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deca > Marketing Cluster Exam Vocab > Flashcards

Marketing Cluster Exam Vocab Flashcards

1
Q

Slotting allowance

A

cash premium manufacturers pay to businesses to cover the costs in carrying a new product

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2
Q

Gray marketing

A

buying from unauthorized distributors

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3
Q

Contract

A

One party does something in return for what is provided

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4
Q

Which factors dictate a business ownership structure?

A

personal circumstances, financial needs, type of business

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5
Q

Relationship between agent and client (principal)

A

Fiduciary

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6
Q

Communication from management to employee

A

Downward communication

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7
Q

Financial audit

A

Examination of financial statement

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8
Q

Private enterprise system (aka free market economy, capitalistic system, free enterprise)

A

individuals own and control means of production, rather than the government

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9
Q

Investment bank

A

Financial intermediary

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10
Q

What does a finance company do?

A

purchases borrowers’ contracts from sellers and receives their payments

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11
Q

What does a credit union do?

A

Financial cooperative set up to provide savings and credit services

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12
Q

What does an asset-management firm do?

A

Invest client money in different securities by pooling their assets

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13
Q

Advantage of sampling?

A

Represents a larger group

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14
Q

Advantage to paying a card statement in full?

A

No interest to be paid

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15
Q

Advantage to paying card in cash?

A

No spiraling card debt

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16
Q

Fixed cost

A

Does not change with sales volume

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17
Q

Variable Cost

A

Changes with sales volume (ie commission, delivery charges, cost of goods sold)

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18
Q

Which software for text documents?

A

Word-processing software

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19
Q

Scanner fraud

A

overcharging customers

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20
Q

Predatory pricing

A

lowering price to drive out competition

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21
Q

Grades

A

Ratings assigned to food products (dictating what level of ingredient)

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22
Q

Stages of brand loyalty

A
  • insistence (will not buy from another brand)
  • preference
  • recognition (made aware of the brand)
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23
Q

Advantage of advertising in newspapers

A

Demonstrate consumer interest in ads, because TV and radio commercials are tuned out

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24
Q

Management functions

A
  • controlling (monitors work effort)
  • planning
  • directing
  • organizing
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25
Q

Marketing mix (elements of marketing)

A

Product, price, place, promotion

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26
Q

What increases business costs?

A

Surplus of inventory

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27
Q

Example of external marketing data

A

Web-based information services

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28
Q

Test marketing

A

Introducing a new product to a limited market

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29
Q

Examples of internal marketing data

A

Sales reports, accounts receivable summaries, inventory records

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30
Q

Channel management

A

Process of coordinating channel members to move goods and services to the end user

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31
Q

Express contracts

A

contracts expressed verbally or in writing

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32
Q

Why is it difficult to change distribution channels?

A

Changes flow of goods usually

33
Q

Protectionism

A

Governmental policy to protect domestic businesses from foreign competition

34
Q

Anti-trust laws

A

protect individuals and businesses from unfair practices that restrain trade

35
Q

Probate laws

A

Estate issues

36
Q

Zoning laws

A

Regulate property use

37
Q

Infringement laws

A

intellectual property issues

38
Q

Memorandum

A

A written message in business (to, from, date, subject)

39
Q

Increasing returns

A

When output is greater than input

40
Q

Transfer payments

A

Not counted in GDP (ie retirement plans)

41
Q

Unemployment rate

A

Seasonally adjusted and does not include discouraged workers

42
Q

Difference between consumer and industrial good

A

Who makes the purchase

43
Q

When can currency lose value

A

Due to political instability

44
Q

Environmental scan

A

Analysis of external forces that influence a business’ success

45
Q

Operations process

A

Day to day activities required for continued business functioning

46
Q

How does technology benefit operations process

A

Computerizes purchasing function

47
Q

Retail buyer

A

Analyzes sales data, trends, and supplies when selecting products for the store to sell

48
Q

Receiving manager

A

Supervises acceptance, handing, and distribution of orders

49
Q

Organic marketing

A

Long-term digital marketing strategy that builds a foundation

50
Q

Shill marketing

A

Advertises a product to people without them knowing they are being marketed

51
Q

Why is planned obsolescence of products an ethical issue?

A

Natural resources are needed to produce them

52
Q

Intensive vs exclusive distribution strategy

A

Selling a product in as many outlets as possible vs very few

53
Q

Steps to do an environmental scan

A
  1. identify participants and responsibilities
  2. identify and analyze important trends
  3. select trends to act on
54
Q

Tort

A

Civil wrongdoing

55
Q

Conversion

A

taking personal property from owner to someone else

56
Q

Corporation

A

owned by stockholders

57
Q

Cooperative

A

Owned and operated by user-owners

58
Q

Arbitration

A

Use of an arbitrator to settle disputes

59
Q

Rebates

A

Return of part of the price a customer pays for a good or service

60
Q

Excise tax

A

Tax imposed on sale of goods

61
Q

sugging

A

selling under the guise of research

62
Q

frugging

A

fundraising under the guise of research

63
Q

institutional public service

A

inform consumers of noncontroversial issues in public’s best interest

64
Q

examples of sales promotion

A

couponing, displays, free samples, general stimulation of purchases

65
Q

demographic segmentation

A

similar characteristics

66
Q

institutional public relations

A

inform consumers of controversial issues in public’s best interest & related to the company

67
Q

exchange price vs exchange rate

A

amount sellers and customers are willing to pay/accept vs rate of conversion of two currencies

68
Q

price skimming

A

setting prices high to recover intro costs

69
Q

penetration pricing

A

setting prices low to achieve rapid market development during intro stage

70
Q

cease and desist order

A

stop running an ad

71
Q

business cycle

A

contraction & expansion

72
Q

credit

A

purchase now, pay later

73
Q

business sustainability

A

maximize long term profitability

74
Q

accounts receivable

A

expenses, money received, money owed

75
Q

primary data

A

solve specific problems

76
Q

touchpoint

A

company connects with customers

77
Q

certificates of deposit

A

savings certificates

78
Q

money orders

A

used as checks

79
Q

Phishing

A

occurs when a scammer sends out an email pretending to be a legitimate company

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