DECA

Terms	Definitions
Exclusive Distribution	When a company needs to maintain control over a compex product that requires special handling or training, such as airplanes and machines.
Expansion of Operations in Foreign Countries	To increase the companies revenues and market shares.
Cash Conversion Cycle	Time ratio of paying and recieving cash from products, must be kept short so the compnay doesn't run out of cash.
SUGGING	"selling under the guise of research" , a marketer pretends to be researching but is actually attempting to sell.
Pricing	determining and adjusting prices to maximize return and meet customers' perception of value
Rising Inflation Rate	Rapid rise in prices, threat to companies because customer's have less money to spend on their products, reducing profit.
Production	Process or activity of produing goods and services. Businesses must obtain appropriate resources to produce these goods and/or services/
Appropriate Attire	Dark pantsuit, blouse, and low-heel shoes for business functions. Dress, short jacket, and high-heeled shoes for evening events.
Competitive Advantage	The edge achieved by a business that offers something better than its competitors.
Communication Channels	For maintaining a positive relationship with shareholders, the most effective ways of communicating are newsletters, annual reports, and the company's website.
Travel Promotion Act of 2010	Attracts international visitors to America. It will increase jobs and help the economy.
Legitimate Channel Power	Exists through the use of contractual agreements that specify the expected behavior of the parties.
Nonverbal Cues	Elements of communication that involve gestures and facial expressions rather than words.
Property Taxes	Businesses that own buildings and property must pay property taxes to the government at specific intervals based on the value of the land and building.
Fixed Assets	Items of value that are not expected to change, such as buildings and equipment.
Correlation Coefficient	One variable increases as the other variable decreases.
Behavioral Segmentation	People grouped together on the basis of their knowledge, attitude, and use/response to a product.
Online Booking	Websites that enable customers to make reservations online; they are open 24 hours and are easily accessible.
Product Selection	Decision matrix is used to weigh the importance of factors/ratings of products.
Time-fused Coupon	Multiple coupons that are only good during specified days, weeks, or months.
Debtor vs. Creditor	The debtor is the individual or business that owes money to another individual or business, which is the creditor.
GCR Technology	Very beneficial for business, but many companies encounter difficulties when implementing the technology. (too expensive, etc.)
Customer Relationship Management (CRM) Technology	Measures and analyzes a business's typical customer pattern of purchases.
Currency	A country's currency fluctuates in relation to other country's currencies, which affects profit.
Over The Counter Bulletin Board (OTCBB)	Small companies that don't meet organized exchange listing requirements as well as companies with poor credit ratings are likely to trade their stock on the OTCBB.
Long-term Solvency	Calculation of debt-to-equity ratio that tells creditors whether a customer can repay the principal of the loan/interest.
Training	Involve technology oriented activities and tasks related to employee performance reviews.
Statistics	Information presented in numerical form to help identify trends.
Operations Management	The processes a department would use in emergency situations; internal and external.
Tokenization	The process of substituting a random number in place of an account number to process the transaction online. (protects customer data from fraud)
Intellectual Property	A type of intangible property because it cannot be detected by the senses. (i.e. trademarks, logos, etc.)
Partnership/Corporation	Form of business ownership in which the business is owned by two or more persons who combine the capital, but have unlimited financial liability.
Effective Channels	Must have at least five members, share common goals, and share tasks appropriately.
Indirect Channel	Products move to one or more intermediaries before moving on to the consumer.
Integrated Information Sharing	Allows near-instantaneous computer decisions related to market information, customer information, supply and inventory information, etc.
Distribution	make sure products are in stock before advertising a sale
Effective listening	Ask appropriate questions, this helps employees follow directions and lets the speaker know if the listener understands.
Concise Messages	Clear and short; a courteous message addresses others with respect and gives all the facts/information.
Telephone Customer Service	Do not make people wait too long or connect them with several different lines, they may become irritated and hang-up. If necessary, put the customer on hold.
Group Discussions	Employees are advised to attend group discussions to analyze problems and find solutions.
Note Cards	Speakers write note cards to help them remember to discuss important points they want to present to the audience.
Written Communications	Should be concise and easy to understand so that the reciever gets the point quickly.
Preparing Outlines	Helps write effective business letters and organize thoughts.
Written Reports	Include things like minutes of a staff meeting, which provides a brief summary to distribute to all employees.
Organization	This is important for employees because they need to provide customer service in a quick, convenient manner.
Building a clientele	Requires businesses to interpret their policies to customers in an effective manner.
