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Chemistry 1 Honors > DECA General Vocabulary > Flashcards

DECA General Vocabulary Flashcards

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1
Q

Absolute Advantage

A

The advantage achieved when a nation can produce a good or service for less than another nation

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2
Q

Accommodating

A

A negotiating style involving a person who agrees to a certain course of action that benefits someone else, even though he/she does not equally benefit from the transaction

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3
Q

Accountability

A

The condition of having to answer for or be liable for your actions

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4
Q

Accounting

A

The process of keeping and interpreting financial records

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5
Q

Accounts Payable

A

All monies owed by the business to others

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6
Q

Accounts Receivable

A

All monies owed to a business by its customers

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7
Q

Achievement Orientation

A

A drive to accomplish one’s goals and to meet or achieve a high standard of success

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8
Q

Acquisition of Funds

A

obtaining the necessary funding for a business, product or service

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9
Q

Administration of Assets

A

Finance activity involving making decisions about a firm’s investments

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10
Q

Advertising

A

The activity or profession of producing advertisements for products or services

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11
Q

Advertising media

A

Channels of communication used by businesses for delivering promotional messages to targeted groups of consumers- can be digital, print, out of home, or broadcast

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12
Q

Agents

A

Intermediaries who assist in the sale and or promotion of goods and services but do not take title to them

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13
Q

Agreement

A

A negotiation outcome

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14
Q

Alternative Planning

A

The process of anticipating others’ possible negotiation strategies and preparing appropriate responses

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15
Q

Ambush Marketing

A

A promotional technique whereby a non-sponsoring business tries to associate with an event in order to gain recognition as a sponsor

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16
Q

Amends

A

Restoration for damage or wrongdoing

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17
Q

Angel Investor

A

Someone who provides money for a startup business (typically a family or friend)

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18
Q

Antitrust Laws

A

also referred to as “competition laws” are statutes developed by the US Government to protect consumers from predatory business practices by ensuring that fair competition exists in an open market economy

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19
Q

Appreciative Inquiry

A

A problem-solving method that encourages us to look at problems in a different way; instead of focusing on what is broken, we focus on what is working and figure out how to expand on that success

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20
Q

Articles of Incorporation

A

A document outlining a corporations name, purpose, location, amount of stock to be issued, names of board of directors, and other information about the conditions the business must operate under. Required to obtain a charter

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21
Q

Asset

A

Anything of value that a business or individual owns (ie- equipement, furniture, car, bank accounts)

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22
Q

Autocratic Leadership

A

A dictatorial leadership style in which the leader determines all policies, maintains close control and lets employees know only what they need to know to do their job

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23
Q

Balance of payments

A

The difference between all monies coming into a country and going out of a country

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24
Q

Balance of Trade

A

The difference between the value of a nation’s exports and its imports

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25
Q

Balance Sheet

A

A financial statement that captures the financial condition of a business at that given moment- includes assets, liabilities and ownership equity.

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26
Q

Banking Services

A

a career area in which employees are primarily concerned with all banking functions

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27
Q

Banner Ads

A

promotional ads placed on websites, a form of advertising

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28
Q

Bargaining

A

A negotiating style that involves giving another party something he/she wants and receiving something desired in return

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29
Q

Barrier to market entry

A

Anything that blocks the way or makes it difficult to enter a particular market- i.e.- government regulations, economies of scale, not enough capital

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30
Q

BANTA

A

The best alternative to a negotiated agreement; determining which issues are non-negotiable and which issues are open to compromise before entering a negotiation

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31
Q

Beginning cash balance

A

The amount of money a business has available at the beginning of each month

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32
Q

Benefits

A

Advantages employees receive in addition to their wages- ie. Sick time, health insurance

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33
Q

Bond

A

A piece of paper (real or virtual) that says a governing body or corporation will borrow an investor’s money at a particular interest rate for a particular period of time

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34
Q

Bottom Line

A

Net Outcome

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35
Q

Brand

A

All combined impressions and experiences associated with a particular company, good or service

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36
Q

Brand Champion

A

The person in a business who is responsible for making the brand come alive and for sustaining it; usually the business owner, president or CEO

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37
Q

Brand Identity

A

Those elements that are instantly recognized as representing a particular business or product

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38
Q

Brand Name

A

the part of a brand identity which can be spoken, including words, phrases or letters

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39
Q

Brand Personality

A

The projection of a brand that encompasses its values and emotional connections with consumers

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40
Q

Brand Promise

A

A business’s agreement (spoken or unspoken) with customers that it will consistently meet their expectations and deliver on its brand characteristics and values

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41
Q

Brand Symbol/logo

A

A business’s distinctive logo, design or group of letters that cannot be spoken but are used to establish a brand identity, often in conjunction with the brand name (is. Nike swosh)

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42
Q

Break-Even Point

A

The level of sales at which revenues equal total costs

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43
Q

Broadcast Media

A

Category of advertising media that includes television and radio

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44
Q

Budget

A

An estimate of income and expenses for a given period

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45
Q

Business Information Technology

A

An umbrella term covering those careers that provide a bridge between business processes and IT

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46
Q

Business License

A

A document that grants permission to operate a business

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47
Q

Business Plan

A

A company’s blueprint for success; shows how the business works now and how it is intended to work in the future, also called business model

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48
Q

Business Policies

A

statements outlining practices the business follows, such as warranties and maintenance contracts

