DECA General Vocabulary Flashcards
(399 cards)
1
Q
Absolute Advantage
A
The advantage achieved when a nation can produce a good or service for less than another nation
2
Q
Accommodating
A
A negotiating style involving a person who agrees to a certain course of action that benefits someone else, even though he/she does not equally benefit from the transaction
3
Q
Accountability
A
The condition of having to answer for or be liable for your actions
4
Q
Accounting
A
The process of keeping and interpreting financial records
5
Q
Accounts Payable
A
All monies owed by the business to others
6
Q
Accounts Receivable
A
All monies owed to a business by its customers
7
Q
Achievement Orientation
A
A drive to accomplish one’s goals and to meet or achieve a high standard of success
8
Q
Acquisition of Funds
A
obtaining the necessary funding for a business, product or service
9
Q
Administration of Assets
A
Finance activity involving making decisions about a firm’s investments
10
Q
Advertising
A
The activity or profession of producing advertisements for products or services
11
Q
Advertising media
A
Channels of communication used by businesses for delivering promotional messages to targeted groups of consumers- can be digital, print, out of home, or broadcast
12
Q
Agents
A
Intermediaries who assist in the sale and or promotion of goods and services but do not take title to them
13
Q
Agreement
A
A negotiation outcome
14
Q
Alternative Planning
A
The process of anticipating others’ possible negotiation strategies and preparing appropriate responses
15
Q
Ambush Marketing
A
A promotional technique whereby a non-sponsoring business tries to associate with an event in order to gain recognition as a sponsor
16
Q
Amends
A
Restoration for damage or wrongdoing
17
Q
Angel Investor
A
Someone who provides money for a startup business (typically a family or friend)
18
Q
Antitrust Laws
A
also referred to as “competition laws” are statutes developed by the US Government to protect consumers from predatory business practices by ensuring that fair competition exists in an open market economy
19
Q
Appreciative Inquiry
A
A problem-solving method that encourages us to look at problems in a different way; instead of focusing on what is broken, we focus on what is working and figure out how to expand on that success
20
Q
Articles of Incorporation
A
A document outlining a corporations name, purpose, location, amount of stock to be issued, names of board of directors, and other information about the conditions the business must operate under. Required to obtain a charter
21
Q
Asset
A
Anything of value that a business or individual owns (ie- equipement, furniture, car, bank accounts)
22
Q
Autocratic Leadership
A
A dictatorial leadership style in which the leader determines all policies, maintains close control and lets employees know only what they need to know to do their job
23
Q
Balance of payments
A
The difference between all monies coming into a country and going out of a country
24
Q
Balance of Trade
A
The difference between the value of a nation’s exports and its imports
25
Balance Sheet
A financial statement that captures the financial condition of a business at that given moment- includes assets, liabilities and ownership equity.
26
Banking Services
a career area in which employees are primarily concerned with all banking functions
27
Banner Ads
promotional ads placed on websites, a form of advertising
28
Bargaining
A negotiating style that involves giving another party something he/she wants and receiving something desired in return
29
Barrier to market entry
Anything that blocks the way or makes it difficult to enter a particular market- i.e.- government regulations, economies of scale, not enough capital
30
BANTA
The best alternative to a negotiated agreement; determining which issues are non-negotiable and which issues are open to compromise before entering a negotiation
31
Beginning cash balance
The amount of money a business has available at the beginning of each month
32
Benefits
Advantages employees receive in addition to their wages- ie. Sick time, health insurance
33
Bond
A piece of paper (real or virtual) that says a governing body or corporation will borrow an investor's money at a particular interest rate for a particular period of time
34
Bottom Line
Net Outcome
35
Brand
All combined impressions and experiences associated with a particular company, good or service
36
Brand Champion
The person in a business who is responsible for making the brand come alive and for sustaining it; usually the business owner, president or CEO
37
Brand Identity
Those elements that are instantly recognized as representing a particular business or product
38
Brand Name
the part of a brand identity which can be spoken, including words, phrases or letters
39
Brand Personality
The projection of a brand that encompasses its values and emotional connections with consumers
40
Brand Promise
A business's agreement (spoken or unspoken) with customers that it will consistently meet their expectations and deliver on its brand characteristics and values
41
Brand Symbol/logo
A business's distinctive logo, design or group of letters that cannot be spoken but are used to establish a brand identity, often in conjunction with the brand name (is. Nike swosh)
42
Break-Even Point
The level of sales at which revenues equal total costs
43
Broadcast Media
Category of advertising media that includes television and radio
44
Budget
An estimate of income and expenses for a given period
45
Business Information Technology
