DECA Marketing Questions and Answers
100% Pass
Marketing ✔✔The dynamic activities that focus on the customer to generate a profitable
exchange
The Goal of Marketing ✔✔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
Dynamic ✔✔constantly changing
Customer ✔✔an individual or group who buys products
Target Market ✔✔The specific group of customers whose needs a company will focus on
satisfying
The Four Ps of Marketing ✔✔Product, Place, Price, and Promotion
,Product ✔✔Anything that can be bought or sold
Good ✔✔A physical item
Service ✔✔An action that is done for you
Idea ✔✔A concept, cause, issue, image, or philosophy that can be marketed
Place ✔✔The process of making products available to customers
Distribution ✔✔the process of physically delivering goods to customers
Price ✔✔The amount of money requested or exchanged for a product
Marketing Plan ✔✔A guide for a company's product which includes Market Opportunities and
Analysis, Strategy, and an Action Plan
,SWOT Analysis ✔✔An analysis of a company's strengths, weaknesses, opportunities, and
threats
Forecast ✔✔A prediction of future sales or revenue
Need ✔✔Something that is necessary for survival
Want ✔✔Something a person desires but could function without
Economic Needs and Wants ✔✔Needs and wants that you can satisfy by buying something
Economic Goods and Services ✔✔The products that you buy to satisfy economic needs
Exchange ✔✔To trade something of value for something you want
Money ✔✔A consistent item people accept in exchange for goods or work
Value ✔✔How much something is worth
, Time Value of Money ✔✔The greater potential worth in the future than it does today
Store of Wealth ✔✔Money's ability to keep and store wealth for long periods of time.
Business ✔✔The general term for all the activities involved in the development and exchange of
products
Profit ✔✔The money that a business has left after all the expenses and costs of running the
business are paid
Sole Proprietorship ✔✔A business owned by one person [who] has all the responsibility and gets
all the profits from the business
Partnership ✔✔A business owned by a small number of people, usually two or three
Legal Entity ✔✔An artificial person that exists separately from [other people]
100% Pass
Marketing ✔✔The dynamic activities that focus on the customer to generate a profitable
exchange
The Goal of Marketing ✔✔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
Dynamic ✔✔constantly changing
Customer ✔✔an individual or group who buys products
Target Market ✔✔The specific group of customers whose needs a company will focus on
satisfying
The Four Ps of Marketing ✔✔Product, Place, Price, and Promotion
,Product ✔✔Anything that can be bought or sold
Good ✔✔A physical item
Service ✔✔An action that is done for you
Idea ✔✔A concept, cause, issue, image, or philosophy that can be marketed
Place ✔✔The process of making products available to customers
Distribution ✔✔the process of physically delivering goods to customers
Price ✔✔The amount of money requested or exchanged for a product
Marketing Plan ✔✔A guide for a company's product which includes Market Opportunities and
Analysis, Strategy, and an Action Plan
,SWOT Analysis ✔✔An analysis of a company's strengths, weaknesses, opportunities, and
threats
Forecast ✔✔A prediction of future sales or revenue
Need ✔✔Something that is necessary for survival
Want ✔✔Something a person desires but could function without
Economic Needs and Wants ✔✔Needs and wants that you can satisfy by buying something
Economic Goods and Services ✔✔The products that you buy to satisfy economic needs
Exchange ✔✔To trade something of value for something you want
Money ✔✔A consistent item people accept in exchange for goods or work
Value ✔✔How much something is worth
, Time Value of Money ✔✔The greater potential worth in the future than it does today
Store of Wealth ✔✔Money's ability to keep and store wealth for long periods of time.
Business ✔✔The general term for all the activities involved in the development and exchange of
products
Profit ✔✔The money that a business has left after all the expenses and costs of running the
business are paid
Sole Proprietorship ✔✔A business owned by one person [who] has all the responsibility and gets
all the profits from the business
Partnership ✔✔A business owned by a small number of people, usually two or three
Legal Entity ✔✔An artificial person that exists separately from [other people]