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49
Q

Business Productivity

A

The amount of goods and services produced by a business from a set amount of resources

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50
Q

Business Risk

A

The possibility of loss or gain inherent in conducting business

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51
Q

Buyer’s market

A

The best time for consumers to buy; characterized by large supply, small demand and low prices

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52
Q

Buying motives

A

The reasons or benefits that cause a consumer to make a purchase

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53
Q

Capital

A

Assets of a business

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54
Q

Capital Budgeting

A

A process in which a firm’s financial managers determine which projects it should invest in

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55
Q

Capital Investment

A

The amount of goods a business has invested in its goods and other property

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56
Q

Capital Structure

A

How a company pays for its operations

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57
Q

Capitalism

A

An economic system that depends on honest, healthy competition between businesses

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58
Q

Cash conversion cycle

A

Ratio that refers to the number of days between a company’s paying for raw materials and receiving cash for selling the products made from those raw materials

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59
Q

Cash Flow

A

The movement of funds into and out of a business, determines how much cash a business has to work with at any given time. Can be seen in a Cash Flow Statement

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60
Q

Cash Payments

A

The money a business spends- ie. Business expenses

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61
Q

Cash Receipts

A

The money that a business collects- ie. Business income

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62
Q

Cash shortage

A

Situation that occurs when more money flows out of a business than in

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63
Q

Cash surplus

A

Situation that occurs when more money flows into a business than out

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64
Q

Celler-Kefauver Antimerger Act (1950)

A

A federal regulation intended to protect competitors from takeovers that would limit competition

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65
Q

Channels of Distribution

A

Paths or routes that goods or services take from the producer to the ultimate consumer or industrial user

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66
Q

Clayton Act (1914)

A

a 4 part federal law that has been modified over time, most notable part is prevention of price discrimination

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67
Q

Close Corporation

A

A type of corporation owned by a few people that does not offer its shares for sale to the general public

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68
Q

Cold Calls

A

A type of marketing involving unannounced telephone calls or visits by a salesperson to prospects

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69
Q

Collaborative

A

A negotiating style in which two parties work together to reach a multually beneficial agreement

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70
Q

Collective Bargaining

A

The negotiating process in which union leaders and company representatives engage to determine the terms and working conditions that are to be provided to employees

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71
Q

Combative

A

A negotiating style in which one or both parties consider only their interests and fight to achieve a desired outcome at any cost

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72
Q

Communication Channel

A

A path or means used to provide information to others- ie. TV, radio, email

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73
Q

Comparative Advantage

A

The advantage achieved by a nation from specializing in and producing goods and services at which it’s relatively most efficient

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74
Q

Comparison Shop

A

The act of visiting other businesses to learn what competiting stores are selling and the prices they charge

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75
Q

Competitive

A

A negotiating style in which one or both parties view the megotiation as a game like challenge or rivalry

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76
Q

Competitive Advantage

A

The edge achieved by businesses that offer something better than their competitors

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77
Q

Competitive Analysis

A

The process of comparing a business’s income statement with that of its competitors to see how it is doing by industry standards

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78
Q

Competitive Bidding Process

A

A method of collecting price quotes from suppliers vying for an order or job

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79
Q

Complementary Goods

A

Products that are used together- ie. Ski boots and skis

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80
Q

Cost Estimate

A

ballpark figure on how much will be spent on a given activity

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81
Q

Cost of Goods Sold (COGS)

A

the amount of money a business pays to produce the product it will sell

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82
Q

Counteractive

A

A public relations strategy that involves a proactive response to unfavorable publicity messages in order to neutralize or reverse its effects

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83
Q

Couponing

A

A sales promotion activity that involve the use of printed certificates which entitle the holder to a reduced purchase price

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84
Q

Consumer Buying Power

A

Cash and credit a consumer has available to spend

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85
Q

Consumer Goods Pricing Act

A

A federal law that gives retailers the right to establish a product’s final price

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86
Q

Consumer Trends

A

Direction in which consumer purchasing is going, any significant following of one product versus another

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87
Q

Contingency plan

A

The specific guidelines that are used when responding to undesirable circumstances

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88
Q

Copyright

A

Legal protection of original works and intellectual properties granted by the government to give their creators sole rights to them

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89
Q

Core Values

A

Brand Values- beliefs or qualities that a brand stands for or is built around

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90
Q

Corporate Finance

A

A function in a company that manages policy and strategy for capital structure, budgeting, acquisition and investment, financial modeling, planning, funding, dividends and taxation

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91
Q

Corporate Sales

A

In sports, the marketing of private seats or luxury boxes

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92
Q

Corporation

A

A form of business ownership that is owned by stockholders who have purchased units or shares of the company

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93
Q

Credit

A

The arrangement by which businesses/individuals can buy now and pay later

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94
Q

Credit Rating

A

The score assigned to a borrower based on previous loans

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95
Q

Creditors

A

Individuals or businesses to whom businesses owe money or from which it wants to borrow

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96
Q

Crisis Management

A

A public relations strategy that involves ongoing managing, planning and coordinating of resources in the event that undesirable circumstances occur

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97
Q

Cultural Sensitivity

A

The willingness to adjust opinions and behaviors to value people and ideas from other cultures