An umbrella term covering those careers that provide a bridge between business processes and IT
46
Business License
A document that grants permission to operate a business
47
Business Plan
A company's blueprint for success; shows how the business works now and how it is intended to work in the future, also called business model
48
Business Policies
statements outlining practices the business follows, such as warranties and maintenance contracts
49
Business Productivity
The amount of goods and services produced by a business from a set amount of resources
50
Business Risk
The possibility of loss or gain inherent in conducting business
51
Buyer's market
The best time for consumers to buy; characterized by large supply, small demand and low prices
52
Buying motives
The reasons or benefits that cause a consumer to make a purchase
53
Capital
Assets of a business
54
Capital Budgeting
A process in which a firm's financial managers determine which projects it should invest in
55
Capital Investment
The amount of goods a business has invested in its goods and other property
56
Capital Structure
How a company pays for its operations
57
Capitalism
An economic system that depends on honest, healthy competition between businesses
58
Cash conversion cycle
Ratio that refers to the number of days between a company's paying for raw materials and receiving cash for selling the products made from those raw materials
59
Cash Flow
The movement of funds into and out of a business, determines how much cash a business has to work with at any given time. Can be seen in a Cash Flow Statement
60
Cash Payments
The money a business spends- ie. Business expenses
61
Cash Receipts
The money that a business collects- ie. Business income
62
Cash shortage
Situation that occurs when more money flows out of a business than in
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Cash surplus
Situation that occurs when more money flows into a business than out
64
Celler-Kefauver Antimerger Act (1950)
A federal regulation intended to protect competitors from takeovers that would limit competition
65
Channels of Distribution
Paths or routes that goods or services take from the producer to the ultimate consumer or industrial user
66
Clayton Act (1914)
a 4 part federal law that has been modified over time, most notable part is prevention of price discrimination
67
Close Corporation
A type of corporation owned by a few people that does not offer its shares for sale to the general public
68
Cold Calls
A type of marketing involving unannounced telephone calls or visits by a salesperson to prospects
69
Collaborative
A negotiating style in which two parties work together to reach a multually beneficial agreement
70
Collective Bargaining
The negotiating process in which union leaders and company representatives engage to determine the terms and working conditions that are to be provided to employees
71
Combative
A negotiating style in which one or both parties consider only their interests and fight to achieve a desired outcome at any cost
72
Communication Channel
A path or means used to provide information to others- ie. TV, radio, email
73
Comparative Advantage
The advantage achieved by a nation from specializing in and producing goods and services at which it's relatively most efficient
74
Comparison Shop
The act of visiting other businesses to learn what competiting stores are selling and the prices they charge
75
Competitive
A negotiating style in which one or both parties view the megotiation as a game like challenge or rivalry
76
Competitive Advantage
The edge achieved by businesses that offer something better than their competitors
77
Competitive Analysis
The process of comparing a business's income statement with that of its competitors to see how it is doing by industry standards
78
Competitive Bidding Process
A method of collecting price quotes from suppliers vying for an order or job
79
Complementary Goods
Products that are used together- ie. Ski boots and skis
80
Cost Estimate
ballpark figure on how much will be spent on a given activity
81
Cost of Goods Sold (COGS)
the amount of money a business pays to produce the product it will sell
82
Counteractive
A public relations strategy that involves a proactive response to unfavorable publicity messages in order to neutralize or reverse its effects
83
Couponing
A sales promotion activity that involve the use of printed certificates which entitle the holder to a reduced purchase price
84
Consumer Buying Power
Cash and credit a consumer has available to spend
85
Consumer Goods Pricing Act
A federal law that gives retailers the right to establish a product's final price
86
Consumer Trends
Direction in which consumer purchasing is going, any significant following of one product versus another
87
Contingency plan
The specific guidelines that are used when responding to undesirable circumstances
88
Copyright
Legal protection of original works and intellectual properties granted by the government to give their creators sole rights to them
89
Core Values
Brand Values- beliefs or qualities that a brand stands for or is built around
90
Corporate Finance
A function in a company that manages policy and strategy for capital structure, budgeting, acquisition and investment, financial modeling, planning, funding, dividends and taxation
91
Corporate Sales
In sports, the marketing of private seats or luxury boxes
92
Corporation
A form of business ownership that is owned by stockholders who have purchased units or shares of the company
93
Credit
The arrangement by which businesses/individuals can buy now and pay later
94
Credit Rating
