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DECA > Exam 1 Vocab > Flashcards

Exam 1 Vocab Flashcards

1
Q

Franchise

A

Contractual agreement between parent company and franchisee

Ex. Parent Company - Tim Hortons, Franchisee - individual stores

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2
Q

Channel Management

A

Strategies to manage the distribution channels that get goods/services from producers to consumers.

Goal: satisfy customer wants/needs - provide good customer service

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3
Q

Sole Proprietorship

A
  • Owner assumes all risk
  • Individual owns the busniess personally
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4
Q

Corporation

A

Owned by stockholders - limits losses/risks to the amount each individual owner invested

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5
Q

Partnership

A

Divides risk between 2-3 parties

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6
Q

Channel of Distribution

A

Pathway through which goods/services move from producers to consumers involving various intermediaries such as wholesalers and retailers.

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7
Q

Channel members

A

Individuals that participate in the distribution process

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8
Q

Manufacturers

A
  • Start of the distribution channel
  • Companies that produce goods
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9
Q

Wholesalers

A

Intermediaries that purchase large quantities from manufacturers and sell them in smaller amounts to retailers or other businesses.

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10
Q

Distributors

A

Role of distributing products to various retailers or directly to consumers, often providing additional services like storage and logistics.

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11
Q

Retailers

A

Businesses that sell products directly to consumers(stores, online shops, and other outlets).

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12
Q

Agents/Brokers

A

Individuals or firms that facilitate sales between producers and buyers without taking ownership of the goods.

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13
Q

Customers

A

End users of products or services who complete the channel.

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14
Q

Horizontal Channel Integration

A

Combining w/businesses at the same level of the distribution chain

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15
Q

Vertical Channel Integration

A

Combining w/businesses at different levels of the distribution chain

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16
Q

Tort

A

Private wrongdoing that potentially harms another person or entity.

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17
Q

Plaintiff

A

Individual or entity that initiates a lawsuit in a civil court, claiming to have been harmed by a tort and seeking damages or relief from the defendant.

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18
Q

Duty of Care

A

Basic principle that expects all individuals and
businesses to exhibit socially responsible behavior by using caution to prevent harm and by watching out
for one another.

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19
Q

Doctrine of sovereign immunity

A

Universally accepted principle that each nation has the right to manage its own government and develop its own laws.

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20
Q

Memorandum

A

Written message/document in a business

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21
Q

Channel Conflict

A

Occurs when channel members compete among themselves for customers. Can by minimized by having each channel sell different products, so they are not directly competing among themselves for business.

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22
Q

Jargon

A

a specialized language known only to a certain group of people; a term

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23
Q

Opportunity cost

A

Benefit lost when you decide to use resources for one purpose rather than for another

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24
Q

Limited-line businesses

A

Specialize in the products that they offer for sale. Usually carry an excellent assortment of those goods

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25
Q

Service businesses

A

Perform intangible activities that satisfy the wants of consumers or industrial users

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26
Q

Specialty businesses

A

Typically carry a very limited variety of products

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27
Q

Discount businesses

A

Sell products at reduced prices and usually carry a variety of items

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28
Q

Ethics

A
  • The basic principles that govern an individual’s behavior.
29
Q

Business Ethics

A
  • How a business behaves in its dealing with other businesses, customers, and employees.
  • Businesses consider issues about what is right and wrong when they decide how to operate and how to treat others
30
Q

Patent

A

An intellectual property right to protect inventions, granted by a country’s government as a territorial right for a limited period

31
Q

Copyright

A

Legal protection of books and other artistic works granted by government and giving their creators sole rights to them for 28 years

32
Q

Trademark

A

An exclusive name/symbol placed on a product and may be registered with the government to prevent its use by others

33
Q

License

A

Official permission to do or own a specified thing

34
Q

Depression

A

An economic decline that lasts longer than a recession. Characterized by a rapidly falling GDP and high unemployment

35
Q

Interest rate

A

The percentage figure used in calculating interest charges.

36
Q

Ethnocentrism

A

Thinking your culture is superior to others

37
Q

Collectivism

A

A society that is integrated into strong groups

38
Q

Stereotyping

A

Generalizing others based on their cultural backgrounds

39
Q

Individualism

A

Refers to a society in which group ties are loose, and everyone is expected to take care of him/herself

40
Q

Money functions

A

As a store of value when it is saved rather than spent

41
Q

Unit of measure

A

Money serves as this when it is used to express the value or worth of something

42
Q

Medium of exchange

A

Money serves as this when it is used to obtain goods and services

43
Q

Consumer Credit Protection Laws

A

All individuals are entitled to receive equal opportunity for credit under 6these

44
Q

Fixed expenses

A

Expenses that stay the same from month to month

Ex. mortgages; car insurance payments; utilities

45
Q

Variable expenses

A

change from month to month

46
Q

Net Income

A

What a business or individual makes after taxes, deductions, and other expenses are taken out

47
Q

Gross Income

A

The total pre-tax earnings from wages, tips, investments, interest, and other forms of income

48
Q

Endorsement

A

involves signing the back of the check, which allows the funds to be transferred from the check source to the payee

49
Q

Restrictive Endorsement

A

limits how the check can be processed

Ex. can only be deposited to the endorser’s specified account

50
Q

General endorsement

A

No restrictions placed on funds transfer; allows the endorser to cash the check or deposit it into the account of their choice

51
Q

Income statement

A

A financial summary that shows how much money the business has made or lost; also called a profit-and-loss statement

Includes: revenue, expenses, and net income.

52
Q

Balance sheet

A

Includes: firm’s assets, liabilities, and owner’s equity

53
Q

Marketing plan

A

A set of procedures or strategies for attracting the target customer to the business

54
Q

Sales budget

A

An estimate of expenditures related to sales

55
Q

Marketing information

A

All of the marketing-related data available inside and outside the business

Ex. information about customers; competitors; demographics

56
Q

Secondary data

A

A type of marketing information that has been collected for purposes other than the project at hand

57
Q

Sales records

A

A type of marketing information, but they usually indicate only the decrease in sales rather than the reason for the decrease

58
Q

Purchasing documents

A

Documents a business uses to purchase goods and services.

59
Q

Cookies

A
  • Text files on a website used to observe/track the visitor’s Internet behavior and retrieve information during
    subsequent visits to its website.
  • Provides info about
    customer’s browsing behavior, buying patterns, and preferences.
60
Q

Hyperlink

A

A component of an electronic document that an Internet user can click on, allowing him/her to jump to another place within the document or to jump into a different document

61
Q

Host

A

Stores web pages on a server for a monthly fee

62
Q

Sampling

A

The process of choosing a representative group of consumers to survey

63
Q

Research objectives

A

Formal statements of what a marketing research study will achieve

64
Q

Relevant Variable

A

Types of information studied in a marketing research project
Ex. brand awareness, customer satisfaction

65
Q

Decision Problem

A

Issue from the manager’s perspective

66
Q

Research Problem

A

Issue from the researcher’s perspective.

67
Q

Relevant Variable

A
68
Q

Research Objective

A

DECA (7 decks)

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