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DECA > Marketing Exam > Flashcards

Marketing Exam Flashcards

1
Q

Characteristics of Money

A

durability,
portability (moving it around),
divisibility,
uniformity,
limited supply (to protect against inflation),
acceptability (“legal tender”)

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2
Q

3 Functions of Money

A

Store of value, unit of account, medium of exchange

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3
Q

Unit of Account

A

common measure of value across the economy

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4
Q

Medium of Exchange

A

widely accepted as a method of payment

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5
Q

Marketing

A

the activity or business of promoting and selling products or services, including market research and advertising

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6
Q

The goal of marketing

A

To meet customers’ needs (goods and services you need) and wants (goods and services you do not need but would like to have) with products that customers can and will buy

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7
Q

dynamic

A

constantly changing

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8
Q

Customer

A

an individual or group who buys products

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9
Q

Target Market

A

The specific group of customers whose needs a company will focus on satisfying

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10
Q

Four Ps of Marketing

A

Product, Place, Price, and Promotion

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11
Q

Product

A

Anything that can be bought or sold

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12
Q

Good

A

A physical item

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13
Q

Service

A

An action that is done for you

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14
Q

Idea

A

A concept, cause, issue, image, or philosophy that can be marketed

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15
Q

Place

A

The process of making products available to customers

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16
Q

Distribution

A

the process of physically delivering goods to customers

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17
Q

Price

A

The amount of money requested or exchanged for a product

18
Q

Marketing Plan

A

A guide for a company’s product which includes Market Opportunities and Analysis, Strategy, and an Action Plan

19
Q

SWOT Analysis

A

An analysis of a company’s strengths, weaknesses, opportunities, and threats

20
Q

When to use a SWOT analysis

A

to assess your organization’s position before you decide on any new strategy

21
Q

Forecast

A

A prediction of future sales or revenue

22
Q

Need

A

Something that is necessary for survivalW

23
Q

Want

A

Something a person desires but could function without

24
Q

Economic Needs and Wants

A

Needs and wants that you can satisfy by buying something

25
Q

Economic Goods and Services

A

The products that you buy to satisfy economic needs and wants

26
Q

Exchange

A

To trade something of value for something you want

27
Q

Money

A

A consistent item people accept in exchange for goods or work

28
Q

Value

A

How much something is worth

29
Q

Time Value of Money

A

The greater potential worth in the future than it does today

30
Q

Store of Wealth

A

Money’s ability to keep and store wealth for long periods of time.

31
Q

Business

A

The general term for all the activities involved in the development and exchange of products

32
Q

Profit

A

The money that a business has left after all the expenses and costs of running the business are paid

33
Q

Sole Proprietorship

A

A business owned by one person [who] has all the responsibility and gets all the profits from the business

34
Q

Partnership

A

A business owned by a small number of people, usually two or three

35
Q

Legal Entity

A

An artificial person that exists separately from [other people]

36
Q

Corporation

A

A legal entity established for the purpose of doing business [who] can buy property, run a business, manufacture products, earn money, lose money, sue, and be sued

37
Q

Stockholders

A

People who own a corporation

38
Q

Stock

A

The right of partial ownership in a corporation

39
Q

Two categories of business organizations

A

For-profit and not-for-profit

40
Q

For-profit

A

A business organization whose goal is to make a profit for the owners

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