The score assigned to a borrower based on previous loans
95
Creditors
Individuals or businesses to whom businesses owe money or from which it wants to borrow
96
Crisis Management
A public relations strategy that involves ongoing managing, planning and coordinating of resources in the event that undesirable circumstances occur
97
Cultural Sensitivity
The willingness to adjust opinions and behaviors to value people and ideas from other cultures
98
Customer feedback
Evaluative or corrective information given by the customer to the salesperson
99
Customer Loyalty
The customer's preference for a business or product
100
Customer satisfaction
The measure of how well a business has met its customer's expectations
101
Debt
Money business or individuals owe to others
102
Decisive Personality
A basic type of customer personality characterized by the customer knowing exactly what they want to purchase
103
Demand
The quantity of a good or service that buyers are ready to buy at a given price at a particular time
104
Democratic Leadership
A leadership style built around mutual respect between leader and subordinates which allows workers to have a say in the operation of the organization
105
Direct Competition
Rivalry between or among businesses that offer similar types of goods or services
106
Direct Mail
Promotional medium that comes to consumers at their homes in the form of letters, catalogs, postcards, faxes and folders
107
Discount Store
A retail store competing on the basis of low prices and offering limited customer service
108
Displays
Visual, non-personal presentations of goods and services to prospective buyers, interior window displays
109
Distribution
A marketing function that is responsible for moving, storing, location and or transferring goods and services
110
Division of Labor
Dividing a large job into units or job tasks and assigning them to individuals
111
Domestic Goods
Tangible objects manufactured or produced for resale within the "home" country
112
Domestic Trade
The buying and selling of goods and services within a country
113
Dominate Buying Motive
The reason for making a purchase that has the greatest influence on a customer's buying decision
114
E-Commerce
Buying and selling of goods online
115
Economic Flow
The moving of resources from resource owners to producers and producers to consumers
116
Economic Resources
The human and natural resources and capital goods used to produce goods and services
117
Economic Risk
Chances of loss due to changes in the market that force prices to be raised or lowered, products to chance or businesses to succeed or fail
118
Economic Sanctions
Trade restrictions placed by one country against another
119
Elastic Demand
A form of demand for products in which changes in price correspond to changes in demand
120
Emotional Conflict
A disagreement that is based on differences regarding a persons beliefs, values or experiences
121
Emotional Motives
Reasons for buying that appeal to a person's emotions or feelings
122
Ending Cash Balance
The amount of money a business has on hand at the end of the month
123
Entrepreneur
And individual who invents, develops and distributes a good or provides a service; assumes all of the risk of starting and building a business and receives all financial rewards
124
Environmental Scanning
Collecting information about the environment surrounding your business
125
Equilibrium
The point at which the quantity supplied is equal to the quantity demanded
126
Equity
Assets minus liabilities, net worth
127
Event Marketing
The process of planning and executing the conception and promotion of gatherings or activities that satisfy individual organizational objectives
128
Executive Summary
The most important part of a company's business plan because it gives an overview of the entire document, used to determine if it's worthwhile to read further
129
Exporting
The process of selling goods and services to other countries
130
Fact-finder Personality
A basic type of customer personality characterized by the customer's challenging a salesperson to know the products, doing comparison shopping, wanting to know the facts before making a purchase
131
Federal Trade Commission
A government regulatory agency that administers and enforces antitrust laws to prevent price fixing and to prohibit unfair competitive practices
132
Fidelity Bond
Insurance coverage to protect a business from losses due to employee theft
133
Financial Analysis
The process of planning, maintaining, monitoring, controlling and reporting the use of financial resources
134
Financial Plan
The part of a company's business plan that show's how they have performed financially
135
Financing
Funding a business activity or project through debt, equity or capital
136
Fiscal Year
The 12 month period chosen by a business as its operating year, may or may not coincide with the calendar year
137
Fixed Asset
Item of value a business owns that is not expected to change- i.e. a building
138
Fixed Costs
Business costs not affected by changes in sales volume, i.e. Rent
139
For-profit Business
A business whose overall purpose is to earn a profit
140
Foreign Aid
The money that developed countries give to less developed countries to help with their economic development
141
Foreign Goods
Tangible items that are manufactured or produced for resale outside of the "home" country
142
Utility Marketing: Time
Ensuring a product is available when the customer wants it, based around demand. Examples include increased demand for warm coats in the winter, holiday decorations as the corresponding holiday approaches.
