Exam (elaborations)
DECA Marketing Cluster Exam Vocabulary 2023
- Course
- Institution
DECA Marketing Cluster Exam Vocabulary 2023
[Show more]
Content preview
DECA Marketing Cluster ExamVocabulary 2023
The legal procedure - Answer The process of reviewing disputes and resolving them
in a fair manner
Sole proprietorship - Answer A form of business ownership in which a business is
owned by one person
Partnership - Answer Form of business ownership in which a business is owned by
two or more people
Corporation - Answer Owned by issuing stock, difficult to form and operate
Monopoly - Answer Market is controlled by one supplier
Marketing - information Management - Answer Marketing function that involves
gathering, accessing, evaluating, and distributing data about customer preferences,
opinions, habits and trends to use in business decisions
Product/service management - Answer Involves obtaining, developing, maintaining
and improving a product or service mix
Selling - Answer Determining client needs and wants and responding through
personalized communication which influences purchase decisions
Promotion - Answer Communicating info about goods, sercices, images or ideas to
achieve a desired outcome
Wholesaler - Answer A business that buys goods from producers or agents and sells
them to retailers
Agents - Answer Assist in selling and promoting a producer's goods
Producers - Answer Growers, providers, or manufacturers of goods or services
Retailers - Answer Businesses that buy consumer goods or services and sell them to
customers
Integrated data between channel members - Answer Technology of electronic billing,
purchase-order verification, bar coding and image processing enabling integrated
data
Vertical and horizontal channel integration - Answer Methods of organizing
distribution channels
Finance department - Answer Utilizes methods to share data
Horizontal channel conflict - Answer Occurs between businesses at the same level
, DECA Marketing Cluster Exam
Vocabulary 2023
Vertical channel conflict - Answer Occurs between different levels of the same
channel (i.e. local branch vs. Corporate office)
Marketing research - Answer Systematic gathering, recording, and analyzing data
about problems relating to goods and services
Businesslike telephone answering - Answer Identify the firm/department and yourself
Casually operated groups - Answer Purpose is to give and find out opinions. No
"rules" exist
Complimentary closing - Answer Yours truly
Work related problems should be discussed with... - Answer Their immediate
supervisor
How to make customers feel important - Answer Use their names in conversation
Employee policy - Answer Policies that explain how employees are to act and deal
with customers
Things to avoid doing with slow, methodical customers - Answer Show them a large
selection of products
Possession utility - Answer Ownership of a product is transferred from the seller to
the customer (credit plans)
Place utility - Answer Making goods and services avaliable at the location wanted by
customers
Form utility - Answer When the shape or form of a product is altered to make it more
useful
When do prices increase? - Answer When buyers will be willing to pay higher prices
Matrix organizational structure - Answer Uses horizontal authority to integrate
departmental functions with product orientation
Oligopoly - Answer Market structure with relatively few sellers where industry leaders
determine prices
Technical monopoly - Answer Type of monopoly in which seller controls the market
with one or more technical products
Advantages of specialization of labor - Answer It's easier to train employees
Peak phase of the business cycle - Answer When economy prosperity reaches a
high point and demand exceeds capabilities of producers
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EvaTee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
68175 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now