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98
Q

Customer feedback

A

Evaluative or corrective information given by the customer to the salesperson

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99
Q

Customer Loyalty

A

The customer’s preference for a business or product

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100
Q

Customer satisfaction

A

The measure of how well a business has met its customer’s expectations

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101
Q

Debt

A

Money business or individuals owe to others

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102
Q

Decisive Personality

A

A basic type of customer personality characterized by the customer knowing exactly what they want to purchase

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103
Q

Demand

A

The quantity of a good or service that buyers are ready to buy at a given price at a particular time

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104
Q

Democratic Leadership

A

A leadership style built around mutual respect between leader and subordinates which allows workers to have a say in the operation of the organization

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105
Q

Direct Competition

A

Rivalry between or among businesses that offer similar types of goods or services

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106
Q

Direct Mail

A

Promotional medium that comes to consumers at their homes in the form of letters, catalogs, postcards, faxes and folders

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107
Q

Discount Store

A

A retail store competing on the basis of low prices and offering limited customer service

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108
Q

Displays

A

Visual, non-personal presentations of goods and services to prospective buyers, interior window displays

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109
Q

Distribution

A

A marketing function that is responsible for moving, storing, location and or transferring goods and services

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110
Q

Division of Labor

A

Dividing a large job into units or job tasks and assigning them to individuals

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111
Q

Domestic Goods

A

Tangible objects manufactured or produced for resale within the “home” country

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112
Q

Domestic Trade

A

The buying and selling of goods and services within a country

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113
Q

Dominate Buying Motive

A

The reason for making a purchase that has the greatest influence on a customer’s buying decision

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114
Q

E-Commerce

A

Buying and selling of goods online

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115
Q

Economic Flow

A

The moving of resources from resource owners to producers and producers to consumers

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116
Q

Economic Resources

A

The human and natural resources and capital goods used to produce goods and services

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117
Q

Economic Risk

A

Chances of loss due to changes in the market that force prices to be raised or lowered, products to chance or businesses to succeed or fail

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118
Q

Economic Sanctions

A

Trade restrictions placed by one country against another

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119
Q

Elastic Demand

A

A form of demand for products in which changes in price correspond to changes in demand

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120
Q

Emotional Conflict

A

A disagreement that is based on differences regarding a persons beliefs, values or experiences

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121
Q

Emotional Motives

A

Reasons for buying that appeal to a person’s emotions or feelings

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122
Q

Ending Cash Balance

A

The amount of money a business has on hand at the end of the month

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123
Q

Entrepreneur

A

And individual who invents, develops and distributes a good or provides a service; assumes all of the risk of starting and building a business and receives all financial rewards

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124
Q

Environmental Scanning

A

Collecting information about the environment surrounding your business

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125
Q

Equilibrium

A

The point at which the quantity supplied is equal to the quantity demanded

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126
Q

Equity

A

Assets minus liabilities, net worth

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127
Q

Event Marketing

A

The process of planning and executing the conception and promotion of gatherings or activities that satisfy individual organizational objectives

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128
Q

Executive Summary

A

The most important part of a company’s business plan because it gives an overview of the entire document, used to determine if it’s worthwhile to read further

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129
Q

Exporting

A

The process of selling goods and services to other countries

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130
Q

Fact-finder Personality

A

A basic type of customer personality characterized by the customer’s challenging a salesperson to know the products, doing comparison shopping, wanting to know the facts before making a purchase

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131
Q

Federal Trade Commission

A

A government regulatory agency that administers and enforces antitrust laws to prevent price fixing and to prohibit unfair competitive practices

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132
Q

Fidelity Bond

A

Insurance coverage to protect a business from losses due to employee theft

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133
Q

Financial Analysis

A

The process of planning, maintaining, monitoring, controlling and reporting the use of financial resources

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134
Q

Financial Plan

A

The part of a company’s business plan that show’s how they have performed financially

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135
Q

Financing

A

Funding a business activity or project through debt, equity or capital

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136
Q

Fiscal Year

A

The 12 month period chosen by a business as its operating year, may or may not coincide with the calendar year

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137
Q

Fixed Asset

A

Item of value a business owns that is not expected to change- i.e. a building

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138
Q

Fixed Costs

A

Business costs not affected by changes in sales volume, i.e. Rent

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139
Q

For-profit Business

A

A business whose overall purpose is to earn a profit

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140
Q

Foreign Aid

A

The money that developed countries give to less developed countries to help with their economic development

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141
Q

Foreign Goods

A

Tangible items that are manufactured or produced for resale outside of the “home” country

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142
Q

Utility Marketing: Time

A

Ensuring a product is available when the customer wants it, based around demand. Examples include increased demand for warm coats in the winter, holiday decorations as the corresponding holiday approaches.

