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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
Q

Possession Unity

A

-Usefulness created when ownership is transferred from seller to user
-Skilled salespeople create desire for products, encouraging possession utility

26
Q

Price Fixing

A

illegal business agreement where businesses agree to set their prices at a certain level, forcing customers to have little choice

27
Q

Black-market Pricing

A

Fictitious term - selling goods/services at illegally high prices due to scarcity/demand in an unregulated market

28
Q

Price discrimination

A

When a business charges different customers different prices for the same product (based on demand, purchase quality, customer characteristics)

29
Q

Predatory Pricing

A

Illegal practice(strategy) of setting prices unrealistically low to eliminate competition

30
Q

Product Placement

A
  • Sales promotional strategy where a product or brands MENTIONED IN MEDIA.
  • Used to reinforce BRAND AWARENESS
31
Q

Tamper-Resistant Packaging

A
  • 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
Q

Credit Sale

A

Transaction where the buyer purchases goods or services and AGREES TO PAY FOR THEM LATER

33
Q

Cash Sale

A

transaction where the buyer pays for goods or services IMMEDIATELY IN CASH or through a cash equivalent

34
Q

Budget Sale

A

promotional sale where items are OFFERED AT DISCOUNTED PRICES to help customers manage their spending within a budget

35
Q

Layaway Sale

A

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
Q

Sampling

A

Selecting a group of individuals from a larger population to gather data/make inferences about that population

37
Q

Convenience Sampling

A

Researchers choose respondents based on OPPORTUNITY

38
Q

Snowball Sampling

A

Researchers ask participants to RECRUIT ADDITIONAL PARTICIPANTS for the study

39
Q

Cluster Sampling

A

Researchers DIVIDE target populations into NON-OVERLAPPING SUBPOPULATIONS determined by GEOGRAPHY and sample each one.

40
Q

Stratified Random Sampling

A

Researchers break target populations into non-overlapping groups and draw SIMPLE RANDOM SAMPLES from each one.

41
Q

Positioning

A

Creates a certain image/impression of a product in the minds of consumers(a certain target market)

42
Q

Incorporation

A

Legally structuring a business as a CORPORATION

43
Q

Alteration

A

Making changes to its existing products/product lines

44
Q

Situational Analysis

A
  • Identify possible OPPORTUNITIES or THREATS

Ex. a situational analysis might identify customers changing their habits(opportunity)

45
Q

Accountant Responsibility

A
  • 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
Q

Product Mix

A

VARIETY of products

47
Q

Market Share

A

of total shares relative to its competitors

48
Q

Promotional MIx

A

combination of PROMOTIONAL TOOLS and strategies(advertising, sales promotion, public relations, personal selling, and direct marketing) that a company uses to OBTAIN CUSTOMERS

49
Q

Price Markup

A

Difference between total costs and selling price

50
Q

Break-even Point

A

Total expenses = total sale

51
Q

Total Cost

A

SUM of operating and direct EXPENSES used to make the product

52
Q

Slotting Allowance

A

Cash manufacturers pay to retailers to cover the cost of stocking the product

53
Q

Return On Investments

A

Net profit / amount spent

54
Q

Retention Rate

A

% of customers who continue to engage with a company/service over a specific period

55
Q

Quantitative

A

Based on hard facts and numerical data

56
Q

UPC

A
  • 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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