143
Utility Marketing: Place
The value consumers place on where they purchase products. Provides convenience, less driving or hunting for a product
144
Utility Marketing: Possession
The value customers place on purchasing a product and having the freedom to use the product as it was intended or finding a new use for it. Example- flower pot as a planting vessel or as a storage vessel
145
Utility Marketing: Form
The value a customer sees in a finished product. Purchase items already assembled versus needing to possess the knowledge to put something together
146
Free Enterprise
An economic system in which individuals and groups, rather than the government, own or control the means of production
147
Generally Accepted Accounting Principles (GAAP)
the standard framework of guidelines for financial accounting used in any given jurisdiction. Include standards, conventions and rules that accountants follow in recording and summarizing and in preparation of financial statements
148
General Agreement on Tariffs and Trade
An agreement among many nations to encourage economic cooperation and liberalization of international trade
149
General Partnership
A type of partnership agreement in which all partners are liable for a business's losses
150
Globalization
The rapid and unimpeded flow of capital, labor and ideas across national borders
151
Gross Domestic Product (GDP)
The final market value of the total outputs of all goods and services produced within a country's geographic boundaries during a year time period
152
Gross Profit
Money left over after the Cost of Goods Sold is subtracted from total income
153
Guarantee
A promise made to the consumer that a product's purchase price will be refunded if the product itself is not satisfactory
154
Hospitality
In event marketing, an activity that involves welcoming special guests and arranging for travel, accommodations, meals and entertainment
155
Human Resources Management
A career area in which employees focus on the staffing activities that involve planning, recruitment, benefits, training, orientation, compensation and safety of employees
156
Hybrid
a form of business ownership that combines elements of corporations and either sole proprietorships or partnerships
157
Imports
Goods or Services bought from other nations
158
Impulsive Personality
A basic type of customer personality characterized by the customer's asking few questions, selecting items quickly. Candy at the registers in grocery stores is often an impulse buy
159
Income Statement (also called Profit and Loss Statement or Earnings Statement)
A financial summary that shows how much money a business has made or lost- revenues and expenses through operating and non-operating expenses
160
Indecisive Customers
Those who have a tough time making a decision
161
Indirect Competition
Rivalry between businesses that offer dissimilar goods or services
162
Industrial Market
a customer who purchases goods for use in operation of a business, for resale, or for making other goods
163
Industry Trend
The direction in which a particular industry is moving- i.e. Real estate sales are in a decline
164
Inelastic Demand
A form of demand where changes in price do not affect the demand for a product
165
Inflation
rapid rise in prices
166
Informed Personality
A basic type of customer personality characterized by their confidence in choices or purchases, being a trendsetter
167
Injunction
A court order forbidding someone from carrying out an act
168
Intangible
something that cannot be tasted, smelt or touched
169
Intellectual property
creations of the mind
170
Interest
accrues on borrowed money, can be fixed percentage or variable percentage
171
Intermediaries
Channel members operating between the producer and consumer to aide in the movement of goods through the channels of distribution
172
International Trade
the buying and selling of goods and services between nations
173
Inventory
All of the stock that a company has on hand
174
Investment
The use of money to generate a profit or gain- i.e. you invest in the stock market
175
Invoice
The formal, printed record of sale that includes all necessary information as to the buyer, seller, items purchased, price, delivery date, terms of sale
176
Joint Venture
An arrangement that involves two or more businesses entering into a relationship by combining complementary resources such as technology, skills, capital or distribution channels for the benefit of all parties
177
Kiosks
Stand alone structures located in public places that are designed to provide information and sell products, i.e. mall kiosks, airport checkin kiosks
178
Lanham Act
A federal law that provides trademark protection, specifies procedures for registering trademarks
179
Law of Demand
Economic principal which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service
180
Law of Supply
Economic principal which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price
181
Law of Supply and Demand
Supply will increase when demand is great and decrease when demand is low
182
Layaway
A type of sale where customers can make a purchase, it is removed from the sale floor and held until the customer pays off the balance
183
Liabilities
debts that a business owes
184
License Grant
portion of the license agreement that specifies which rights and properties are being licensed, what types of merchandise will be produced and the exclusivity
185
Licensing
An agreement that allows one company to use the trademarked property of another company to manufacture and sell its own products
186
Limited Authority
A negotiating strategy in which one person claims that he/she does nothave the authority to make a decision and must consult another person
187
Limited liability
Restricted chance of loss, only risk amount of investment
188
Limited Liability Company (LLC)
A hybrid form of business ownership in which members of a business experience limited liability and taxation
189
Limited Liability Partnership (LLP)
same as an LLC, however with the goal of protecting innocent partners against the malpractice of others, liability limited to own investment
190
Loan
money lent to individuals or businesses for the exchange of repayment plus interest
191
Logo
A distinctive symbol, design or group of letters, often part of a brand identity
192
Long term liabilities
debts that will take longer than a year to pay
193
