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DECA Test Terms
From; Marketing, Sports and entertainment marketing, Customer Service, Business Management, Business law, Business Communications, and DECA practice tests
Terms in this set (553)
This market segmenting involves studies of consumers based on their attitudes, lifestyles, and values.
This market segment refers to statistical data or information concerning a person's age gender income level occupation, etc
This type of market segmentation is based on segmenting a market based on segmenting a market based on rate of use, shopping patterns or product benefits
This market segmentation refers to segmenting as market based on where people live.
A process of identifying human wants and needs, and developing a plan to meet those wants and needs. Refers to everything involved with convincing an attendee to come to the event. Also refers to providing information to support the exhibit sales function.
The first-face-to-face contact a sale person has with the customer
Pricing techniques that create an illusion for customers
A firm's percentage of total sales generated by all competitors in a given market
A business owned by one person
Selling additional goods or services to the customer after the customer has made a commitment to buy
Based on knowing the difference between right and wrong
According to the law of supply and demand, as the price increases the quantity demanded will.
Bring the objection back to the customer.
Admit disadvantages in certain products but then present superior points to offset or compensate for them.
Third Party Demonstration
Use a previous customer or neutral person to give a testimonial about the product show to operate a product
Recommending a different product that would satisfy the customer's needs
When a country exports more than it imports.
1st step of the product life cycle. company focuses it's efforts on promotion and production
4th step of the product life cycle: Sales level off and competition increase
3rd step of the product life cycle: Sales begin to fall and company looks to modernize or alter the product
2nd step of the product life cycle: Product is enjoying success shown by increased sales and profits
The value of money placed on a good or service
Attract readers, arouse interest, and get people to look at the illustration and copy.
Represents the selling message in the ad.
Help expand on the copy by showing how the product works or how it is used
Aka logo, the identification symbol for a business
A catch phrase or small group of words that are combined in a special way it identify a product or company
Buys, stores, and resells large quantities of goods
Closing the sale
Obtaining positive agreement from the customer to buy.
The Marketing Mix
Product, Place, Price, Promotion
Government records, internet sources, Business publications, Focus groups
Interview, survey, observation, Focus Group
A part of target population that is assumed to represent the entire population
An illegal activity occurs when competitors agree on setting prices
Approaching the Customer
Step 1 of the selling process
Step 2 of the selling process
Presenting the Product
step 3 of the selling process
Step 4 of the selling process
Step 6 of the selling process
close the sale
step 5 of the selling process
Step 7 of the selling process
Used to obtain information about the preferences, options, habit, trends, and plans of current and potential customers
Product/ Service Management
Obtaining, developing, maintaining, and improving a product or product mix in response to marketing opportunities
Getting the money that is necessary to set-up and run a business
Marketing Information Management
Gather, storing, and analyzing data to determine customers habits and attitudes
Physically moving and storing goods
Determining how much to charge for goods and services
Informing persuading or reminding potential customers about a business' products/ services
Determining customer needs and wants and responding through planned, personalized, communication
Expression yourself through body language such as facial expressions, hand motions, and eye movement.
A carefully planned combination of techniques designed to persuade customers to purchase and support a business' products
Closing technique in which salesperson asks for the sale.
The public's view of a business.
A pricing technique in which a store offers all merchandise in a given category at certain prices, such as $10 and $20
Offering several complimentary products in a package that is sold at a single price
Setting high-than average pricing to suggest status
Everyday Low Pricing
Setting a consistent price point with no intention of offering discounts
A group of closely related products within the product mix is a business' product
Analyzing a market by specific characteristics in order to define the target market.
Concerns, hesitations, doubts, or other honest reasons a customer has for not making a purchase.
An economy where decisions are based on cultural or religious practices and ideals
An economy in which the government controls the factors of production and makes all decisions about their use.
An economy with no government involvement in economic decisions. Decisions are made by individuals and businesses
An economy in which the decisions are made by the government individuals and businesses
The selection and training of new employees.
Product, Place, Price, Promotion
Return on Investment
A calculation that is used to determine the relative profitability of an investment
Channel of Distribution
The path a product takes from producer or manufacturer to the final user.
Changing raw materials into actual goods.
Providing knowledge to consumers through salespeople displays packaging and labeling
Locating a product where a customer can buy it
Accepting alternatives to cash, such as personal checks, credit cards, or debit cards in exchange for merchandise
The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the firm.
