice guiding the product lifecycle.

Product Promotion

• Stimulating demand and highlighting product features/benefits.

Product Sampling

• A marketing strategy offering multiple products at a combined price.

Product Screening

• The process of evaluating new product ideas and discarding unworkable ones.

Product Seeding

• Involves placing products in the hands of certain influencers for promotion.

Promissory Note

• A legal form signed by a borrower promising to repay a loan.

Promotional Media

• Channels used by businesses to deliver advertising messages to target consumers.

Promotional Mix

• A combination of marketing communication channels used to convey messages to consumers.

Psychographic Segmentation

• Dividing customers based on lifestyles and personalities.

Public Relations Promotions

• Created to handle public interest issues related to a company or its products.

Public Service Announcement

• Institutional promotion informing consumers about noncontroversial public issues.

Public Services Promotions

• Inform customers about noncontroversial public issues in their best interest.

Public-Relations Promotions

• Promotions dealing with controversial public issues related to a company or product.

Puffery

• An unethical practice where entrepreneurs overstate expected income to attract investors.

Pull Promotional Strategy

• A strategy promoting products directly to consumers, skipping intermediaries.

Push Promotional Strategy

• A strategy promoting products to intermediaries who then reach customers.

Qualifying Sales Leads

• Determining if potential customers have financial capability and interest.

Quota Sampling

• A nonprobability sampling method ensuring specific population groups are represented in the sample.

Random Sampling

• A technique selecting individuals from a population where each has an equal chance of being chosen.

Raw Materials

• Materials used directly in producing finished products.

Recession

• A period of economic decline.

Reciprocity

• The notion that creating value for customers prompts them to reciprocate.

Referral Sampling

• Encouraging existing customers to recommend the brand to others.

Reliable Person

• An individual considered dependable.

Remand

• Sending a legal case back to court for specific actions.

Remedy

• A resolution for a legal issue.

Retailer

• A business selling products directly to consumers in small quantities.

Robotic Process Automation (RPA)

• Technology that automates rule-based tasks and eliminates manual data entry.

Savings Account

• A bank account designed for holding money, typically providing low interest for short-term needs.

Scope Management

• Ensuring a project remains within defined boundaries and achieves agreed objectives.

Seal

• A symbol indicating quality and safety, backed by testing organizations.

Secondary Data

• Information collected for purposes different from the current project.

Secondary Product Promotion

• Promotion directed at specific brand recognition.

Selling Policies

• Rules and guidelines for customer transactions including returns, pricing, and warranties.

Selling Price

• The price the end user pays for an item.

Semantic Differential Scale

• A scale measuring satisfaction from neutral (0) to extremes of goodness and badness.

Shareholders

• Owners of shares in a company.

Shareholders Marketing

• Strategies to engage and build relationships with both internal and external stakeholders.

Situational Analysis

• Assessment of a firm’s current marketing situation.

Skip Interval

• Number of spaces between each sampling unit in systematic random sampling.

Slotting Allowance

• A payment from a producer to a retailer to ensure product placement on shelves.

Slow/Methodical Customers

• Customers who meticulously consider all facts before making a purchase.

Social Media

• Forms of communication sharing information through networking platforms.

Specialization

• The process optimizing resources in producing goods/services.

Specialty Media

• Media featuring a business's logo that is useful and given away.

Spreadsheet Software Programs

• Software for organizing financial information.

Stakeholder Engagement

• Building relationships with stakeholders to foster cooperation.

Stakeholder

• Individuals or organizations interested in a business's strategy and outcomes.

Start-Up Costs

• Expenses incurred when establishing a new business.

Stealth Marketing (Undercover Marketing)

• Marketing that occurs without the audience's awareness of being targeted.

Stereotype

• A singular image or assumption about a person or object.

Strategies

• Plans of action for achieving objectives.

Suspicious Customers

• Customers who question everything.

Systematic Random Sampling

• A probability sampling method creating a random list and sampling using a skip interval.

Tactics

• Specific actions taken to execute strategies.

Taguchi Method

• A systematic approach to experiment design and quality control.

Tangible Personal Property

• Physical property held by a business.

Term-life Insurance

• Insurance coverage at a fixed rate for a designated time.

Testing Hypotheses

• Experimenting to verify the truth of an educated guess.

Ticket

• A price tag containing inventory information.

Time Utility

• Usefulness when products are available as needed.

Tolerance

• The capacity to accept deviations from the norm.

Touchpoint

• Any interaction a customer has with a brand, product, or company.

Tracking

• A data collection method usually conducted online.

Trade Deficit

• An unfavorable balance of trade with higher imports than exports.

Trade Name

• A name carrying trademark status or identifying a good/service in a specific trade.

Trade Show

• An event for businesses to display products and generate sales leads.

Trade Surplus

• A favorable balance of trade with greater exports than imports.

Trademark

• A symbol, design, or word identifying a good/service, often registered to prevent others from use.

Traditional Economic System

• An economic model with minimal government involvement found in developing jurisdictions.

Transit Media

• Out-of-home media related to various forms of mass transportation.

Tying Agreement

• An illegal arrangement forcing customers to buy additional products for desired goods/services.

Undifferentiated Marketing

• Designing products appealing to the entire market.

Uniform Resource Locators (URLs)

• Codes identifying web pages on the Internet.

Universal Product Codes (UPCs)

• Barcodes providing details like pricing, model, size, type, and color of items.

Value Creation

• Addressing stakeholders’ needs to align marketing efforts with goals.

Variable Costs

• Costs changing with sales volume.

Vertical Conflict

• Disagreements between channel members at different levels.

Volunteering

• Donating time for project completion.

Wage Garnishment

• A legal order requiring employer withholding earnings for debt payment.

Wholesaler

• A business buying goods in bulk and selling in smaller quantities to retailers or others.