Loss prevention
A function of risk management that focuses on planning and security procedures to avoid theft or injury
194
Make or buy decision
the act of determining whether to produce a needed part or purchase it from a supplier
195
Market Demand
The quantity of a good or service that buyers are ready to purchase at a given time and price
196
Market Economy
An economic system in which questions of what, how and for whom goods will be produced are answered by the individuals and businesses in the marketplace
197
Market Opportunity
Situation that occurs when an economic want exists and there is an idea for a good or service to fulfill that want
198
Market position
the rank of a particular business in a specific market
199
Market research & development
The systematic gathering, recording and analyzing of data about a specific issue and the use of that data to implement plans to reach a new target audience
200
Market Share
An organization's portion of the total industry sales in a specific market
201
Marketing
The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational needs and wants
202
Marketing Communications
A career area in which employees focus on marketing activities that inform, remind and or persuade the target audience
203
Marketing Concept
A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying customer wants and needs while achieving company goals
204
Marketing Management
A career area that focuses on management of all marketing functions
205
Marketing Mix
a business tool used by marketers
206
Marketplace
Anywhere the buying and or selling of goods and services takes place
207
Mass Marketing
Designing products and directing marketing activities in order to appeal to the whole market (non-segmented)
208
Mass Production
the rapid production of large quantities of product
209
Material resources
Equipment and supplies used by businesses in their operations
210
Media
The message channels used to promote a good or service that include TV, radio, internet, newspapers, billboards, signage, and magazines
211
Merchandising
The process of having the right goods in the right place at the right time in order to make a profit
212
Merger
two business combine to form one
213
Mission statement
a brief statement of what a business owner wants a business to be doing and achieve
214
Mixed system
An economic system where individuals make most economic decisions but government has some control
215
Monopolistic Competition
A type of market structure where a lot of businesses sell similar products that have only a few differences
216
Monopoly
A condition in which a market is controlled by one supplier and there are no substitute goods or services readily available
217
Movie Theater Advertising
Promotional messages shown prior to the screening of a film in a movie theater
218
Multinational Corporation
a business that has factories and or businesses located abroad
219
NAFTA
North American Free Trade Agreement- An international trade agreement which lessens the restrictions between the US, Mexico and Canada
220
National Labor Relations Act
Legislation passed by Congress in 1935 that gives all workers the right to organize into unions to collectively bargain and strike
221
Natural Resources
Items that are found in nature and used to produce goods and services
222
Natural Risks
chances of risks associated with floods, tornadoes, fires, etc
223
Negotiating
A conflict response mode in which one or both parties exhibit assertive behavior and express moderate or high level of cooperation
224
Net Income/Profit
Money remaining after operating expenses are subtracted from gross profit
225
Net Worth
Total value of a business
226
Non-profit Institutions
Business and organizations whose intent is to make enough money to support their mission, not earn profit
227
Nondurable goods
Tangible items that are consumed within a short time
228
Nonexclusive category
In licensing, a category in which more than one licensee is authorized to produce merchandise
229
Non-price Competition
A type of rivalry between or among businesses that involves factors other than price, i.e. customer services, modern facilities, variety
230
Offshoring
Producing goods in a foreign country
231
Oligopoly
A market structure in which there are relatively few sellers and industry leaders usually determine prices
232
Public or Open Corporation
A type of corporation that usually sells millions of shares of stock to many stockholders, makes financial information public knowledge
233
Operating Agreement
A written document signed by members of a limited liability partnership or limited liability partnership that specifies the terms of the arrangement
234
Operating expenses
All expenses related to running a business- i.e. office supplies, utility costs, rent, property taxes, salaries, accounting expenditures
235
Opt in email marketing
requires permission from recipient to send emails
236
Organizational Awareness
knowing how a business operates, the relationships between key divisions and who the decision makers are
237
Outputs
the goods or services produced as a result of combining inputs
238
Outsourcing
Acquiring assistance from outside organizations, consultants
239
Owner's Equity
The amount an owner has invested in the business, plus or minus profits and losses
240
Packaging
Enclosing products in appropriate wrapping or containers
241
Participative decision making
the involvement of several individuals in making decisions
242
Partnership
A form of business ownership in which the business is owned by 2 or more persons
243
Patent
Legal protection of an invention or a process granted by government to its owners for a certain period of years
244
Penetration Pricing
a pricing strategy that involves setting prices lower than those of the competition
245
Perpetual Inventory System
An inventory method that updates inventory information on a continuous basis
246
Personal Selling
The form of promotion that determines client needs and wants and responds through planned, personalized communications
247
Piggyback franchise
A form of ownership in which a retail franchise operates within the facilities of another store
248
Positioning
A product mix strategy in which a business creates a certain image or impression of a product in the minds of customers
249
Possession Utility
Usefulness created when ownership of a product is transferred from seller to user, business to consumer