Changing raw materials or putting parts together to make them more useful
A customers conscious logical reason for a purchase
features and characteristics of the merchandise that make it desirable
Last step of the selling process; would lead to a lot more future sales
Part of the 4p's that is concerned with informing, persuading, and reminding people about their product/service
Sales promotion activity that are targeted at manufacturers, wholesalers, and retailers
Information that has already been collected for another purpose
A procedure designed to identify solution to a specific marketing problem by systematically gathering and analyzing information
A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
Factors that affect a business' profit
A person who purchases goods and services for personal use
specialists in planning and handling mass-selling details for advertisers
Represents the selling message in the ad
Unable to be touched or grasped: not having physical presence
A thing that is perceptible by touch
Internal Characteristics of the business or project that give it an advantage over other competitors
Internal Characteristics of the business that place the team at a disadvantage relative to competitors
External elements that could company could use to its advantage
Externals elements in the environment that could cause trouble for the business
A person, group, organization, member or system who affects or can be affected by an organization's actions
A person who controls access to something (in business it may be the person answering the phones and taking messages)
Data observed or collected directly from first-hand experience
The 5th P in the marketing mix if there are more than 4 P's
Conditions, entities, events, and factors surrounding an organization that influence its activities and choices, and determine its opportunities and risks.
A market segment selected because the firm believes that the offerings of the firm are most suited to winning those customers.
Data that approximates or characterizes but does not measure the attributes, characteristics, properites, etc... of a thing or phenomenon.
Data that can be quantified and verified, and is amenable to statistical manipulation.
A periodic cost that varies in step with the output or the sales revenue of a company
A periodic cost that remains more or less unchanged irrespective of the output level sales revenue, such as depreciation, insurance, interest, rent, salaries, and wages
Premium pricing levels applied to components of a product that consumers have already purchased. The customer cannot avoid purchasing the components, such as replacement razor blades, without sacrificing the value of the core product, such as the razor itself, enabling the company to achieve much higher profit margins than are possible for regular products.
High price aimed at higher income groups for luxury or status goods, or at extracting maximum returns from a market for a new technology product before competitors emerge.
High price aimed at higher income groups for luxury or status goods, or at extracting maximum returns from a market for a new technology product before competitors emerge. Most frequently seen on Black Friday.
Point of Purchase (POP)
The location or medium at which a product is purchased by an end-user. A point of purchase may be a physical location, such as a store, booth, or other retail outlet, or may consist of an electronic sales environment such as a telephone-based ordering service or a website.
Break Even Point
Point in time (or in number of units sold) when forecasted revenue exactly equals the estimated total costs
Process whereby a receiver assigns meaning to a message
Process whereby a sender assigns meaning to a message.
Presenting a problems to a group and allowing group members to produce many ideas for the solution to the problem.
Statement of expected results or requirements expressed in financial or numerical terms.
Programmable electronic devices that can store, retrieve, and process data.
A hard copy or electronic way of planning daily activities that allows the user to better organize their, keep track of meetings and events, etc.
Decision Making Process
Recognizing a problem, identifying it, evaluating, alternatives, selecting and implementing an alternative, and following up.
Act of setting goals, developing strategies and tactics, and outlining tasks and timelines to meet those goals.
those items that make it easier for a person or organization to set goals, develop strategies, and outline tasks and schedules to accomplish goals.
The process of Determining a company's long-term objectives and then identifying the best approach for achieving those goals.
A report that goes through the difference between budget, standard costs and actual costs
The activities of planning, leading, organizing, and controlling.
Communications by team members through a single person to solve problems or make decisions.
System in which team members communicate freely among themselves to arrive at decisions together
Legal Entity with authority to act and incur liability separate from its owners
Person who conceives and initiates business activity
A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
the company that owns the product or service and grants the right to another business
An agreement between two or more firms to undertake the same business strategy and plan of action resulting in sharing a foreign business or government's operation costs, risks, and management
Structure that combines the direct flow of authority of a line or organization with staff departments that serve, advise, and support the line department
A graphic representation of how authority and responsibility is distributed within a company or other organization.
To put together into an orderly, functional, structured whole
An association of two or more persons who jointly own a business an where all partners have unlimited liability for business debts
Program set up by a business firm to increase employment opportunities for women and minorities.
Non-wage compensation provided to employees- includes such things as paid vacation, sick leave, insurance, etc.
The idea that one group of individuals such as women should get paid equal to men for performing the same type of work as difficulty and responsibility or requiring similar levels of education and/or training.
Payment, usually monitory, received as payment or reparation for goods or services.
To Provide training in different tasks or skills than those usually needed so the employee can do another job if the need arises.
Flexible Work Schedule
A system that allows employees to choose their own times for starting and finishing work within a broad range of available hours
Two Factor theory of human motivation. According to his theory people were influenced by two factors. Satisfaction and psychological growth was a factor of motivation factors. Dissatisfaction was a result of hygiene factors. Essentially, hygiene factors were needed to ensure an employee was not dissatisfied. In order to motivate an employee into higher performance motivation factors were needed.
Human Resource Management
Branch of a business that deals with the creation and management of systems that integrate people, materials, and energy in productive ways.
Human Resources Department
The department of a business concerned with recruiting and managing employees.
Maslow's Hierarchy of Needs
A pyramid of needs consisting of physiological, self actualization; where lower level needs are met before higher level needs.
The practice of giving promotions, basic employment, higher earnings and other benefits to employees who are relatives of management.
Occupational Safety and Health Administration; An arm of the U.S. Department of Labor that attempts to keep people safe in their workplace by setting safety standards and enforcing them. OSHA will inspect for such problems as contaminants in a factory's air.