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143
Q

Utility Marketing: Place

A

The value consumers place on where they purchase products. Provides convenience, less driving or hunting for a product

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144
Q

Utility Marketing: Possession

A

The value customers place on purchasing a product and having the freedom to use the product as it was intended or finding a new use for it. Example- flower pot as a planting vessel or as a storage vessel

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145
Q

Utility Marketing: Form

A

The value a customer sees in a finished product. Purchase items already assembled versus needing to possess the knowledge to put something together

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146
Q

Free Enterprise

A

An economic system in which individuals and groups, rather than the government, own or control the means of production

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147
Q

Generally Accepted Accounting Principles (GAAP)

A

the standard framework of guidelines for financial accounting used in any given jurisdiction. Include standards, conventions and rules that accountants follow in recording and summarizing and in preparation of financial statements

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148
Q

General Agreement on Tariffs and Trade

A

An agreement among many nations to encourage economic cooperation and liberalization of international trade

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149
Q

General Partnership

A

A type of partnership agreement in which all partners are liable for a business’s losses

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150
Q

Globalization

A

The rapid and unimpeded flow of capital, labor and ideas across national borders

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151
Q

Gross Domestic Product (GDP)

A

The final market value of the total outputs of all goods and services produced within a country’s geographic boundaries during a year time period

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152
Q

Gross Profit

A

Money left over after the Cost of Goods Sold is subtracted from total income

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153
Q

Guarantee

A

A promise made to the consumer that a product’s purchase price will be refunded if the product itself is not satisfactory

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154
Q

Hospitality

A

In event marketing, an activity that involves welcoming special guests and arranging for travel, accommodations, meals and entertainment

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155
Q

Human Resources Management

A

A career area in which employees focus on the staffing activities that involve planning, recruitment, benefits, training, orientation, compensation and safety of employees

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156
Q

Hybrid

A

a form of business ownership that combines elements of corporations and either sole proprietorships or partnerships

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157
Q

Imports

A

Goods or Services bought from other nations

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158
Q

Impulsive Personality

A

A basic type of customer personality characterized by the customer’s asking few questions, selecting items quickly. Candy at the registers in grocery stores is often an impulse buy

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159
Q

Income Statement (also called Profit and Loss Statement or Earnings Statement)

A

A financial summary that shows how much money a business has made or lost- revenues and expenses through operating and non-operating expenses

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160
Q

Indecisive Customers

A

Those who have a tough time making a decision

161
Q

Indirect Competition

A

Rivalry between businesses that offer dissimilar goods or services

162
Q

Industrial Market

A

a customer who purchases goods for use in operation of a business, for resale, or for making other goods

163
Q

Industry Trend

A

The direction in which a particular industry is moving- i.e. Real estate sales are in a decline

164
Q

Inelastic Demand

A

A form of demand where changes in price do not affect the demand for a product

165
Q

Inflation

A

rapid rise in prices

166
Q

Informed Personality

A

A basic type of customer personality characterized by their confidence in choices or purchases, being a trendsetter

167
Q

Injunction

A

A court order forbidding someone from carrying out an act

168
Q

Intangible

A

something that cannot be tasted, smelt or touched

169
Q

Intellectual property

A

creations of the mind

170
Q

Interest

A

accrues on borrowed money, can be fixed percentage or variable percentage

171
Q

Intermediaries

A

Channel members operating between the producer and consumer to aide in the movement of goods through the channels of distribution

172
Q

International Trade

A

the buying and selling of goods and services between nations

173
Q

Inventory

A

All of the stock that a company has on hand

174
Q

Investment

A

The use of money to generate a profit or gain- i.e. you invest in the stock market

175
Q

Invoice

A

The formal, printed record of sale that includes all necessary information as to the buyer, seller, items purchased, price, delivery date, terms of sale

176
Q

Joint Venture

A

An arrangement that involves two or more businesses entering into a relationship by combining complementary resources such as technology, skills, capital or distribution channels for the benefit of all parties

177
Q

Kiosks

A

Stand alone structures located in public places that are designed to provide information and sell products, i.e. mall kiosks, airport checkin kiosks

178
Q

Lanham Act

A

A federal law that provides trademark protection, specifies procedures for registering trademarks

179
Q

Law of Demand

A

Economic principal which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service

180
Q

Law of Supply

A

Economic principal which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price

181
Q

Law of Supply and Demand

A

Supply will increase when demand is great and decrease when demand is low

182
Q

Layaway

A

A type of sale where customers can make a purchase, it is removed from the sale floor and held until the customer pays off the balance

183
Q

Liabilities

A

debts that a business owes

184
Q

License Grant

A

portion of the license agreement that specifies which rights and properties are being licensed, what types of merchandise will be produced and the exclusivity

185
Q

Licensing

A

An agreement that allows one company to use the trademarked property of another company to manufacture and sell its own products

186
Q

Limited Authority

A

A negotiating strategy in which one person claims that he/she does nothave the authority to make a decision and must consult another person

187
Q

Limited liability

A

Restricted chance of loss, only risk amount of investment

188
Q

Limited Liability Company (LLC)

A

A hybrid form of business ownership in which members of a business experience limited liability and taxation

189
Q

Limited Liability Partnership (LLP)

A

same as an LLC, however with the goal of protecting innocent partners against the malpractice of others, liability limited to own investment

190
Q

Loan

A

money lent to individuals or businesses for the exchange of repayment plus interest

191
Q

Logo

A

A distinctive symbol, design or group of letters, often part of a brand identity

192
Q

Long term liabilities

A

debts that will take longer than a year to pay

193
Q

Loss prevention

A

A function of risk management that focuses on planning and security procedures to avoid theft or injury

194
Q

Make or buy decision

A

the act of determining whether to produce a needed part or purchase it from a supplier

195
Q

Market Demand

A

The quantity of a good or service that buyers are ready to purchase at a given time and price

196
Q

Market Economy

A

An economic system in which questions of what, how and for whom goods will be produced are answered by the individuals and businesses in the marketplace

197
Q

Market Opportunity

A

Situation that occurs when an economic want exists and there is an idea for a good or service to fulfill that want

