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deca > Marketing definitions > Flashcards

Marketing definitions Flashcards

1
Q

operating expenses

A

cost of running a business

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2
Q

vertical conflict

A

members of different levels

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3
Q

horizontal conflict

A

members of same level

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4
Q

retail price maintenance

A

manufacturer and distributer agree on a certain price to sell the manufacturer’s product

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5
Q

price fixing

A

agreeing with competitors to sell a product at a certain price

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6
Q

predatory pricing

A

lower costs to drive out competition and then raising those costs to make up for the losses and make profit

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7
Q

scanner fraud

A

charging at a higher cost at the checkout/poin of purchase than what was advertised/on the shelves

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8
Q

gray marketing

A

using unofficial but legal channels of distribution

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9
Q

slotting allowance

A

the fee manufacturer’s pay retailers to get their prodcuts on the shelves

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10
Q

channel strategies

A

methods a company uses to deliver goods and services to consumers in the most efficient way

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11
Q

misrepresentation

A

providing false or misleading information. exaggerating, omitting info, etc.

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12
Q

exclusivity

A

making a product/service only available to an exclusive/limited group of customers –> raises desirability of the product/service

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13
Q

commercial bank

A

accepts deposits, provides loans, offers various services to business and individuals, focused on generating profit

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14
Q

savings and loan association

A

focused on accepting saving deposits and providing home mortgage loans. promotes homeownership

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15
Q

finance company

A

provides loans and credut typically personal and auto loans and equipment financing

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16
Q

credit unions

A

non profit organizations that prioritize consumer needs over high prices. membership based on common bond (shared employment, community, affiliation, etc.)

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17
Q

styles of management: controlling

A

monitoring performace and comparing to goals

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18
Q

styles of management: organizing

A

arrangment of resources and tasks to achieve organizational goals (defining roles, responsibility, and structure)

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19
Q

styles of management: planning

A

process of goal setting and determining action plans to achieve them (forecasting and decision making)

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20
Q

styles of management: directing

A

guiding and motivating employees to work effectively toward goals (communication and leadership)

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21
Q

social responsibility

A

business’s social and ethical responsibilities, acting in the interest of consumers, employees, the community, etc. (sustainable practices, transparency, etc.)

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22
Q

quantities: demand

A

amount of product/service consumers are willing and able to purchase at a specific price and time period

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23
Q

quantities: market price

A

amount of product/service available at a specific price in the market. indicates the amount consumers are willing to buy at that price.

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24
Q

quantities: supply

A

amount of product/service producers are willing to sell at a specific price and time.

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25
Q

quantities: elasticity

A

how quantity demanded of goods/services responds to changes in price. (sensitivity of customers to price change)

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26
Q

SWOT analysis

A

strengths, weaknesses, opportunities, threats

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27
Q

deviation

A

difference between the expected outcomes vs the actual outcomes

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28
Q

trade journals

A

publications focused on specific industries. contain info like news, trends, research, etc.

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29
Q

investment bank

A

helps companies raise capital, facilitates buying and selling of securities

30
Q

asset-management firm

A

manages investments on behalf of clients to grow wealth through various investment strategies

31
Q

financial auditing firm

A

examines and verifies a company’s finaincial records and documents to ensure accuracy

32
Q

brand insistence

A

customers are so loyal to a brand and they go out of their way to only purchase that specific brand

33
Q

brand preference

A

consumers tendency to favour one brand over others

34
Q

product positioning

A

defining how products are perceived in the eyes of consumers

35
Q

product screening

A

evaluating and assessinf potential new products

36
Q

enclosure notation

A

something being attached to/with the letter at the bottom of an email or something

37
Q

aptitudes

A

natural skills or abilities an individual possesses

38
Q

relationships: fiduciary

A

legal/ethical bond of trust where one party is obligated to act in the best interest of the other

39
Q

relationships: principal

A

where one party gives the other the authority to act on their behalf

40
Q

memorandum

A

short, written message used to communicate information, reminders or updates. usually internal communications

41
Q

markup

A

certain amount prices are increased by

42
Q

markdown

A

certain amount prices are decreased by

43
Q

research method: causal

A

cause and effect. change a variable and observe affect on the other

44
Q

research method: experimental

A

test hypotheses by changing variables in controlled settings to establish causal (cause and effect) links

45
Q

research method: exlploratory

A

preliminary investigation to understand the problem when little is known. involves open-ended methods (interviews, focus groups, surveys, etc.)

46
Q

anti-trust laws

A

promote competition to prevent monopolies.

47
Q

relationships: interrelated

A

relationships between customers, employees, etc. that influence each other

48
Q

relationships: subsidiary

A

fully or partially owned by another company (known as parent company)

49
Q

relationships: dependent

A

one entity relies on/is influenced by another

50
Q

relationships: one to one

A

one entity corresponds directly to another (for example, tailoring a marketing plan to a specific community/individual)

51
Q

marginal cost

A

change in total cost/# produced

52
Q

big Q

A

total quality management

53
Q

aggregate demand

A

total demand for all goods and services in an economy at a certain price level at a certain time

54
Q

big data

A

large and complex data sets that aren’t easily managed

55
Q

data encryption

A

converting info to a coded format to prevent unauthorized access

56
Q

primary market research

A

collecting original data directly from sources to gain insights about specific markets or audiences

57
Q

pretest idea measurement

A

evaluating a concept or product before its release to gather feedback

58
Q

target readership evaluation

A

assessing the specific audience for a publication or content to understand their preferences and interests

59
Q

concept testing

A

process of testing a new product with potential customers to gather feedback

60
Q

multiprocessing example

A

users to access the same program on multiple computers

61
Q

rebate

A

partial fund given to a customer after purchase

62
Q

wage garnishment

A

legal process where a portion of someone’s earnings is withheld by an employer

63
Q

transfer payment

A

payment made by the government to individuals or organizations without any exchange of goods or services in return

64
Q

economic risk

A

potential for financial loss bc of changes in economic conditions (inflation, recession, currency fluctuations, etc.)

65
Q

human risk

A

potential for loss or harm due to human actions (fraud, negligence, etc.)

66
Q

natural risk

A

potential for loss or damage due to natural disasters and events (storm, hurricane, etc.)

67
Q

incompetence risk

A

potential for loss bc of an individual’s or organization’s inability to perform tasks (bc lack of knowledge, experience, etc.)

68
Q

data mining

A

analyzing large datasets to discover patterns and trends that inform decision-making

69
Q

keyboarding

A

inputting data or information into a computer

70
Q
A

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