DECA MARKETING CLUSTER WRITTEN EXAM (TERMS/ANSWERS)
1. price fixing: illegal collusion/communication between firms
eliminating compe- tition
2. price discrimination: different prices for different customers
3. marketing research: process of collecting information to determine
consumer preference, market size, competition, public image, buying
cycles
4. marketing information system: set of procedures and methods
regularly used for information about markets
5. database marketing: customer relationship management (CRM);
process of creating/managing customer list
6. business risk: possibility of financial loss, can be economic, natural, or
human
7. risk management: process of managing organizations' risk to
achieve goals consistent with laws/ethics
8. economic risk: risk from changing business conditions: competition,
consumer needs, population, obsolescence, government regulation
9. natural risk: risk from natural occurrence: loss of property, disaster
10.human risk: risk from human mistakes, dishonesty, theft
11.management: process of reaching goals with technology, human
and material resources
12.vertical management: managers report to higher levels of
1/
, management
13.horizontal organization: top management share decision making
with self managed teams
14.trade promotion: sales promotion to get support for product from
manufactur- ers
15.consumer promotion: sales strategies to encourage customers to
buy a product
16.coupons (consumer promotion): certificate for cash discount
17.premiums (consumer promotion): low price items for sale (e.g. 2 for 1)
18.advertising campaign: group of advertisement, commercials,
activities for advertising objectives
19.product planning: deciding what features a product should have
20.product mix: all different products 1 firm makes
21.product line: group of related products
2/
, 22.product item: specific model/product
23.product width: number of different product lines
24.product depth: number of items in each product line
25.product cycle: intro., maturity, decline, finish
26.distribution channel: path goods travel through from producer to
consumer
27.business format franchise: single trade name, employees become
bosses
28.product trade name franchise: agreement to stock product
29.mind mapping programs: organize info. in meaningful way
30.work team: employees for entire work process
31.project team: employees from different parts of company for one 1
project
32.T account: account showing only business transaction
33.reconciling bank statements...: checkmarks to identify items you
compared
34.variance: analyze info. between forecast and fact
35.internet...: makes it easier to comparison shop
36.database software programs...: arrange customer info. by zip code
37.point of sale...: has integrated software app.; sales, placing
orders, control inventory
38.business format franchise...: has continuous assistance from
3/
1. price fixing: illegal collusion/communication between firms
eliminating compe- tition
2. price discrimination: different prices for different customers
3. marketing research: process of collecting information to determine
consumer preference, market size, competition, public image, buying
cycles
4. marketing information system: set of procedures and methods
regularly used for information about markets
5. database marketing: customer relationship management (CRM);
process of creating/managing customer list
6. business risk: possibility of financial loss, can be economic, natural, or
human
7. risk management: process of managing organizations' risk to
achieve goals consistent with laws/ethics
8. economic risk: risk from changing business conditions: competition,
consumer needs, population, obsolescence, government regulation
9. natural risk: risk from natural occurrence: loss of property, disaster
10.human risk: risk from human mistakes, dishonesty, theft
11.management: process of reaching goals with technology, human
and material resources
12.vertical management: managers report to higher levels of
1/
, management
13.horizontal organization: top management share decision making
with self managed teams
14.trade promotion: sales promotion to get support for product from
manufactur- ers
15.consumer promotion: sales strategies to encourage customers to
buy a product
16.coupons (consumer promotion): certificate for cash discount
17.premiums (consumer promotion): low price items for sale (e.g. 2 for 1)
18.advertising campaign: group of advertisement, commercials,
activities for advertising objectives
19.product planning: deciding what features a product should have
20.product mix: all different products 1 firm makes
21.product line: group of related products
2/
, 22.product item: specific model/product
23.product width: number of different product lines
24.product depth: number of items in each product line
25.product cycle: intro., maturity, decline, finish
26.distribution channel: path goods travel through from producer to
consumer
27.business format franchise: single trade name, employees become
bosses
28.product trade name franchise: agreement to stock product
29.mind mapping programs: organize info. in meaningful way
30.work team: employees for entire work process
31.project team: employees from different parts of company for one 1
project
32.T account: account showing only business transaction
33.reconciling bank statements...: checkmarks to identify items you
compared
34.variance: analyze info. between forecast and fact
35.internet...: makes it easier to comparison shop
36.database software programs...: arrange customer info. by zip code
37.point of sale...: has integrated software app.; sales, placing
orders, control inventory
38.business format franchise...: has continuous assistance from
3/