The process of persuading someone or a business entity to become a new member of an organization
Education To develop a person's professional skills.
State run insurance program funded by employers and payroll taxes that provide workers with weekly payments when they are fired or laid off.
A person who tell someone in authority about something illegal that is happening.
Document issued by the federal government giving exclusive rights to inventors and companies for particular inventions
The degree to which a product is safe from undergoing or causing hurt, injury, or loss; governed by the Consumer Product Safety Commission
Social Security Act
A law passed in 1935 providing old-age retirement insurance, a federal-state program of unemployment compensation, federal grants for state welfare programs
Name, Symbol or slogan a business uses to identify its goods
Legal protection provided to creative work such as books, movies, and music.
A group's social heritage, including behavior patterns and values.
Providing leaderhip to give direction so activities can be accomplished in a timely manner.
Act of motivating or causing others to perform activities designed to achieve specific objectives
The way a leader chooses to act to motivate or cause others to perform activities designed to achieve specific objectives
Standards of business conduct and moral values.
Code of Ethics
Principles of conduct to be used in making decisions within a company.
The idea that businesses should not function armorally, by instead should contribute to the welfare of thier communities.
Definitive scope of the overall business, in a concise narrative format
Statement of a firm's financial position on a particular date; including assets, liabilities, and owner's equity.
Method of determining the minimum sales volume needed at a certain price to cover all costs. There would be no profit or loss at this point.
Financial Report that summarizes accounting data, balance sheet and income statement are examples.
A financial record of sales, expenses, and net profit for a given period.
The amount remaining when expenses are deducted from gross income.
Raising money through selling bonds, notes, or mortgages, or borrowing direction from financial institutions.
SBA (Small Business Administration) Loan
Obtaining a loan for the purpose of starting or continuing a small business. the SBA is a federal government agency
Organizations or individuals that make money available for investment in innovative enterprises or research, especially in high technology, in which both the risk of loss and the potential for profit may be high.
Takes and existing product, adds additional "value" usually in the form of a specific application, packaging, etc. and resells it as a new products or "package"
A period of low general economic activity marked especially by rising levels of unemployment.
The study of the decisions or choices that go into making, distributing, and consuming products.
Factors of Production
Resources used in the process of production. These are usually divided into three main groups—natural (land), human resources (labor) and capital (money)—but may also include entrepreneurship.
When the amount of money supply and business activity dramatically increases, accompanied by sharply rising prices
Trade between two or more partners from different countries( and exporter and an importer). Early international trade consisted mostly of barter transactions
Not quite a monopoly, but getting there. a small group of large suppliers dominate a market, providing similar versions of a product like soft drinks.
The excess of income over all costs, including the interest cost of the wealth invested. the net income of a business is not an accurate measure.
A market in which only one firm has total control over the entire market for a product due to some sort of barrier to entry for other firms, often a patent held by the controlling firm.
A period of general economic decline; economic decline; specifically, a decline in gross domestic product(GDP) for two or more Consecutive quarters
Gross Domestic Product
Passed in 1890. Made it illegal for companies to create monopolies.
A business analysis using strengths, weaknesses, opportunities, and threats.
This is the most difficult style of communication to deal with in a relationship. Basically pretending to be nice with unkind motives for your own personal satisfaction
This style of communication avoids confrontation at all costs
This is the only healthy form of communication. Means having or showing a confident and forceful personality
A circumstance or obstacle that prevents communication or that keeps people or things apart
The result of consistently positive emotional experience, physical attribute-based satisfaction and perceived value of an experience, which includes the product or services.
As assessment of the worth of a good or service.
the process of comparing one's business processes and performance metrics to industry bests or best practices from other industries. Dimensions typically measured are quality, time and cost.
provides federal protections for personal health information held by covered entities and gives patients an array of rights with respect to that information. At the same time, the Privacy Rule is balanced so that it permits the disclosure of personal health information needed for patient care and other important purposes.
Ferpa applies to personally identifiable information in educational records. This includes items such as the student's name, names of family members, addresses, personal identifiers such as social security numbers, and personal characteristics or other information that make the student's identity easily traceable.
Customer Retention Measures
more than giving the customer what they expect, it's about exceeding their expectations so that they become loyal advocates for your brand.
A person who purchases an item or service from a business. A person who benefits from another person's work; they may or may not receive something tangible and they may or may not pay for the service/product.
To have directly observed or participated in an event. There can be positive and negative experiences in customer service, both of which can directly affect a customer's opinion of a company.
A basic category of business activity. This term can describe very specific business activity (e.g., hotel management) or broader business activity (e.g., technology).
The attitudes or personality traits that can contribute to a person's success, such as courtesy, listening skills, etc. Also known as people skills, such as communicating, negotiating, problem solving, and engaging in teamwork.
The final section of a paper or proposal that summarizes its major points and leaves the reader with a final thought as to why those ideas are important and valid.
A letter written in formal language, usually used when writing from one business organization to another, or for correspondence between such organizations and their customers, clients, and other external parties.