250
Practical or frugal personality
A basic type of customer personality characterized by the customer's being cautious in purchases, looking for value
251
Presenting Sponsorship
A partnership in which the sponsor's name succeeds the event's name
252
Price Competition
form of competition among businesses that focuses on the use of price to attract customers
253
Price Discrimination
An illegal activity in which a business charges different customers different prices for similar products
254
Price Elasticity
a measure of how sensitive customers are to changes in price
255
Price Fixing
Illegal business agreement in which businesses agree on prices of their goods or services resulting in little choice for the customer
256
Price Skimming
pricing strategy that involves setting prices higher than competition
257
Private Enterprise
An economic system in which individuals and groups, rather than the government, own or control the means of production, also known as free market economy
258
Producers
The people who make or provide goods and services
259
Product
The good, service, or idea a business offers its customers
260
Product Development
The efforts involved in the creation of a new product
261
Product differentiation
A strategy for making a product appear different from similar products on the market
262
Product knowledge
Information about a specific good or service that can be used in sales presentations
263
Product Life Cycle
The states through which goods and services move from the time they are introduced on the market until they are taken off the market
264
Product Mix
The particular assortment of goods and services that a business offers in order to meet the needs of its market(s) and its company goals
265
Product placement
A type of "other" media that uses products as props, i.e.- a pepsi can on screen in a movie Product Positioning- In sponsorship agreement, the sponsor's privilege of having its goods or services used at the event
266
Product Promotion
A type of promotion that aims to persuade consumers to buy a good or services Product Standards- Criteria for determining a product's ability to meet specified guidelines or requirements
267
Product trade-name franchise
A franchise arrangement based on an independent sales relationship between a franchisor and franchisee to stock and sell a specific line of goods; also known as a dealership or exclusive distributorships
268
Productivity
The amount and the value of goods and services produced (outputs) from set amounts of resources (inputs)
269
Profit margin
A ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales
270
Profit motive
The desire to make a profit which moves people to invest in business
271
Profitability
The degree or level of profit of a business or a product
272
Promotion
A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcomes
273
Promotional budget
The amount of money a business plans to spend on promoting its goods and services during a certain period of time
274
Prospect
Any person or business with the potential to purchase a good, service, or idea: qualified lead
275
Protectionism
A government's policy to protect domestic industries and businesses against foreign competition
276
Public Business/Company
A business owned by investors who trade its share via a stock exchange
277
Public relations
A function of business designed to establish and maintain positive relationships between the business and its various publics, or fan bases
278
Public-service promotion
A type of intuitional promotion that informs consumers about noncontroversial issues that are in the public's interest
279
Publications
Category of advertising media that includes newspapers and magazines that are printed on a regular basis
280
Publicity
Any non-personal presentation of ideas, goods, or services that is not paid for by the company or individual who benefits from or is harmed by it
281
Purchase agreement
The form that a business fills out to order goods: may be the same as a purchase agreement or purchase contract
282
Pure Competition
A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers
283
Pure risks
Chances of loss that carry with them the possibility of loss or no loss
284
Pyramid scheme
An illegal form of multi-level marketing in which emphasis is placed on collecting initial fees from as many people as possible
285
Quota
A trade restrictions that limits the quantity of goods that can move into or out of a country
286
Rational motives
Reasons for buy that appeal to the senses of reasons or judgment
287
Raw materials
Items in their natural state of condition
288
Rebate
A return of part of the prices a customer pays for a good or service; usually offered by the product's Manufacturer
289
Registered mark
A mark that has been registered with the US Patent and Trademark Office for legal protection, designated by the symbol (R)
290
Regulatd Monopoly
Monopoly that the government allows to exist legally
291
Relationship marketing
A strategy in which businesses spend time with current prospective clients outside the office setting to enhance the partnership
292
Rented goods service
A product that involves giving consumers limited use of a good for a certain period of time.
293
Retailer
A business that buys consumer goods or services and sells them to the ultimate consumer
294
Return on capital
A measure of how well a business generates cash flow in relation to the capital it has already invested into itself
295
Return on investment
Income received from an investment in a business
296
Reverse Brainstorming
A problem-solving tool used to generate ideas and possible solutions; instead of identifying ways to solve a problem, identifying ways to make the problem worse
297
Right of first refusal
An element of a sponsorship agreement that says that the event organizers will allow the sponsor the opportunity to renew the contract before offering it to any other sponsors
298
Right of privacy
A type of law that protects a person mentally and emotionally; prevents intrusion upon a person's seclusion, giving a person an unreasonable amount of publicity or placing a person in a false light
299
Risk management
A business activity that involves the planning, controlling, preventing, and procedures used by management to limit business losses; optimizes the relationship of potential loss to gain.
