DECA + Exam

Question 1

Product Bundling

Answer 1

• Marketing strategy where multiple products/services are grouped together and sold as a single package.
• A discount is given for purchasing more products to encourage sales and give customers benefits.
• Gives customers added value, convenience, and saving compared to purchasing each item individually.

Question 2

Public Relations

Answer 2

Strategic communication process that builds mutually beneficial relationships between organizations and their public.

Question 3

Transposed

Answer 3

Change the position/order/sequence

Question 4

Patronage

Answer 4

A company’s way of promotion to offer a products to customers through a free trial.

Question 5

Channel Differentiation

Answer 5

strategy of utilizing distinct distribution channels to target specific market segments or enhance customer experiences, thereby distinguishing a brand from its competitors.

Ex. when a business carefully selects channel members and trains them to provide customers with superior expertise/service to gain a competitive advantage.

Question 6

The Gray Market

Answer 6

unauthorized sale of genuine products through unofficial channels, often involving legal but unintended distribution that bypasses the manufacturer’s intended sales network.

ex. A foreign business legally obtains a license to make products, and then sells the items for low prices to businesses in the country where the license originated. This is an example of the gray market.

Question 7

Product-Related Service

Answer 7

Support or enhancement offered alongside a product to improve its usability and customer experience, such as training, maintenance, or technical support.

Question 8

Product Positioning

Answer 8

strategy of defining how a product is perceived in the marketplace relative to competitors, highlighting its unique benefits and features to target specific customer segments.

Question 9

Supply Chain Partners

Answer 9

Supply chain partners are organizations involved in the distribution channel of a product, including suppliers, manufacturers, distributors, retailers, and logistics providers.

Effective communication between supply chain members will lead to lower warehousing costs.

Question 10

Warehousing Costs

Answer 10

expenses incurred for storing and managing goods in a warehouse, including rent, utilities, labor, equipment, insurance, and maintenance

Question 11

Inventory Levels

Answer 11

quantity of goods or materials that a business holds at any given time, including raw materials, work-in-progress items, and finished products ready for sale

Question 12

Higher Inventory Levels

Answer 12

• larger quantity of goods or materials on hand
• can ensure product availability but may lead to increased holding costs and risks of obsolescence

Question 13

Lower Inventory Costs

Answer 13

• fewer goods or materials in stock
• reduce holding costs and minimize waste but may risk stockouts and inability to meet customer demand promptly

Question 14

Obsolescence

Answer 14

product or item becomes outdated or no longer useful, often because newer, better versions have been developed

Question 15

Stockouts

Answer 15

store or business runs out of a product and can’t fulfill customer orders, leading to lost sales

Question 16

Situational Analysis Component

Answer 16

• component of marketing plan that involves:
• assessing the current market environment(business’s strengths, weaknesses, opportunities, and threats) to understand its position and inform strategic decision-making

Question 17

Innovation

Answer 17

New ideas/products that enhance the value offered to customers, differentiating a brand from competitiors.

Question 18

Product Innovation

Answer 18

CREATION/IMPROVEMENT of a product to meet changing customer needs or solve new problems

Question 19

Positioning Innovation

Answer 19

REDEFINING how a product is PERCEIVED in the market, by changing its messaging or target audience to stand out from competitors

Question 20

Channel DIfferentiation

Answer 20

strategy of using SUPPERIOR DISTRIBUTION CHANNELS to provide unique customer service and expertise that set a brand apart from competitors

Question 21

Sampling Plan

Answer 21

• A course of action that obtains data or observations from a group
• Focuses on determining the SIZE AND CHARACTERISTICS OF THE SAMPLE/group (ex. how many people to survey)

Question 22

Test Marketing

Answer 22

Strategy where NEW products are introduced to a SMALL, TARGETED MARKET before a full scale launch

Question 23

Reverse Distribution

Answer 23

Process of moving goods from the consumer BACK to the MANUFACTURER/seller (returns, recycling, disposal)

Question 24

Exclusive Distribution

Answer 24

Business grants a single distributor/retailer EXCLUSIVE RIGHTS to sell its products within a SPECIFIC TERRITORY, LIMITING AVAILABILITY to enhance the product’s PRECIEVED VALUE.

Question 25

Supply Chain Manager

Answer 25

supervising the entire process of getting PRODUCTS INTO THE MARKETPLACE otherwise known as the flow of goods.

Question 26

Chief Finacial Officer

Answer 26

responsible for managing a company’s FINANCIAL PLANNING, risk management, and overall financial operations

Question 27

Line SUpervisor

Answer 27

Manages workers on a PRODUCTION LINE

Question 28

Inventory Manager

Answer 28

Manages ordering, stroage, and tracking or a company’s INVENTORY, ensuring the right amount of stock is available to meet demand while minimizing costs

Question 29

Product Branding

Answer 29

Creating a unique identity, name, and image for a SPECIFIC PRODUCT

Question 30

Corporate Branding

Answer 30

Promoting the OVERALL BRAND NAME of a company instead of individual products

Question 31

Marketing Information Management

Answer 31

Answers questions like: where are customers located?