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DECA > Marketing Terms A-M > Flashcards

Marketing Terms A-M Flashcards

1
Q

Advertising

A

Promotion of ideas, goods, and services by an identified sponsor. Includes (a) Time or Space paid for, (b) Uses set format to carry the message rather than personal one on one selling, (c) Identifies the sponsor of the message

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2
Q

Advertising Campaign

A

Creation and Coordination of a series of advertisements (both broadcast and print) around a particular theme to promote a product

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3
Q

Balance Sheet

A

Summary of a business’s assets, liabilities, and owner’s equity

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4
Q

Banner Ad

A

A wide shallow rectangle at the top or bottom of a Web page that takes the user to the advertiser’s Web page when clicked with a mouse

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5
Q

Benefits

A

Privileges or monetary payments beyond salary or wages, the goes with a job

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6
Q

Brand Name

A

The word, group of words, letters, or numbers representing a brand that can be spoken

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7
Q

Broadcast Media

A

Advertising that uses radio and television

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8
Q

Business

A

All of the activities involved in producing and marketing goods and services

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9
Q

Business Plan

A

A proposal that describes a new business to potential investors and lenders

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10
Q

Business Risks

A

The possibility of business loss or failure

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11
Q

Buying Behavior

A

The process individuals use to decide what they will buy, from where they will buy it, and who they will buy it from

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12
Q

Capital Goods

A

Such as equipment or processed materials, used in a production process, also, money needed to start and operate a business

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13
Q

Closing the Sale

A

Obtaining positive agreements from the customer

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14
Q

COGS

A

Cost of Goods Sold- Wholesale price that a business pays for a product

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15
Q

Community Relations

A

Activities that a business pays for a product

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16
Q

Competition

A

The struggle between companies for customers

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17
Q

Customer Benefits

A

The advantages or personal satisfaction a customer will get from a good or service

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18
Q

Debit Card

A

An ATM card used to make a purchase at a store

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19
Q

Demographics

A

Statistics that describe a population in terms of personal characters

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20
Q

Direct Close

A

The method of asking for the sale

21
Q

Distribution Channel

A

A distribution channel can be as short as being direct from the vendor to the consumer or may include several interconnected intermediaries such as wholesale, distributors, agents, retailers and each intermediary receives the item at one pricing point and moves it to the next higher pricing point until it reaches the final buyer

22
Q

Discount Pricing

A

Pricing technique that involves the seller’s offering reductions from usual price

23
Q

E-Commerce

A

The buying and selling of goods through the use of electronic networks, usually the Internet

24
Q

Economic Risks

A

Type of business risks that occur from changes in business conditions

25
Q

Empathize

A

To understand a person’s situation or frame of mind

26
Q

Entrepreneurship

A

The process of starting and managing your own business; the skills of people who are willing to risk their time and money to run a business

27
Q

Everyday Low Prices

A

Low Prices are set on a consistent basis with no intention of raising them or offering discounts in the future

28
Q

Feature-Benefit-Selling

A

Matching the feature of a product to a consumer’s needs and wants; customers don’t buy products they buy what the product will do for them

29
Q

Franchise

A

A grant or right to sell a parent company’s product or service within a given area or territory

30
Q

Generic Brands

A

Brands that represents a general product category and do not carry a company or brand name

31
Q

Gross Profit

A

Difference between sales revenue and the cost of goods sold

32
Q

Human Risks

A

Type of business risks caused by human mistakes as well as the unpredictability of customers, employees, or the work environment

33
Q

Gross Sales

A

Total of all the sales for any period of time

34
Q

Human Resources Management

A

The administrative discipline of hiring and developing employees so that they become more valuable to the organization (Manages employee, Hiring, Firing, Benefits, Wages, Salaries)

35
Q

Illustration

A

The photograph or drawing used in print advertisement

36
Q

Incentives

A

Higher-priced products and and given through contests, sweepstakes, and rebates

37
Q

Installment Accounts

A

Charge accounts that follow for payment over a period of time

38
Q

Inventory

A

The amounts of goods stored, including raw materials, purchased components, manufactured subassemblies, and works in process, packaging materials, and finished goods

39
Q

Invoice

A

Customer bill included with delivered merchandise when filling a PO-based order

40
Q

Loss Leader

A

Item Priced at cost to draw customers into store

41
Q

Layaway

A

Merchandise removed from stock and kept in a separate storage area until the customer pays for it

42
Q

Management

A

Process of developing, promoting and distributing products to satisfy needs and wants: purchasing, selling pricing, product planning, information management, promotion, financing, distribution, and risk management

43
Q

Market Share

A

A total % of sales volume generated of all competitors in a given market

44
Q

Marketing Concept

A

Idea that to make a profit a must focus all its efforts on satisfying the needs and wants of the customer

45
Q

Marketing Mix

A

Combination of marketing decisions involving product, price, place, and promotion; Aqua the four P’s

46
Q

Marketing Research

A

Gathering, recording, and analyzing of information about problems related to goods and services

47
Q

Media

A

Agencies, means, or instruments used to convey messages, print – oldest and most effective; broadcast – radio and TV; online – messages on the Internet; specialty – relatively inexpensive, useful items with and advertiser’s name

48
Q

Mixed Brand Strategy

A

A branding strategy that involves simultaneously offering a combination of manufacture, private distributor, and generic brands

DECA (3 decks)

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