300
Robinson Patman Act
A federal law that prevents price discrimination
301
Rolling budget
Also called a continuous budget, a rolling budget replaces each passing month with a new month added to the end of the budget, so that there is always a year-long budget place
302
Royalties
Fees paid to a parent company that are often based on a percentage of the franchise's profits
303
Strengths-opportunities strategy
A marketing strategy that focuses on opportunities that are a good match with the business's strengths
304
Strengths-Threats strategy
A marketing strategy that focuses on using a business's strengths to overcome its threats
305
Sales close
The point in a sales presentation at which that customer makes a favorable buying decision
306
Sales forecast
A prediction of future sales over a specific period of time
307
Sales promotion
Promotional activities (other than advertising, personal selling, and publicity) that stimulate customer purchases
308
Sarbanes-Oxley Act of 2002
A U.S. regulation mandating that public businesses comply with specific accounting requirements
309
Secondary product promotion
A kind of product promotion intended to stimulate demand for a particular brand of product
310
Securities and investments industry
The Total of businesses consisting of brokerage firms, investment banks and stock exchanges, all of which support the flow of funds from investors to companies and institutions
311
Seller's Market
The best time for producers to sell; characterized by large
312
Selling
A marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities
313
Semivariable Costs
Business costs that vary to same extent in response to sales
314
Service attitude
A salesperson's commitment to the client's needs as expressed through his/her professional behavior
315
Service business
A type of business that performs intangible activities that satisfy the wants of consumers or industrial users
316
Service mark
A word, name, symbol, or device used to identify and distinguish a company's services, including a unique service, from those of another service provider
317
Shareholder
Anyone who owns stock in a corporation; also known as a stockholder
318
Shares of stock
Units of ownership in a corporation
319
Sherman Antitrust Act
A federal regulation intended to prevent monopolies from forming and prices from being fixed
320
Silence
A negotiating strategy that involves listening but not speaking; often used when a situation becomes emotionally heated or when other person does not like a specific message
321
Situational Theory
A theory of leadership style which holds that each situation is different and requires a different approach, calling upon the leader to analyze the situation and take appropriate action to perform the necessary tasks
322
Slow/Methodical customers
Customers who require a lot of time to make a purchase because of shyness or indecisiveness
323
Small business
A business that employs 500 or fewer people
324
Social Responsibility
Taking other people's needs, interests, and feelings into account and acting accordingly
325
Sole proprietorship
A business owned by one person who received all the profits from the business and takes all the risks
326
Specialized budget
A budget that reflects a particular department or activity of a company; specialized budgets are interrelated, often relying on one another for estimates of future activity
327
Speculative risks
Chances of loss that may result in loss, no change or gain
328
Sponsor
The exchange of money, goods, or services between businesses or organizations for public recognition
329
Sponsorship fee
A sponsor's initial payment or investment to enter into a marketing partnership with a team, league or event
330
Sponsorship management
In event marketing, an activity that involves securing corporate funding for an event's promotions costs or consulting with corporations to find events that reach the company's target audience
331
Sports Broadcasting Act 1961
Allows professional sport leagues to pool their broadcasting rights and sell them as a package to television networks
332
Sports Marketing
The process of planning and executing the conception, pricing, promotion, and distribution of sports ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
333
Start-up money
Funds used to bring a business into operation
334
Strategic Planning
Long-range planning (three to five years) for the company as a whole
335
Strategic position
How a business measures up in relation to other businesses in the industry; can involve the image or impression of a business or organization
336
Strength
Any resources or capability your business has that can help you gain a competitive advantage Subchapter "S" Corporation- A type of corporation that is limited to 75 or fewer shareholders, has limited shareholder liability, and requires little financial reporting; taxed as a partnership; known as a "5" corporation
337
Suggestion selling
A sales technique in which the salesperson attempts to increase the customer's purchase by recommending additional items after the original decision to by has been made
338
Suppliers
Businesses from which other businesses buy goods or services; vendors
339
Surety bond
A guarantee that protects a business when another person or business fails to fulfill the terms of a contract between them
340
Survey
A marketing research method that involves asking consumers questions in order to learn their opinions and the reasons behind those opinions
341
Suspicious customers
Customers who doubt or question everything and may want facts and proof before being convinced something is true
342
SWOT analysis
A marketing tool that investigates a business's strengths, weaknesses, opportunities, and threats in an organized fashion
343
Synectics
A creative-thinking process that involves making connections through the use of analogies and metaphors
344
Tactical Planning
Short range planning (one year) of specific actions the business will take
345
Tangible
Capable of being touched, smelled, tasted, seen, or heard
346
Target audience
A group of consumers who are the most likely prospects for a good, service, image, or idea
347
Tariff
A tax levied by a government on imports