198
Q

Market position

A

the rank of a particular business in a specific market

199
Q

Market research & development

A

The systematic gathering, recording and analyzing of data about a specific issue and the use of that data to implement plans to reach a new target audience

200
Q

Market Share

A

An organization’s portion of the total industry sales in a specific market

201
Q

Marketing

A

The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational needs and wants

202
Q

Marketing Communications

A

A career area in which employees focus on marketing activities that inform, remind and or persuade the target audience

203
Q

Marketing Concept

A

A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying customer wants and needs while achieving company goals

204
Q

Marketing Management

A

A career area that focuses on management of all marketing functions

205
Q

Marketing Mix

A

a business tool used by marketers

206
Q

Marketplace

A

Anywhere the buying and or selling of goods and services takes place

207
Q

Mass Marketing

A

Designing products and directing marketing activities in order to appeal to the whole market (non-segmented)

208
Q

Mass Production

A

the rapid production of large quantities of product

209
Q

Material resources

A

Equipment and supplies used by businesses in their operations

210
Q

Media

A

The message channels used to promote a good or service that include TV, radio, internet, newspapers, billboards, signage, and magazines

211
Q

Merchandising

A

The process of having the right goods in the right place at the right time in order to make a profit

212
Q

Merger

A

two business combine to form one

213
Q

Mission statement

A

a brief statement of what a business owner wants a business to be doing and achieve

214
Q

Mixed system

A

An economic system where individuals make most economic decisions but government has some control

215
Q

Monopolistic Competition

A

A type of market structure where a lot of businesses sell similar products that have only a few differences

216
Q

Monopoly

A

A condition in which a market is controlled by one supplier and there are no substitute goods or services readily available

217
Q

Movie Theater Advertising

A

Promotional messages shown prior to the screening of a film in a movie theater

218
Q

Multinational Corporation

A

a business that has factories and or businesses located abroad

219
Q

NAFTA

A

North American Free Trade Agreement- An international trade agreement which lessens the restrictions between the US, Mexico and Canada

220
Q

National Labor Relations Act

A

Legislation passed by Congress in 1935 that gives all workers the right to organize into unions to collectively bargain and strike

221
Q

Natural Resources

A

Items that are found in nature and used to produce goods and services

222
Q

Natural Risks

A

chances of risks associated with floods, tornadoes, fires, etc

223
Q

Negotiating

A

A conflict response mode in which one or both parties exhibit assertive behavior and express moderate or high level of cooperation

224
Q

Net Income/Profit

A

Money remaining after operating expenses are subtracted from gross profit

225
Q

Net Worth

A

Total value of a business

226
Q

Non-profit Institutions

A

Business and organizations whose intent is to make enough money to support their mission, not earn profit

227
Q

Nondurable goods

A

Tangible items that are consumed within a short time

228
Q

Nonexclusive category

A

In licensing, a category in which more than one licensee is authorized to produce merchandise

229
Q

Non-price Competition

A

A type of rivalry between or among businesses that involves factors other than price, i.e. customer services, modern facilities, variety

230
Q

Offshoring

A

Producing goods in a foreign country

231
Q

Oligopoly

A

A market structure in which there are relatively few sellers and industry leaders usually determine prices

232
Q

Public or Open Corporation

A

A type of corporation that usually sells millions of shares of stock to many stockholders, makes financial information public knowledge

233
Q

Operating Agreement

A

A written document signed by members of a limited liability partnership or limited liability partnership that specifies the terms of the arrangement

234
Q

Operating expenses

A

All expenses related to running a business- i.e. office supplies, utility costs, rent, property taxes, salaries, accounting expenditures

235
Q

Opt in email marketing

A

requires permission from recipient to send emails

236
Q

Organizational Awareness

A

knowing how a business operates, the relationships between key divisions and who the decision makers are

237
Q

Outputs

A

the goods or services produced as a result of combining inputs

238
Q

Outsourcing

A

Acquiring assistance from outside organizations, consultants

239
Q

Owner’s Equity

A

The amount an owner has invested in the business, plus or minus profits and losses

240
Q

Packaging

A

Enclosing products in appropriate wrapping or containers

241
Q

Participative decision making

A

the involvement of several individuals in making decisions

242
Q

Partnership

A

A form of business ownership in which the business is owned by 2 or more persons

243
Q

Patent

A

Legal protection of an invention or a process granted by government to its owners for a certain period of years

244
Q

Penetration Pricing

A

a pricing strategy that involves setting prices lower than those of the competition

245
Q

Perpetual Inventory System

A

An inventory method that updates inventory information on a continuous basis

246
Q

Personal Selling

A

The form of promotion that determines client needs and wants and responds through planned, personalized communications

247
Q

Piggyback franchise

A

A form of ownership in which a retail franchise operates within the facilities of another store

248
Q

Positioning

A

A product mix strategy in which a business creates a certain image or impression of a product in the minds of customers

249
Q

Possession Utility

A

Usefulness created when ownership of a product is transferred from seller to user, business to consumer

250
Q

Practical or frugal personality

A

A basic type of customer personality characterized by the customer’s being cautious in purchases, looking for value

251
Q

Presenting Sponsorship

A

A partnership in which the sponsor’s name succeeds the event’s name

252
Q

Price Competition

A

form of competition among businesses that focuses on the use of price to attract customers

