DECA BTDM Exam

Question 1

Push and pull strategies

Answer 1

Push marketing involves pushing your brand in front of audiences (paid advertising or promotions) while pull marketing implements a strategy that naturally draws consumer interest in your brand/products (with relevant and interesting content)

Question 2

Marketing mix:

Answer 2

the combination of products, pricing, places, and promotions used to differentiate itself from the competition

Question 3

Calculating costs of goods sold

Answer 3

starting inventory + purchases - ending inventory

Question 4

Sources of capital:

Answer 4

the sources from which businesses obtain their capital, financial assets that can be liquidated (converting assets into cash) like cash, cash equivalents, and marketable securities. Ex. human capital is the people that work to produce goods and services

Question 5

Budget deficit:

Answer 5

a negative balance between a government’s spending and revenues, when a government spends more than it collects in tax revenues → deficit

Question 6

Capital expenditure

Answer 6

the payment with cash or credit to purchase long-term physical assets (can be seen or touched, ex: land, gold, equipment) or fixed assets used in a business’s operations

Question 7

Expense control:

Answer 7

focuses on making immediate spending adjustments based on cost control analytics to ensure budgets are maintained and projects stay on track

Question 8

Operating expense:

Answer 8

an expense that a business receives through its normal business operations (rent, equipment, inventory costs, marketing)

Question 9

Intermediaries:

Answer 9

a person who passes messages or proposals between two people or groups

Question 10

Business’s press kit:

Answer 10

a pre-packaged set of promotional materials that provide information about a person, company, organization, or cause that is distributed to members of the media for promotional use

Question 11

Corporate governance:

Answer 11

a set of rules, practices, and processes used to direct and control an organization (fairness, responsibility), The board of directors is the primary force determining corporate governance

Question 12

Subsidies

Answer 12

when a government provides unfair financial assistance to its companies to produce or export goods at artificially low prices

Question 13

Perishability:

Answer 13

how long the product can be stored, used, or sold before it expires and becomes worthless

Question 14

Debt financing:

Answer 14

the act of raising capital (the money used to build a business) by borrowing money from a lender or bank to be repaid at a future date

Question 15

Calculating gross profit:

Answer 15

total revenue - the cost of goods sold

Question 16

Supply chain management:

Answer 16

management of the flow of goods, data and finances related to a product or service, from the collection of raw materials to the delivery of the product at its destination

Question 17

Product lines:

Answer 17

a group of related products all marketed under a single brand name that is sold by the same company, companies sell multiple product lines under their various brand names to distinguish them from each other

Question 18

SWOT analysis:

Answer 18

a technique used to identify strengths, weaknesses, opportunities and threats for a business or a specific objects, can be used for personal purposes as well

Question 19

Elastic/inelastic demand:

Answer 19

elasticity of demand refers to the change in demand when there is a change in another economic factor like a price or income while ineleastic is if the demand for a godd or service remains unchanged even when the price changes

Question 20

CRM system:

Answer 20

gathers, links and analyzes all collected customer data like contact info, purchases, ect. Lets users access that data and understand what happened at each touchpoint (point of interaction)

Question 21

Revenue:

Answer 21

total amount of money brought in by a company’s operations, its gross income before subtracting any expenses

Question 22

Liabilities:

Answer 22

debts or obligations a person or company owes to someone else

Question 23

Assets

Answer 23

a resources with economic value that an individual or company owns or controls with the expectation that it will provide a future benefit

Question 24

Good business structure:

Answer 24

has clearly defined roles, job functions and chains of command and decision-making authority

Question 25

Prospective employer

Answer 25

a company or individual with whom youre seeking employment from

Question 26

Situation analysis:

Answer 26

examine the external ( eoncomy, competitors, regulations) and internal (company culture, employees) environment that impacts a businesses’s performance

Question 27

Environmental scan

Answer 27

the process of gathering info about events and their relationships within an organization internal and external environments

Question 28

Product life cycle:

Answer 28

the length of time form when a product is introduced to teh market until it’s taken off shelves

Question 29

Survey sampling plan:

Answer 29

an outline based on which research is conducted and what is the target population

Question 30

Type of conflicts (formal, horizontal. Vertical):

Answer 30

formal (a claim brought against your organization in an employment court of justice), horizontal (conflict that occurs between organizations of the same type), vertical (occurs between different levels of marketing channel members)

Question 31

Horizontal analysis:

Answer 31

comparison of financial data from one accounting period to a year after, identifies trends