Memo or Memorandum
A short, informal type of written communication most often employed in a business environment
An emotion or complex mental state involving beliefs and feelings; causes one to act in a certain way (behavior is one way this can be revealed).
Nonverbal communication technique in which a person copies the physical posture, etc., of another person in order to deepen the connection/improve communication.
Internal Customer Service
A person who plans and directs the work of a group of other people. The manager is typically a more experienced employee and may be a business owner. The manager is frequently responsible for hiring, supervising, and correcting and/or firing employees as necessary.
A person who plans and directs the work of a group of other people. The manager is typically a more experienced employee and may be a business owner. The manager is frequently responsible for hiring, supervising, and correcting and/or firing employees as necessary.
A hotel employee who assists guests with making restaurant reservations and various travel arrangements, getting tickets to special events, and arranging for spa services; also recommends nightclubs and tours of interesting places to visit, and assists guests in maximizing their experience by being an expert in the local area.
This section of the STARS model focuses on Customer Service Improvement Methods including
Loyalty Programs o Memberships o "Miles
and also customer retention
the expected collective or economic benefits derived from the preferential treatment and cooperation between individuals and groups
Creating a customer profile and determining the differences between satisfaction and dissatisfaction are important in this part of the STARS model
Creating a Win-Win and Creating a customer service example are important in this phase of the STAR model
This section of the STARS model involves
Measuring Service Components and reviewing Customer Service Experiences
In this aspect of the STAR Method, a person might need to:
Practice soft skills.
This internal customer likes to work in teams and be given specific directions for their work. They want attention and to be praised for their hard work.
Although extremely loyal, this internal customer may struggle with the use of technology and change.
These are issues and problems that customers face but have not yet realized, or choose to not bring to anyone Else's attention, making it difficult to fulfill
Typical examples from a customer would include "We need a faster system," "What we're looking for is a more reliable machine," or "I'd like to have a backup capability."
The Correct Method of Eye contact
A method of eye contact that may include looking at someone for too long of a time or up and down, "checking them out" or in a way that encourages a deeper relationship
a method of eye contact that may include staring someone down, making someone fearful of you.
A test designed to determine a person's ability in a particular skill or field of knowledge.
any of several tests that attempt to characterize the personality of an individual by objective scoring of replies to a large number of questions concerning his or her own behavior
include gender, age, ethnicity, knowledge of languages, disabilities, mobility, home ownership, employment status, and even location.
study of personality, values, attitudes, interests, and lifestyles.
Grouping patterns may include such behaviors as spending, consumption, life style, usage, and desired benefits.
Collecting and analyzing information according to the physical location of the customer or other data source.
Net Provider Score
management tool that can be used to gauge the loyalty of a firm's customer relationships.
Publication of something false that hurts a person or company's reputation.
Not engaged in either side (e.g., not positive or negative).
To be a customer of (give one's patronage to) a specific business or organization.
The exchange of information and/or ideas through verbal, nonverbal, or written messages.
What a person believes or anticipates will happen
Things that are basic and necessary for a decent quality of life.
A chance to take action or progress in some way.
A categorized list of terms that are related to a particular topic.
Designing something to meet the needs of a specific market; the opposite of standardization.
Conforming to a standard, rule, or principle.
The fourth level of Maslow's Hierarchy of Needs; the need to feel special and respected.
The training or ability necessary to satisfactorily perform a job.
Observation or perspective also understanding with the senses or the mind
The first level of Maslow's Hierarchy of Needs; physical needs like eating or sleeping.
The second level of Maslow's Hierarchy of Needs; the need to be protected from the weather, from danger, from illness.
The top of the pyramid in Maslow's Hierarchy of Needs; the need to fulfill your potential.
The third level of Maslow's Hierarchy of Needs; the need for interaction with other people.
Pass the buck
Passing responsibility on to someone else (usually undeservedly
The amount of money that is available for, required for, or assigned to a particular purpose.
Functioning in the best possible manner with the least waste of time and effort.
Imbalance Ripple Effect
A continuing series of negative consequences caused by poor management of the flow of service.
A succinct overview highlighting the main issues of a problem or situation.
To transfer valuable skills and knowledge to another person.
Speaking, writing, or acting in strict privacy or secrecy.
An established and commonly followed set of rules for a given situation, such as writing an email, dining, or hosting a wedding.
Thank You Letter
A letter acknowledging a response, gift, donation, or special effort.
The use of gestures and other physical movements to communicate.
The gestures in one's face that communicate mood, attitude, or emotions.
Process of exchanging information or sending messages without words.
The distance between people as they interact
Tone of Voice
The sound quality of one's speech that reflects a mood, emotion, or attitude; includes pitch, volume, and inflection.
A communication technique in which the listener utilizes specific strategies to ensure mutual understanding.
The ability to shift or switch between languages or language variations (e.g., slang and Standard English) based on factors in conversation such as who one is speaking to, the environment, etc.
Words or phrases that are specific to an industry, profession or group.