253
Q

Price Discrimination

A

An illegal activity in which a business charges different customers different prices for similar products

254
Q

Price Elasticity

A

a measure of how sensitive customers are to changes in price

255
Q

Price Fixing

A

Illegal business agreement in which businesses agree on prices of their goods or services resulting in little choice for the customer

256
Q

Price Skimming

A

pricing strategy that involves setting prices higher than competition

257
Q

Private Enterprise

A

An economic system in which individuals and groups, rather than the government, own or control the means of production, also known as free market economy

258
Q

Producers

A

The people who make or provide goods and services

259
Q

Product

A

The good, service, or idea a business offers its customers

260
Q

Product Development

A

The efforts involved in the creation of a new product

261
Q

Product differentiation

A

A strategy for making a product appear different from similar products on the market

262
Q

Product knowledge

A

Information about a specific good or service that can be used in sales presentations

263
Q

Product Life Cycle

A

The states through which goods and services move from the time they are introduced on the market until they are taken off the market

264
Q

Product Mix

A

The particular assortment of goods and services that a business offers in order to meet the needs of its market(s) and its company goals

265
Q

Product placement

A

A type of “other” media that uses products as props, i.e.- a pepsi can on screen in a movie Product Positioning- In sponsorship agreement, the sponsor’s privilege of having its goods or services used at the event

266
Q

Product Promotion

A

A type of promotion that aims to persuade consumers to buy a good or services Product Standards- Criteria for determining a product’s ability to meet specified guidelines or requirements

267
Q

Product trade-name franchise

A

A franchise arrangement based on an independent sales relationship between a franchisor and franchisee to stock and sell a specific line of goods; also known as a dealership or exclusive distributorships

268
Q

Productivity

A

The amount and the value of goods and services produced (outputs) from set amounts of resources (inputs)

269
Q

Profit margin

A

A ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales

270
Q

Profit motive

A

The desire to make a profit which moves people to invest in business

271
Q

Profitability

A

The degree or level of profit of a business or a product

272
Q

Promotion

A

A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcomes

273
Q

Promotional budget

A

The amount of money a business plans to spend on promoting its goods and services during a certain period of time

274
Q

Prospect

A

Any person or business with the potential to purchase a good, service, or idea: qualified lead

275
Q

Protectionism

A

A government’s policy to protect domestic industries and businesses against foreign competition

276
Q

Public Business/Company

A

A business owned by investors who trade its share via a stock exchange

277
Q

Public relations

A

A function of business designed to establish and maintain positive relationships between the business and its various publics, or fan bases

278
Q

Public-service promotion

A

A type of intuitional promotion that informs consumers about noncontroversial issues that are in the public’s interest

279
Q

Publications

A

Category of advertising media that includes newspapers and magazines that are printed on a regular basis

280
Q

Publicity

A

Any non-personal presentation of ideas, goods, or services that is not paid for by the company or individual who benefits from or is harmed by it

281
Q

Purchase agreement

A

The form that a business fills out to order goods: may be the same as a purchase agreement or purchase contract

282
Q

Pure Competition

A

A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers

283
Q

Pure risks

A

Chances of loss that carry with them the possibility of loss or no loss

284
Q

Pyramid scheme

A

An illegal form of multi-level marketing in which emphasis is placed on collecting initial fees from as many people as possible

285
Q

Quota

A

A trade restrictions that limits the quantity of goods that can move into or out of a country

286
Q

Rational motives

A

Reasons for buy that appeal to the senses of reasons or judgment

287
Q

Raw materials

A

Items in their natural state of condition

288
Q

Rebate

A

A return of part of the prices a customer pays for a good or service; usually offered by the product’s Manufacturer

289
Q

Registered mark

A

A mark that has been registered with the US Patent and Trademark Office for legal protection, designated by the symbol (R)

290
Q

Regulatd Monopoly

A

Monopoly that the government allows to exist legally

291
Q

Relationship marketing

A

A strategy in which businesses spend time with current prospective clients outside the office setting to enhance the partnership

292
Q

Rented goods service

A

A product that involves giving consumers limited use of a good for a certain period of time.

293
Q

Retailer

A

A business that buys consumer goods or services and sells them to the ultimate consumer

294
Q

Return on capital

A

A measure of how well a business generates cash flow in relation to the capital it has already invested into itself

295
Q

Return on investment

A

Income received from an investment in a business

296
Q

Reverse Brainstorming

A

A problem-solving tool used to generate ideas and possible solutions; instead of identifying ways to solve a problem, identifying ways to make the problem worse

297
Q

Right of first refusal

A

An element of a sponsorship agreement that says that the event organizers will allow the sponsor the opportunity to renew the contract before offering it to any other sponsors

298
Q

Right of privacy

A

A type of law that protects a person mentally and emotionally; prevents intrusion upon a person’s seclusion, giving a person an unreasonable amount of publicity or placing a person in a false light

299
Q

Risk management

A

A business activity that involves the planning, controlling, preventing, and procedures used by management to limit business losses; optimizes the relationship of potential loss to gain.

