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DECA > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

Measure of central tendency

A

Statistical value that represents average/typical value of a data set.

Ex. The AVERAGE US male buys frozen pizza four times every 30 days

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2
Q

Online Cookes

A

Tracks internet behaviour

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3
Q

Opt-in email

A

Electronic promotional messages sent to recipient(with their permission). Recipient can request removal from the subscriber list at any time!

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4
Q

Sales Records

A

-Logs of transactions of products being purchased.
-Includes information about the types of products being purchased

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5
Q

Word-of-mouth Promotion

A

Customers who tell others about their satisfaction with the busniess

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6
Q

Amplified Word-of-mouth Promotion

A

Proactive efforts where business provide specific info to activists(customers) to pass along to friends, family, etc

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7
Q

Organic Word-of-mouth Promotion

A

Occurs naturally when customers are satisfied

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8
Q

Publicity

A

Presentation of goods/services/ideas (not paid by company/individual who recieves it)

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9
Q

Advertising

A

Paid publicity

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10
Q

Sales Promotion

A

Marketing strategies that involves SHORT-TERM INCENTITIVES(temporary rewards) like couponing, discounts, or free samples to encourage the purchase of a product.

Ex.Giving away free vacations through sign-ups in target stores

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11
Q

Personal selling

A

When a salesperson directly interacts with customers to understand their needs and persuade them to buy a product

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12
Q

Channel members

A

All individuals who assist in moving goods from producer to consumer

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13
Q

Pricing strategies

A

Determine product’s price and when to adjust the price(raise it or offer discounts)

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14
Q

Promotional decision

A

Marketing strategies to promote product and effectively reach target audience

Ex. how much to spend on advertising

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15
Q

Synetics

A

-Encourages connecting seemingly unrelated ideas or concepts to generate solutions
-Uses metaphors and analogies which compare different ideas

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16
Q

Whole Life Insurance

A

Provides lifelong coverage, including a cash value that grows overtime that policyholders can borrow or withdrawl

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17
Q

International Standardization

A

-Globally recognized norms/guidelines for products to ensure compatibility across different countries.
-Prevents technical barriers to trade

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18
Q

Technical barriers of trade

A

-Regulations/standards created by governments to create obstacles for foreign products to enter a market
-Occurs between countries

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19
Q

Products most appropriate for mass marketing

A

-Products needed by everyone
Ex. Toothpaste

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20
Q

Most important economic resource

A

People

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21
Q

Installation product

A

-Category of industrial good/service
-Large, expensive item that requires significant effort to install
-Long-term investment

Ex. elevator

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22
Q

Shopping Product

A

-Item consumers compare based on quality, features, and price

Ex. clothes/electronics

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23
Q

Convenience Product

A

Low-cost item that is frequently purchased quickly and with minimal effort

Ex. food, toiletries

24
Q

Specialty Product

A

Unique, special, high-end item that make consumers willing to exert special efforts to obtain it

25
Possession Unity
-Usefulness created when ownership is transferred from seller to user -Skilled salespeople create desire for products, encouraging possession utility
26
Price Fixing
illegal business agreement where businesses agree to set their prices at a certain level, forcing customers to have little choice
27
Black-market Pricing
Fictitious term - selling goods/services at illegally high prices due to scarcity/demand in an unregulated market
28
Price discrimination
When a business charges different customers different prices for the same product (based on demand, purchase quality, customer characteristics)
29
Predatory Pricing
Illegal practice(strategy) of setting prices unrealistically low to eliminate competition
30
Product Placement
- Sales promotional strategy where a product or brands MENTIONED IN MEDIA. - Used to reinforce BRAND AWARENESS
31
Tamper-Resistant Packaging
- Businesses use tamper resistant packaging to PROTECT customers from PRODUCTS that can be harmful if tampered or contaminated. - Customers can identify if a product has been tampered with, serving as a WARNING AGAINST PURCHASE
32
Credit Sale
Transaction where the buyer purchases goods or services and AGREES TO PAY FOR THEM LATER
33
Cash Sale
transaction where the buyer pays for goods or services IMMEDIATELY IN CASH or through a cash equivalent
34
Budget Sale
promotional sale where items are OFFERED AT DISCOUNTED PRICES to help customers manage their spending within a budget
35
Layaway Sale
arrangement where customers RESERVE ITEMS by paying a DEPOSIT and then make REGULAR PAYMENTS until the full price is paid, at which point they receive the item
36
Sampling
Selecting a group of individuals from a larger population to gather data/make inferences about that population
37
Convenience Sampling
Researchers choose respondents based on OPPORTUNITY
38
Snowball Sampling
Researchers ask participants to RECRUIT ADDITIONAL PARTICIPANTS for the study
39
Cluster Sampling
Researchers DIVIDE target populations into NON-OVERLAPPING SUBPOPULATIONS determined by GEOGRAPHY and sample each one.
40
Stratified Random Sampling
Researchers break target populations into non-overlapping groups and draw SIMPLE RANDOM SAMPLES from each one.
41
Positioning
Creates a certain image/impression of a product in the minds of consumers(a certain target market)
42
Incorporation
Legally structuring a business as a CORPORATION
43
Alteration
Making changes to its existing products/product lines
44
Situational Analysis
- Identify possible OPPORTUNITIES or THREATS Ex. a situational analysis might identify customers changing their habits(opportunity)
45
Accountant Responsibility
- Look out for the greater good as a whole, not just for themselves or their clients. - They provide info that can drastically affect the economy as a whole
46
Product Mix
VARIETY of products
47
Market Share
of total shares relative to its competitors
48
Promotional MIx
combination of PROMOTIONAL TOOLS and strategies(advertising, sales promotion, public relations, personal selling, and direct marketing) that a company uses to OBTAIN CUSTOMERS
49
Price Markup
Difference between total costs and selling price
50
Break-even Point
Total expenses = total sale
51
Total Cost
SUM of operating and direct EXPENSES used to make the product
52
Slotting Allowance
Cash manufacturers pay to retailers to cover the cost of stocking the product
53
Return On Investments
Net profit / amount spent
54
Retention Rate
% of customers who continue to engage with a company/service over a specific period
55
Quantitative
Based on hard facts and numerical data
56
UPC
- Universal Product Code - Encoded with product information, such as price, brand, size, etc., to be read by an electronic scanner. - Exchanged electronically, simplifying the price- marking function because the business does not need to mark a price on each product.

DECA (8 decks)

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