348
Taxes
Monies that individuals or businesses must pay to the government
349
Telemarketing
Advertising medium grouped with "other" media that utilizes telephone services to promote a product either by phoning prospective customers or providing a number for them to call
350
Terms
Specific points that reveal each person's expectations and responsibilities in a negotiation agreement
351
Testimonial
A statement by an identified user of a product proclaiming the benefits received from the use of product
352
Ticket management
In sport/event marketing, an activity that involves coordinating the box office-staff and keeping detailed ticket sales records
353
Title Sponsorship
A partnership in which the sponsors's name precedes the event's name, such as The FedEx Orange Bowl
354
Total Costs
All of a business's costs, both fixed and variable
355
Touch point
All the opportunities which businesses have to connect with customers and reinforce their brand value
356
Trade
The process of exchanging one good/service for another
357
Trade Agreements
Agreements between nations that provide for favorable trade relations
358
Trade association
A group of persons in the same industry or geographic area who form a society to serve their common interests
359
Trade Secret
Undisclosed information within a particular business or industry
360
Trade Shows
Events where businesses display and/or demonstrate their products to build sales leads and interest
361
Trade Surplus
A favorable balance of trade when a nation's exports are greater than its imports
362
Trade Talks
Meetings between nations to discuss improving economic relations
363
Trademark
A symbol, design, or word used by a producer to identify a good or service and registered with the government to prevent use by others
364
Trademark infringement
The reproduction, counterfeiting, copying, or imitation, in commerce, of a registered mark
365
Trait Theory
A theory of leadership style which holds that individual are born with all of the traits and characteristics that are necessary to lead
366
Transit Media
A form of out-of-home media found in various modes and location of mass transportation
367
Tying Agreement
An illegal agreement requiring a customer to buy other products in order to obtain desired goods and services
368
US Department of Commerce
A federal agency that works in partnership with businesses, universities, communities, and workers to promote job creation and economic growth
369
US Patent and Trademark Office
Office of the federal government responsible for issuing, ad-ministering, and enforcing US patents and trade-marks
370
US 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
371
Unique selling proposition
A one of a kind attribute of a product or brand that separates it from the competition
372
Unitary demand
A market situation in which changes in price create proportionate changes in product sales
373
Universal guidelines
A document that outlines general rules or regulations to be used by many groups of people relation to a specific activity
374
Unlimited liability
Requirement that business owners be responsible for paying business debt; personal assets can be used to pay the debt
375
Value
The amount of satisfaction a good or service will provide a customer
376
Value in kind
In a sponsorship agreement, an arrangement in which the sponsor pays part or all of its fee with goods or services
377
Variable Costs
Business costs that chnge according to changes in sales volume
378
Variable Cost Margin
The amount of variable costs that apply to one unit; also called fixed-costs contribution
379
Variance
The difference between a budgeted amount an acutal amount
380
Venture capital
Invested money used for new business opportunities
381
Vested interested
A personal concern about the outcome of a project, business venture, etc.
382
Virtual Services
Services provided through a medium of communication (such as the internet) rather in person
383
Vision Statement
A summary of what a business owner wants a business to become
384
Volunteer coordination
In event marketing, an activity that involves delegating responsibility and assigning workers where they are needed
385
Weaknesses-opportunity strategy
A marketing strategy that focuses on overcoming a business's weaknesses so that the businesses can pursue opportunities
386
Weaknesses-Threats Strategy
A marketing strategy that focuses on ensuring that a business's weaknesses don't make it even more vulnerable to the threats it already faces
387
Walk-In promotions
In sports marketing, a team or organization's attempt to communicate with a reward fans as they enter the sport venue
388
Want
Desire for something that may or may not be required versus a need which is required
389
Warranty
A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected
390
Web radio
Music, news, sports, and other programming that are delivered over computer networks
391
Wheeler-Lea Act
A federal law that prevents businesses from deceiving customers through pricing strategies
392
Whistleblower
Someone who reports unethical behavior or actions
393
Wholesaler
An intermediary who helps move goods between producers and retailers by buying goods from producers and selling them to retailers
394
Withdrawal
A conflict response mode in which one or both parties exhibit passive behavior and express alow level of cooperation; also called ignoring
395
Word-of-mouth advertising
Promotion and publicity for a business provided by customers who tell others of their satisfaction with the business
396
Working capital management
Management of a firm's current balance of asset s and liabilities; involved accounts payable and receivable, inventory and cash
397
World Trade Organization
A global organization that deals with the rules of trade between nations; administers trade agreements and handles trade disputes
398
Yielding
A conflict response mode in which one or both parties passive behavior and express a high level of cooperation
399
Zero-based budgeting
A method of budgeting that requires a manager to demonstrate the need for every expense instead of relying on figures from a previous period; in effect, each one budget begins at zero
