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DECA Entrepreneurship Flashcards > Cluster Exam > Flashcards

Cluster Exam Flashcards

1
Q

Direct Distribution

A

Manufacturer to the consumer

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2
Q

Indirect Distribution

A

Manufacturer to middleman to consumer

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3
Q

Intensive Distribution

A

Maximizing coverage of product

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4
Q

Selective Distribution

A

Limited, but specific, distribution of product

Between intensive and exclusive

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5
Q

Exclusive Distribution

A

Very few stores have the right to sell product

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6
Q

Industrial User

A

Purchases goods in order to manufacture other goods

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7
Q

Associations with color are most important for

A

Businesses

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8
Q

Capital resource

A

Assets used to manufacture goods

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9
Q

When to plan for an exit strategy?

A

In the beginning of the business / business plan

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10
Q

Debt Factoring

A

Selling a company’s account receivables

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11
Q

How many categories, at least, does an income statement have, and what are they?

A

5- Revenue, COGS/COS, Gross profit, Operating expenses, and Net profit

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12
Q

Zero based budgeting

A

Rebuilding budget for every budgeting period

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13
Q

Common-sized statements

A

Uses percentages for comparing
companies to others/industry

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14
Q

Vertical analysis

A

Shows relative size of one thing to the total amount

Ex: Clothes account for 8% of all sales

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15
Q

Horizontal analysis

A

Compares company performance over time

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16
Q

Legal questions to ask on a job application

A

Job availability
Ability to fulfill job req.
Criminal history
Experience
Military history

JACEM

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17
Q

Sales promotion

A

Short-term incentive to purchase product

Ex: Person who buys the most gets free car

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18
Q

Marketing goal

A

Specific and measurable objective in context of marketing

Ex: Increase sales by 5%

Note: It’s a GOAL, not a strategy.

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19
Q

Rate of use (marketing segmentation)

A

Marketing that categorizes customers based frequency of usage

Ex: Heavy, moderate, and light drinkers

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20
Q

Why do advertisers develop customer profiles?

A

To understand customers’ interests, activities, and concerns

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21
Q

The first question that a new business owner should ask when determining the
venture’s technology needs

A

What software programs will help the business operate efficiently?

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22
Q

Process thinking

A

Analyzing steps, stages, and/or components of a business process, and improving them

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23
Q

Contraction (product mix)

A

Removing products from product mix

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24
Q

Advergaming

A

Advertising through gaming

25
Q

Enterprise risk management

A

Analyzing combined impact of all risks in a company

Note: Not all risks are negative

26
Q

Risk management plan

A

Separates risks into categories to be able to manage them
Note: Doesn’t reduce risk in itself

27
Q

Inside-Out analysis

A

Looks at businesses internal strengths/resources, and how those can be leveraged externally

28
Q

What phase of prod. life cycle do copycats appear?

A

Growth

29
Q

Corporate responsibility (or Corp. Social Resp.)

A

The responsibility of businesses to act to improve society

30
Q

Point-of-sale (POS) promotion

A

Advertising other products while a customer that has made the decision to buy

31
Q

Continuous production

A

Producing products continuously for high demand products

Think Economies of Scale

32
Q

Calculate business cash receipts

A

Cash Receipts = Sales + Change in Acc. Rec.

33
Q

Primary stakeholder(s) affecting corporate governance

A

Board of directors

34
Q

Preventive discipline

A

Managing people so that they do not need to be disciplined
(love over fear)

35
Q

Corrective discipline

A

Discourages further violations after infractions have already occurred
(Fear over love)

36
Q

Gap analysis

A

Compares business’ current state with its target state

37
Q

4 parts of product mix

A

Width (#of lines)
Length (total product)
Depth (# of product variations)
Consistency

38
Q

Market Segmentation

A

Segmenting markets based of specific qualities

39
Q

Revenue Streams

A

Different ways businesses make money and raise revenue

40
Q

Break-even Analysis

A

Finding point where total revenue equals total costs

41
Q

Cash Flow Statement

A

Shows how cash entered and exited a company

42
Q

Branding

A

Creating a distinct image/identity for a company

43
Q

Value chain

A

Illustrates steps in a business process that add value to product or service

44
Q

Business Ecosystem

A

Network of partners, suppliers, and customers that interact and support your business

45
Q

Consumer Acquisition Cost

A

Cost to convince a customer to buy a product or service

46
Q

Brand Equity

A

Social/Emotional importance of brand to consumer

47
Q

Brand Value

A

Financial value of brand to consumers

48
Q

Corporate Social Responsibility

A

Expectation that a company should act to improve society

49
Q

How to analyze if resources are necessary

PASE

A

Productivity/Profitability
Affordability
Sustainability
Ease of acccess

50
Q

Creative ways to market

A

User generated content
Personalized mktng. messages
Influencer mktng.
Fundraiser/Charity
Contests

51
Q

Wrongful termination examples

DROWL

A

Discrimination
Retaliation
OSHA violation complaints
Whistleblowing
Lie Detector test refusal

52
Q

Benefits of joining a professional community

A

Spreading brand
Access to more resources
New perspectives
Mentoring
More business

53
Q

How to lower insurance premiums

A

Check deductibles
Discontinue extra coverage
Ask for discounts

54
Q

When to “fast fire”

A

When unethical actions are related to job / poses great risks

Theft
Drug/Alcohol usage
Dishonesty

55
Q

Business analyst

A

Recognizes weak areas in business, then introduces and manages change in an organization

56
Q

Characteristics of effective Board members

A

-Independent from business
-Provide external perspectives
-Educated / Experts

57
Q

10 most common business objectives
GMV 4C 2P 2S

A
  1. Profitability
  2. Productivity
  3. Customer Service
  4. Employee attraction and retention
  5. Values
  6. Growth
  7. Cash flow
  8. Change
  9. Market
  10. Competition
58
Q

Supply Chain Management Benefits

A

Better CRM, efficiency, risk, and costs

59
Q

What is promotion

A

HOW you market

DECA Entrepreneurship Flashcards (10 decks)

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