To restate in your own words what someone has said; a strategy used to check for understanding.
Informal words or expressions often used by a specific group of people or in a specific geographic area.
English spelling, grammar, pronunciation, and vocabulary that are substantially uniform and widely recognized wherever English is spoken and understood.
A person who is outside the organization and someone who usually pays for the service.
A person who is employed by the organization and someone who benefits from the output of work from another employee.
A system in which employees receive a share of the net profits of the business.
Having or showing prejudice; influenced by personal feelings or interpretations.
Giving professional advice to the public or to those practicing a specific profession.
Not influenced by feelings, interpretations, or prejudice; unbiased.
To reason or think about the future, often based on inconclusive evidence.
What a job is called if it doesn't require prior work experience, making it suitable for someone who is new to the field or has just graduated and is looking for a first job.
Hands On Experience
Direct, active, and personal participation in an activity for the sake of learning.
On The Job Training
Training that takes place in a normal working situation, using the actual tools, equipment, documents, or materials that trainees will use when fully trained
Corresponding in amount, magnitude, or degree.
the specific application of marketing principles and processes to sports products and to the marketing of nonsports products through association with sport.
Providing a sports product that meets consumers' needs while achieving organization's objectives.
The complex process of selecting, organizing, and interpreting stimuli such as sports.
Consumers interpret things consistent with their attitudes and values
An enduring disposition, favorable or unfavorable, toward an idea, person, thing or situation.
The amount of affect or feeling for or against a stimulus
3 components of attitudes
cognitive (head), affective (heart), behavioral
While there is clearly aesthetic pleasure in merely watching a sport performance, the real intensity comes from identifying with an individual or team as they strive to win
State of Being
Geography, Income, Age, Gender
State of Mind
Assumes that consumers may be divided by personality traits, attitudes, interests, opinions, and by preferences
80-20 principle, light, medium, heavy users, Product Usage Points, Pent Up Demand
Consumers seek different benefits depending on a number of factors
A contractual method of developing and exploiting intellectual property by transferring rights of use to third parties without transfer of ownership
Quality of Services
Tangibles, Reliability, Responsiveness, Assurance, Empathy
These elements include layout accessibility, facility aesthetics, seating comfort, electronic equipment and displays and facility cleanliness.
sports agents are intermediaries whose primary responsibility is leveraging athletes' worth or determining their bargaining power
a marketing transition in which the buyer gives something of value to the seller in return for goods and services
tangible, physical, products that offer benefits to consumers
consumers who derive their benefit from the observation of the event
Sports Marketing Mix
advertising, sponsorships, public relations, personal selling, pricing decisions, distribution issues and product and service strategies
long term road-map of where the organization is headed
shared values, beliefs, language, symbols, and tradition that are passed on from generation to generation by members of a society
the attempt all organization make to serve similar customers.
the competition between sellers producing similar products and services
widely held beliefs that affirm what is desirable by members of a society
technique for segmenting consumer markets by age, gender, ethnic backgrounds and family life cylce.
Ethnic Background Segmentation
based on grouping consumers of a common race, religion, and nationality.
grouping consumers on the basic of social class and income.
grouping consumers based on how much they purchase, how often they purchase, and how loyal there are to a product or service.
grouping consumers on the basic of local, regional, national, or international characteristics
choosing the market segment that will allow an organization to most efficiently and effectively attain its marketing goals.
the process of carving out a relatively tiny part of a market that has very special need not currently being filled
A planned effort by an organization to associate itself indirectly with an event to gain some of the recognition and benefits associated with being an official sponsor.
the process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.
a sponsorship organization associates itself and/or its brands with the positive image generated by the unique personality of the sporting event.
A tangible object or a service provided to customers. It can even be a program planned for clients in which they participate.
The process of determining what to charge for the product or service.
The distribution of the product (or service) in the most advantageous way possible.
Ways to encourage customers
To purchase products
Selling several items as a package for
A set price
Pricing based on consumer perception
what people are willing to spend their
Spare time and money viewing
Selling all goods in a product line at
A specific price points
Pricing an item at cost or
Below cost to draw
Customers into the store
Things that people desire based
On personality, experiences, or
Information about a product
based on how popular the product is high demand=high price, low demand=lower price
Determing the customer's needs and wants, and the responding to them through planned, personalized communication.
