DECA Flashcards
Formal Report
A formal report is an official report that contains detailed information, research, and data necessary to make business decisions.
scope
the combined objectives and requirements needed to complete a project.
Contraction
A period where economic output declines. Two consecutive quarters of contractions become recession.
Exchange Rate
Comparing the value of one currency to another
Sugging
sell or attempt to sell a product under the guise of conducting market research
Penetration Pricing
Penetration pricing is a pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth.
Credit
obtain goods or services before payment, based on the trust that payment will be made in the future
Defined Contribution Plan
type of retirement plan, employees contribute a fixed amount or a percentage of their paychecks. Ex. 401 (k)
Strategies
Developed during the marketing planning process.
Mode
the value that occurs most frequently in a given set of data.
Touchpoint
any way consumers can interact with a business organization
Data Mining
discovering patterns in large data sets
Externality
a side effect or consequence of an industrial or commercial activity that affects other parties without this being reflected in the cost of the goods or services involved, such as the pollination of surrounding crops by bees kept for honey.
Broker
a person who buys and sells goods or assets for others
MRO
Maintenance, repair and operations
Affinity Fraud
Fraudsters who carry out affinity scams frequently are (or pretend to be) members of the group they are trying to defraud
Offshoring
the practice of basing some of a company’s processes or services overseas, so as to take advantage of lower costs.
Lean
a set of management practices to improve efficiency and effectiveness by eliminating waste.
Tort
a wrongful act or an infringement of a right leading to civil legal liability
Channels
a product moves from producer to consumer.
facilitator
a person who helps a group of people to work together better and plan how to achieve objectives.
Corporate Governance
system of rules, practices, and processes by which a firm is directed and controlled
Gap analysis
looks for the reasons you aren’t achieving certain business goals
Predatory Pricing
the illegal business practice of setting prices for a product unrealistically low in order to eliminate the competition.
Credit union
A credit union is a member-owned nonprofit cooperative financial institution. Credit unions may offer financial services as commercial banks such as share accounts, share draft accounts, credit cards, credit, share term certificates, and online banking.
Mass marketting
a business marketing approach that seeks to advertise to the widest possible customer base, up to and including the entire market available.
project charter
formal document that authorizes the project manager to begin the project