Don't Jump to Conclusions	Compromising and negotiating are important. Don't press sales on "leave-me-alone" customers, mirror the behavior of slow customers.
Consumer Goods	Products that are purchased and used by consumers.
Inelastic Demand	Products have inelastic demands when the demand for them remains the same regardless of increased prices.
Incentive	The thing that gives a company the initiative to sell.
Operations Management	Producing goods and services, keeping accurate financial records, planning for future success, and hiring qualified employees.
Economic Risks	Change in local conditions and government spending policies. These risks can force a lowering of prices, change of products, or failure of business.
Food and Drug Administration (FDA)	regulates the labeling and safety of food, drugs, and cosmetics sold throughout the U.S.
Consumer Product Safety Commission (CPSC)	reponsible for overseeing the safety of products such as toys, electronics, and household furniture.
Equal Employment Opportunity Commission (EEOC)	responsible for the fair and equitable treatment of employees with regard to hiring, firing, and promotions.
Occupational Safety and Health Administration (OSHA)	sets guidelines for workplace safety and environmental concerns, and enforces those regulations.
Securities and Exchange Commision (SEC)	regulates the sale of securities (stocks and bonds).
Environmental Protection Agency (EPA)	established in 1970 to protect human health and our environment; monitoring and reducing air/water pollution, overseeing hazardous waste disposal and recycling.
Federal Trade Commission (FTC)	enforces the principles of a free enterprise system and protects consumers from unfair or deceptive business practicess. reports to congress on its actions.
Flextime	allows workers to choose their work hours.
Telecommuting	involves working at home, usually on a computer.
Ad council	nonprofit organization that helps produce public service advertising camptigns for government and other qualifying groups.
green marketing	companies make an effort to produce and promote environmentally safe products.
Ethics	guidelines for good behavior.
Better Business Bureau (BBB)	one of the oldest nonprofit organizations to set up self-regulation among businesses.
Price gouging	pricing products unreasonably high when the need is great or when consumers do not have other choices.
communication	the process of exchanging messages between a sender and a reciever.
Channels and media	the avenues through which messages are delivered.
barriers	obstables that interfere with the understanding of a message.
jargon	specialized vocabulary used by members of a particular group.
enumerartion	listing items in order.
whistle blowing	involves reporting an illegal action of one's employer.
factors of production	four categories: land, labor, capital, and entrepreneurship.
infrastructure	the physical development of a country.
entrepreneurship	refers to the skills of people who are willing to invest their time and money to run a business.
scarcity	the difference between wants and needs.
traditional economy	traditions and rituals that answer the basic questions of what, how, and whom.
market economy	no government involvement in economic decisions.
command economy	a system in which a country's government makes economic decisions and decides what, when, and how much will be produced and distributed.
Gross Domestic Product (GDP)	the output of goods and services produced by albor and property located within a country.
Gross National Product (GNP)	the total dollar value of goods and services produced by a nation.
Consumer price index (CPI)	the change in price over a period of time of some 400 specific retail goods and services used by the average urban household.
Producer Price Index (PPI)	measure wholesale price levels in the economy.
business cycle	expansion and contraction of an economy.
personal financial statement	a summary of your current personal financial condition.
asset	anything of monetary value that you own such as cash, checking and savings accounts.
liability	debt that you owe to others such as credit card debt, school loans, car payments, or taxes.
net woth	the difference between your assets and your liabilites.
Start-up Costs	projections of how much money you will need for your first year of operation.
income statement	a summary of income and expenses during a specific period such as a month, a quarter, or a year.
gross sales	the total of all sales for any period of time.
net sales	the amount left after gross sales have been adjusted for returns and allowances.
net income	the amount left after the total expenses are subtracted from gross profit.
interest	the money paid for the use of money borrowed or invested.
principal	the amount you borrowed to start a business.
balance sheet	summary of a business's assets, liabilities, and owner's equity.
cash flow statement	monthly plan that tracks when you anticipate that cash will come into the business and when you expect to pay out cash.
suggestion selling	selling additional goods or services to the customer.
Occupational Outlook Handbook (OOH)	the U.S. department of labor publishes a revised edition of the OOH every two years and the OOh quarterly four times each year.
career outlook	types of jobs available in any field.

First Time Here?

Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.

Quizlet

Your Feedback

DECA

Share this set

About this set

Created by:

Classes:

Discuss

DECA

Study:

Cards

Speller

Learn

Test

Scatter

Games:

Scatter

Space Race

Tools:

Print

Export

Copy

Combine

Embed

100 terms

Terms

Definitions

First Time Here?

Set Champions

Scatter Champion

Space Race Champion