300
Q

Robinson Patman Act

A

A federal law that prevents price discrimination

301
Q

Rolling budget

A

Also called a continuous budget, a rolling budget replaces each passing month with a new month added to the end of the budget, so that there is always a year-long budget place

302
Q

Royalties

A

Fees paid to a parent company that are often based on a percentage of the franchise’s profits

303
Q

Strengths-opportunities strategy

A

A marketing strategy that focuses on opportunities that are a good match with the business’s strengths

304
Q

Strengths-Threats strategy

A

A marketing strategy that focuses on using a business’s strengths to overcome its threats

305
Q

Sales close

A

The point in a sales presentation at which that customer makes a favorable buying decision

306
Q

Sales forecast

A

A prediction of future sales over a specific period of time

307
Q

Sales promotion

A

Promotional activities (other than advertising, personal selling, and publicity) that stimulate customer purchases

308
Q

Sarbanes-Oxley Act of 2002

A

A U.S. regulation mandating that public businesses comply with specific accounting requirements

309
Q

Secondary product promotion

A

A kind of product promotion intended to stimulate demand for a particular brand of product

310
Q

Securities and investments industry

A

The Total of businesses consisting of brokerage firms, investment banks and stock exchanges, all of which support the flow of funds from investors to companies and institutions

311
Q

Seller’s Market

A

The best time for producers to sell; characterized by large

312
Q

Selling

A

A marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities

313
Q

Semivariable Costs

A

Business costs that vary to same extent in response to sales

314
Q

Service attitude

A

A salesperson’s commitment to the client’s needs as expressed through his/her professional behavior

315
Q

Service business

A

A type of business that performs intangible activities that satisfy the wants of consumers or industrial users

316
Q

Service mark

A

A word, name, symbol, or device used to identify and distinguish a company’s services, including a unique service, from those of another service provider

317
Q

Shareholder

A

Anyone who owns stock in a corporation; also known as a stockholder

318
Q

Shares of stock

A

Units of ownership in a corporation

319
Q

Sherman Antitrust Act

A

A federal regulation intended to prevent monopolies from forming and prices from being fixed

320
Q

Silence

A

A negotiating strategy that involves listening but not speaking; often used when a situation becomes emotionally heated or when other person does not like a specific message

321
Q

Situational Theory

A

A theory of leadership style which holds that each situation is different and requires a different approach, calling upon the leader to analyze the situation and take appropriate action to perform the necessary tasks

322
Q

Slow/Methodical customers

A

Customers who require a lot of time to make a purchase because of shyness or indecisiveness

323
Q

Small business

A

A business that employs 500 or fewer people

324
Q

Social Responsibility

A

Taking other people’s needs, interests, and feelings into account and acting accordingly

325
Q

Sole proprietorship

A

A business owned by one person who received all the profits from the business and takes all the risks

326
Q

Specialized budget

A

A budget that reflects a particular department or activity of a company; specialized budgets are interrelated, often relying on one another for estimates of future activity

327
Q

Speculative risks

A

Chances of loss that may result in loss, no change or gain

328
Q

Sponsor

A

The exchange of money, goods, or services between businesses or organizations for public recognition

329
Q

Sponsorship fee

A

A sponsor’s initial payment or investment to enter into a marketing partnership with a team, league or event

330
Q

Sponsorship management

A

In event marketing, an activity that involves securing corporate funding for an event’s promotions costs or consulting with corporations to find events that reach the company’s target audience

331
Q

Sports Broadcasting Act 1961

A

Allows professional sport leagues to pool their broadcasting rights and sell them as a package to television networks

332
Q

Sports Marketing

A

The process of planning and executing the conception, pricing, promotion, and distribution of sports ideas, goods, and services to create exchanges that satisfy individual and organizational objectives

333
Q

Start-up money

A

Funds used to bring a business into operation

334
Q

Strategic Planning

A

Long-range planning (three to five years) for the company as a whole

335
Q

Strategic position

A

How a business measures up in relation to other businesses in the industry; can involve the image or impression of a business or organization

336
Q

Strength

A

Any resources or capability your business has that can help you gain a competitive advantage Subchapter “S” Corporation- A type of corporation that is limited to 75 or fewer shareholders, has limited shareholder liability, and requires little financial reporting; taxed as a partnership; known as a “5” corporation

337
Q

Suggestion selling

A

A sales technique in which the salesperson attempts to increase the customer’s purchase by recommending additional items after the original decision to by has been made

338
Q

Suppliers

A

Businesses from which other businesses buy goods or services; vendors

339
Q

Surety bond

A

A guarantee that protects a business when another person or business fails to fulfill the terms of a contract between them

340
Q

Survey

A

A marketing research method that involves asking consumers questions in order to learn their opinions and the reasons behind those opinions

341
Q

Suspicious customers

A

Customers who doubt or question everything and may want facts and proof before being convinced something is true

342
Q

SWOT analysis

A

A marketing tool that investigates a business’s strengths, weaknesses, opportunities, and threats in an organized fashion

343
Q

Synectics

A

A creative-thinking process that involves making connections through the use of analogies and metaphors

344
Q

Tactical Planning

A

Short range planning (one year) of specific actions the business will take

345
Q

Tangible

A

Capable of being touched, smelled, tasted, seen, or heard

346
Q

Target audience

A

A group of consumers who are the most likely prospects for a good, service, image, or idea

347
Q

Tariff

A

A tax levied by a government on imports

348
Q

Taxes

A

Monies that individuals or businesses must pay to the government

349
Q

Telemarketing

A

Advertising medium grouped with “other” media that utilizes telephone services to promote a product either by phoning prospective customers or providing a number for them to call