Getting the money that is necessary to pay for setting up and running a buisness.
values that govern a society's attitude toward right and wrong
equal and fair treatment of people
sympathy towards the difficulties of others
willingness to do the right thing regardless of personal consequences
rules of conduct established by the government of a society to maintain stability and justice in that society
a document that spells out the principles by which that country's government operates
decisions of the early law courts developed in England, based on customs. they are characterized by the practice of deciding cases on precedent
a body of lawmakers which has the job of creating or passing statutory law
law or action by a government institution that violates the Constitution
rules and procedures established by regulatory agencies
the power and authority given to a court to hear a case and to make a judgement
a decision made by the members of the jury
a private wrong committed by one person against another
occurs when a person knows and desires the consequences of his or her act
person who commits a tort
the wrongful damage to, or interference with, the property of another
the wrongful act of injuring another's reputation by making false statements
anything that interferes with the enjoyment of life or property
A contract that has no legal effect
the final element of a contract
a contract that a party to it is able to void or cancel for some legal reason
assumption of risk
plaintiff's knowledge and acceptance of risk.
exchange of benefits and detriments by the parties to an agreement
a contract stated in words; it may be oral or written
a contract that comes about from the actions of the parties
a two-sided contract that contains two promises
a contract that contains a promise by only one person to do something if and when the other party performs some act
the taking back of an offer by the offeror
acceptance that changes the terms of the original offer and terminates the offer
deliberate deception to secure an unfair or unlawful gain
to cancel; to annul
false representation by not saying something that should be said; nondisclosure
untrue statements of facts, which may or may not be innocent
error on the part of one of the parties to a contract
when both parties to a contract are mistaken about some important fact
overcoming a person's will by use of force or by threat of force or bodily harm
threats to a person's business or income to cause him or her to enter a contract without real consent
unfair and improper persuasive pressure exercised by one person in a relationship of trust with another person
an assumption that can be challenged in a court of law
any loss suffered from an agreement
the act of refraining to do something that a person has a legal right to do
contracts in which there is a great inequality in bargaining power between the parties, and the party will all or most of the power takes advantage of other other party.
the doctrine that a promise may be enforceable without consideration if that promise reasonably induced another's action, and the breaking of that promise would result in injustice
an irrevocable offer
appearing at first to bind both parties to a contract, but in actuality not doing so
consideration that took place before a contract was made
a legal obligation to do something or under contract to do something
individuals who agree to commit crimes for a promised consideration
Rivals Submissions of bids for a project
Breach of Contract
wrongful failure to perform one or more promises of a contract
false statements under oath in court
Statute of Frauds
state laws requiring that certain contracts be evidenced in writing
the written evidence of an agreement, such as a letter, sales slip, invoice, etc.
when a contract ends
U.S coin or currency
An offer to do what you have agreed to do under the terms of a contract
Torts and contracts... represents law that regulates the relationships between parties.
Consciously or unconsciously choosing to quantitatively transform or limit the content of a message before it is sent.
Consciously or unconsciously choosing to quantitatively transform or limit the content of a message after it is received.
Response from message recipient, turning one-way into two-way communication.
A process focusing on the appearance and navigability of documents
The way in which the material is laid out in chapters or sections, the use or non-use of cues such as headings, and the ease with which the document can be navigated or explored.
The way in which the material is laid out in types or fonts, the use of formats or pre-determined styles of fonts and spacings in word processors, and illustrations or graphics.
Receiver transforming messages after the message has been sent. Unconscious or conscious bias related to message content. Known as selective perception or selective recall.
Patient listening with the primary purpose of spurring speakers to say things they might later regret.
An email sent to all persons in an organisations. A reply is usually not called for, and thus it is usually a one-way communication.
Text at the bottom of the page set off from the main body of text and containing details about the document
Sending messages from upper levels to lower levels of a hierarchy
Sending and receiving messages between individuals at the same level or layer of a hierarchy.
Communication that cuts across vertical and horizontal channels.
Sending messages from lower levels to upper levels of a hierarchy.
Sending and receiving messages between the levels or layers of a hierarchy.
The predominating attitudes and behavior that characterize the functioning of a group or organization
All the arts, beliefs, social institutions, etc. Characteristic of a community, race, etc.
A log or record or diary on the web
Qualitatively transforming or converting a message from a coded form into a plain form
Transferring decision-making power to others, especially teams
The ability to stay flexible and change with the times
A synthetics technique that compares a problem with something totally unrelated
Communication of a product lines
You alone are liable for the success and failure of the business.
when products are available at convenient places, ATMS, Convenient stores.
Added when products are made available at times that customers need and want them, for example banks used to close at 4pm and not be open saturday
Marketing provides information about a product to a customer
When it becomes easier for a customer to acquire a product, zero credit is when you get to pay a bill later(not right away) Ex. credit cards
To buy products for own use, actual end users of the product, the selling to individual
Customers who buy products for use in a business
A document describing business and marketing objectives and the strategies and tactics to achieve them
What does a Marketing plan cover?
it covers, price points, percentage of annual sales, and expected profit by product.
The decisions marketers help make about what products, a business should sell regarding quantities, sizes, packaging, warranties, brand names, image, design
Decisions about selling, advertising, sales promotions, and public relations activities to use in the promotional mix.
A combination of the elements used in a promotional campaign
A document that already has a basic format that can be used many times.
A Marketing Plan Outline Includes
A company name, the product line or products being discussed, marketing manager name, any team members that participated should be included, date the plan is presented lastly comes the table of contents
Provides an overview of plan key points, it is written last, it has to be short and to the point, shows how marketing can help drive future sales and profits in the company.
Gives description and overview of the business companies goals.
Overall goal of future of company. It should inspire employees and help drive the business and it tells what we are and what the company is about.