Question 32

Vertical analysis:

Answer 32

a method of analyzing financial staments that list each line item as a percentage of a base figure

Question 33

Fundamental analysis

Answer 33

a method of determining a stock’s intrinsic value

Question 34

Central tendency:

Answer 34

a summary of a dataset through a single value that reflects the center of the data distribution

Question 35

Limited authority negotiating strategy:

Answer 35

pretending that you have less power than you actually do

Question 36

Ethical:

Answer 36

behavior as right in the moral sense

Question 37

Clientele business:

Answer 37

all the clients or customers considered as a group

Question 38

Functions of management:

Answer 38

the procedure of organizing, directing, planning and controlling the efforts of organizational members and of managing organizational sources to accomplish particular goals.

Question 39

Quantitative/qualitative:

Answer 39

quantitative (numbers), qualitative (descriptions, colors, etc)

Question 40

Which department is responsible to generate product ideas

Answer 40

research and development

Question 41

Quality assurance:

Answer 41

any systematic process of determining whether a product or service meets specified requirements

Question 42

Niche marketing:

Answer 42

Consumers in a niche market have specific preferences or needs that differ from the broader sector

Question 43

Tort law:

Answer 43

an act that causes legally cognizable harm to persons or property

Question 44

Marginal product:

Answer 44

the change in output as a result of one additional unit of input being added to production

Question 45

Regulatory factors:

Answer 45

laws, rules, and regulations that govern the conduct of individuals, businesses, organizations, and governments.

Question 46

Touchpoint

Answer 46

point of interaction

Question 47

Operations activity:

Answer 47

the functions of a business directly related to providing its goods and/or services to the market

Question 48

Channel of distribution

Answer 48

the network of individuals and organizations involved in getting a product or service from the producer to the customer

Question 49

Variable costs

Answer 49

an expense that changes in proportion to how much a company produces or sells

Question 50

Semi-variable costs

Answer 50

a cost composed of a mixture of both fixed and variable components.

Question 51

Product mix:

Answer 51

the total number of product lines and individual products or services offered by a company.

Question 52

Income statement:

Answer 52

shows a company’s revenues, expenses and profitability over a period of time

Question 53

Sales forecasting

Answer 53

the process of estimating future revenue by predicting how much of a product or service will sell in the next week, month, quarter, or year

Question 54

Feasibility:

Answer 54

capable of being done or carried out

Question 55

Promotional mix:

Answer 55

a blend of promotional variables chosen by marketers to help a firm reach its goals

Question 56

Market segmentation:

Answer 56

the practice of dividing your target market into approachable groups

Question 57

Marketing goals

Answer 57

some common marketing goals include increasing brand awareness, generating leads, boosting sales, and improving customer loyalty.

Question 58

Intangible/tangible:

Answer 58

intangible (incapable of being touched), tangible (able to be touched)

Question 59

Common size statements:

Answer 59

income statement, balance sheet, and cash flow statement.

Question 60

Trend analysis:

Answer 60

collecting data over time and analyzing it to identify patterns that can predict future behavior or performance

Question 61

Capital resource:

Answer 61

human-made resources used by a company to create goods and services

Question 62

Sales promotion tactics:

Answer 62

rebates, price packs, Points of Purchase, contests, samples, and event marketing.

Question 63

Stakeholders

Answer 63

an individual or a group of individuals with an interest, often financial, in the success of a business.

Question 64

Remedial action:

Answer 64

intended to correct something that is wrong or to improve a bad situation

Question 65

Shareholders

Answer 65

a person or institution that has invested money in a corporation in exchange for a “share” of the ownership

Question 66

Board of directors:

Answer 66

A group of people that provides expertise for a company or organization. The board of directors offers high-level overall direction and strategy for the organization and protects the financial interests of investors.

Question 67

Gross margin:

Answer 67

the result of subtracting the cost of goods sold from net sales

Question 68

ERM

Answer 68

Enterprise risk management (ERM) is a framework for managing organizational risk. It can encompass concerns ranging from ensuring employee safety and securing sensitive data to meeting statutory regulations and stopping financial fraud.

Question 69

Net Profit:

Answer 69

a company’s total earnings after subtracting all expenses

Question 70

Marginal analysis:

Answer 70

an examination of the associated costs and potential benefits of specific business activities or financial decisions

Question 71

Net Sales

Answer 71

the total sales revenue of a company made over a specific period of time (month, quarter, or year) after deducting sales allowances, discounts, returns, and taxes.