350
Q

Terms

A

Specific points that reveal each person’s expectations and responsibilities in a negotiation agreement

351
Q

Testimonial

A

A statement by an identified user of a product proclaiming the benefits received from the use of product

352
Q

Ticket management

A

In sport/event marketing, an activity that involves coordinating the box office-staff and keeping detailed ticket sales records

353
Q

Title Sponsorship

A

A partnership in which the sponsors’s name precedes the event’s name, such as The FedEx Orange Bowl

354
Q

Total Costs

A

All of a business’s costs, both fixed and variable

355
Q

Touch point

A

All the opportunities which businesses have to connect with customers and reinforce their brand value

356
Q

Trade

A

The process of exchanging one good/service for another

357
Q

Trade Agreements

A

Agreements between nations that provide for favorable trade relations

358
Q

Trade association

A

A group of persons in the same industry or geographic area who form a society to serve their common interests

359
Q

Trade Secret

A

Undisclosed information within a particular business or industry

360
Q

Trade Shows

A

Events where businesses display and/or demonstrate their products to build sales leads and interest

361
Q

Trade Surplus

A

A favorable balance of trade when a nation’s exports are greater than its imports

362
Q

Trade Talks

A

Meetings between nations to discuss improving economic relations

363
Q

Trademark

A

A symbol, design, or word used by a producer to identify a good or service and registered with the government to prevent use by others

364
Q

Trademark infringement

A

The reproduction, counterfeiting, copying, or imitation, in commerce, of a registered mark

365
Q

Trait Theory

A

A theory of leadership style which holds that individual are born with all of the traits and characteristics that are necessary to lead

366
Q

Transit Media

A

A form of out-of-home media found in various modes and location of mass transportation

367
Q

Tying Agreement

A

An illegal agreement requiring a customer to buy other products in order to obtain desired goods and services

368
Q

US Department of Commerce

A

A federal agency that works in partnership with businesses, universities, communities, and workers to promote job creation and economic growth

369
Q

US Patent and Trademark Office

A

Office of the federal government responsible for issuing, ad-ministering, and enforcing US patents and trade-marks

370
Q

US Small Business Administration

A

A federal agency whose mission is to “maintain and strengthen the nation’s economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters

371
Q

Unique selling proposition

A

A one of a kind attribute of a product or brand that separates it from the competition

372
Q

Unitary demand

A

A market situation in which changes in price create proportionate changes in product sales

373
Q

Universal guidelines

A

A document that outlines general rules or regulations to be used by many groups of people relation to a specific activity

374
Q

Unlimited liability

A

Requirement that business owners be responsible for paying business debt; personal assets can be used to pay the debt

375
Q

Value

A

The amount of satisfaction a good or service will provide a customer

376
Q

Value in kind

A

In a sponsorship agreement, an arrangement in which the sponsor pays part or all of its fee with goods or services

377
Q

Variable Costs

A

Business costs that chnge according to changes in sales volume

378
Q

Variable Cost Margin

A

The amount of variable costs that apply to one unit; also called fixed-costs contribution

379
Q

Variance

A

The difference between a budgeted amount an acutal amount

380
Q

Venture capital

A

Invested money used for new business opportunities

381
Q

Vested interested

A

A personal concern about the outcome of a project, business venture, etc.

382
Q

Virtual Services

A

Services provided through a medium of communication (such as the internet) rather in person

383
Q

Vision Statement

A

A summary of what a business owner wants a business to become

384
Q

Volunteer coordination

A

In event marketing, an activity that involves delegating responsibility and assigning workers where they are needed

385
Q

Weaknesses-opportunity strategy

A

A marketing strategy that focuses on overcoming a business’s weaknesses so that the businesses can pursue opportunities

386
Q

Weaknesses-Threats Strategy

A

A marketing strategy that focuses on ensuring that a business’s weaknesses don’t make it even more vulnerable to the threats it already faces

387
Q

Walk-In promotions

A

In sports marketing, a team or organization’s attempt to communicate with a reward fans as they enter the sport venue

388
Q

Want

A

Desire for something that may or may not be required versus a need which is required

389
Q

Warranty

A

A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected

390
Q

Web radio

A

Music, news, sports, and other programming that are delivered over computer networks

391
Q

Wheeler-Lea Act

A

A federal law that prevents businesses from deceiving customers through pricing strategies

392
Q

Whistleblower

A

Someone who reports unethical behavior or actions

393
Q

Wholesaler

A

An intermediary who helps move goods between producers and retailers by buying goods from producers and selling them to retailers

394
Q

Withdrawal

A

A conflict response mode in which one or both parties exhibit passive behavior and express alow level of cooperation; also called ignoring

395
Q

Word-of-mouth advertising

A

Promotion and publicity for a business provided by customers who tell others of their satisfaction with the business

396
Q

Working capital management

A

Management of a firm’s current balance of asset s and liabilities; involved accounts payable and receivable, inventory and cash

397
Q

World Trade Organization

A

A global organization that deals with the rules of trade between nations; administers trade agreements and handles trade disputes

398
Q

Yielding

A

A conflict response mode in which one or both parties passive behavior and express a high level of cooperation

399
Q

Zero-based budgeting

A

A method of budgeting that requires a manager to demonstrate the need for every expense instead of relying on figures from a previous period; in effect, each one budget begins at zero

Chemistry 1 Honors (6 decks)

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