Company message to customers about why the business exists. Describes the business, identifies the customers, and shows how the business adds value.
Determine future sales goals, it analyzes sales history and projections, sales goals, and figure out best sales opportunities.
How business has been operating over the past year
Your personal business world this may include staff
The condition of the local and national economy
Unique selling proposition, what makes your product is different or better
Goals business want to achieve during the year through the marketing plan
Specific, Measurable, Attainable, Relevant, Time.
Decisions made by the 4P's directly support marketing objectives
Specific activities to carry out the marketing strategies,
Detailed time line, Budget and metrics to evaluate the effectiveness of any campaign
Return on Investment
(ROI) The ratio that shows the delivery of an investment by comparing the gains from the investment to its cost
The pieces of information gained through research
An organized collection of data most often in digital form
Contact info for customers, learn about customers so that the company can meet customer's needs
Pieces of info collected by you or your organization.
People's thoughts or opinions or to think and give an opinions
Facts and Figures
Data that already exists and can be found in a variety of sources. Someone else collected the data buy you can use it. Data older than 5 years is useless
The patterns of change in society
the changes in current product features or new products being developed. Marketers must know product trends to meet customer needs
The organized system of gathering, sorting, analyzing, evaluation, and distributing information for marketing purposes
Consists of gathering, storing, and using customer data for marketing directly to customers based on their histories
4 Basic Marketing Structures
Characterized by a large number of small businesses selling the same products at the same prices, it would be the ideal market structure, but it is unrealistic
A large number of small businesses selling similar, but not the same, products at different prices. it is also known as imperfect competition
A term created by the government in an effort to fight the big corporate trusts that operated as monopolies in hopes of protecting the consumer
Government decides which goods are produced, how much is produced and the prices, little or no competition, there is usually a shortage of popular products, the lack of competition is why this economy is not successful
Individuals own private property, Products and services offered by companies are those customers choose to buy (no one tells you what to buy, but people buy it anyway hot tubs, sports cars), Buying and Selling with few government restrictions, In a Pure Market economy no business would be owned or controlled by the government (Capitalism)
Most citizens have just enough to survive, People trade and barter for needed goods and services, Money is scarce and property is held by families to be passed to the next generations
Both government and individuals make decisions about goods and services, most businesses are privately owned
(the US is an example)
Companies that sell products or services identical or very similar to the ones you sell, Ex. Starbucks vs. Dunkin' Donuts, Wendy's vs. McDonald's
Offer different, but similar, products or services that could also meet customer's needs.
Total sales per year for a specific product
A product or business is offering better value, features, or service then the competition
When a lower price is the main reason for customers to buy from one business over another
Competitive advantage based on factors other than price
How would you learn about your competitors?
-Scope out their location
-Go on their website to find out about products/promotions
-Sign up fro their Newsletters
-like on facebook
-follow on twitter
Four Characteristics of Target Markets
Defined wants and needs that the business can meet, Money to buy the product, Willingness and ability to buy the product, Enough customers to be profitable, Businesses can select more than one target market. However, each one selected must meet the four characteristics of a target market.
Piece of the target market is narrow and specific, often created by businesses looking for a market segment whose needs are not being met
A detailed description of the typical consumer in a market segment, helps determine best promotional strategies.
Overall market or group of people who might buy a product or service, Products that apply to everyone have mass markets, Case Study - cars, Mass market for cars is everyone old enough to drive who has a source of income, However, markets for specific cars are different from the market for cars in general, Mass Market consists of many customer groups with different needs, wants, and product preferences, Relevance? Marketers do not want to waste time and money on people who do not want or need their products
Qualitatively transforming or masking a message in some way
occurs between channel members at different levels within the same channel. EX: manufacturers tell distributors they must achieve an extremely high level of sales next year to continue as channel members.
The producer's products are stocked in the majority of outlets. This strategy is common for basic supplies, snack foods, magazines and soft drink beverages
Means that the producer relies on a few intermediaries to carry their product. This strategy is commonly observed for more specialized goods that are carried through specialist dealers, for example, brands of craft tools, or large appliances.
Means that the producer selects only very few intermediaries. Exclusive distribution is often characterized by exclusive dealing where the reseller carries only that producer's products to the exclusion of all others. This strategy is typical of luxury goods retailers such as Gucci.
a business that buys materials, services, or goods which it will use to make other goods
general rules to be followed by company personnel. EX: dress codes, vacation time, reimbursement rates
an internal network similar to the internet that is accessible only by authorized personnel. used to access information and communicate with others within an organization. Companies often have one that consists of internal data bases, which provide computerized storage for information and facts. When an employee needs info, such as the model number of a customers' product, they can quickly obtain the customer's sales records by accessing data stored on this.
involves following an employee while s/he is working to gain insight about a specific occupation or career
a promise made by the seller to the customer that the seller will repair or replace a product that does not perform as expected. Limited ones last a certain amount of time
Gives brief details about a product, project, or service
The difference between the selling price of a product and its cost to the business
Investment in which you own what you invest in.
Certificates of deposits, savings accounts, and money market accounts
identifies the need for capital and helps to reduce the business risk. The risk of financial loss is the basic risk in business. Development of this type of plan is a critical step in reducing business risk
Market Share Loss
A problem because it usually indicates that the business is selling less and losing profits
One business promising to do something for another business in return for receiving compensation
Before taking action, a basic principle would of the procedural due process involves
Procedural Due Process
Principle required by the constitution that when the state or federal government acts in such a way that denies a citizen of a life, liberty, or property interest, the person must first be given notice and the opportunity to be heard
A document that grants permission to operate a business
The movement of funds into and of a business; determines the amount of cash the business has to work with at any given time
Business costs that are not affected by changes in sales volume
Items in their natural state or condition
Start up Money
Funds used to bring a business into operation
any paid form of nonperson presentation of ideas, images, goods, or services
All the combined impressions and experiences associated with a particular company, good, or service
the message channels used by a seller to promote a good, service, or idea.
That part of brand identity that can be spoken, including words, phrases, letters, numbers, or any combination of these
The background handed down to individuals from the ethnic group. or culture, into which they were born
Channels of Distribution
Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user
Product Life Cycle
The stages through which goods and services move from the time they are introduced on the market until they are taken off the market
The particular assortment of goods and services that a business offers in order to meet its market's needs and its company's goals
A marketing Function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Marketing- Information Management
A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions
the 12-month period chosen by a business as its operating year that may or may not coincide with the calender year
A type of producer that changes the shapes or forms of materials so that they will be useful to consumers
A type of business that performs intangible activities that satisfy the wants of consumers or industrial users
A prediction of future sales over a specific period of time
U. S Department of Commerce
A federal agency that warlin in partnership with businesses, universities, communities, and workers to promote job creation and economic growth
U.S Small Business Administration
A federal agency whose mission is to "maintain and strengthen the nation's economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters."
The ability to express yourself, communicate your point of view, and stand up for your rights, principles, and beliefs
A negotiating style involving a person who agrees to a certain course of action that benefits someone else, even though s/he does not equally benefit from the transaction
The plan or technique a person uses to reach a goal or achieve a desired outcome
The rapid production of large quantities of a product
The amount and the value of goods and services produced(outputs) from set amounts of resources(inputs)
Services provide through a medium of communication(such as the internet), rather than in person
Restricted chance of loss; a condition in which business owners risk only the amount of their investment
Limited Liability Company
(LLC) a hybrid form of business ownership in which members of a business experience limited liability and taxation; limited life for the business entity
Limited Liability Partnership
(LLP) a hybrid form of business ownership that is generally used by business professionals for the purpose of protecting innocent partners from the malpractice of the other partner
A type of partnership agreement in which a partner's liability is limited to the amount of the investment
Tangible items that should last a long time
A tax levied by a government on imports
A path or mean s used to provide information to others
Outside forces that motivate people to perform well
Forces within people that motivate them to perform well.
Category of advertising media that includes newspapers and magazines that are printed on a regular basis
Law of Demand
Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service
Law of supply
Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price
A segment added to the end of a document; includes supporting information
Those elements that are instantly recognized as representing a particular business or product
The projection of a brand that encompasses its values and emotional connections with consumers
A business' distinctive logo, design, or group of letters that cannot be spoken but are used to establish brand identity; often used in conjunction with a brand name
Approval by a reputable external source
The specific guidelines that are used when responding to undesirable circumstances
The decision a customer makes on the brand, type, model, etc..., to buy
The decision a customer reaches on the price s/he is willing to pay for a good or service.
The reasons or benefits that cause people to make purchases to satisfy wants and needs; customers reason for buying goods and services.
a system of government in which most of the important decisions are made by state officials rather than by elected representatives
A moderately decentralized form of organization that emphasizes the technical staff and standardization of work processes.
Articles of Incorporation
A document filed with a state department of commerce that identifies the name and address of a new corporation, its purpose, the names of the initial directors, and the amount of stock that will be issued to each director
A food storage process that keeps foods fresh without refrigeration for up to six months
A statement that contains exceptions to and exclusions from a warranty
A formal complaint before a grand jury which charges the accused with one or more crimes.
A concept that describes a company being so open to other companies working with it that the once-solid barriers between them become see-through and electronic information is shared as if the companies were one.
Identification of target markets and determination of marketing mix choices that focus on those markets
The number of items offered within each product line
Product Mix Pricing Strategies
Adjusting prices to maximize the profitability for a group of products rather than just one item
Making decisions about the features and services of a product or idea that will help sell that product
A promotion method businesses use to convince consumers to select its products or services
The image a product projects that sets it apart from the competition
The evaluation of product design, package design, product usage, and consumer acceptance of new and existing products
The number of different product lines a business manufactures or sells
A tax on imports; also known as a duty
A tying agreement
an illegal agreement requiring a customer to buy other products in order to obtain desired goods and services.
written to ask more information, concerning a product or service