DECA Marketing cluster exam 2023 with complete solution
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Course
DECA
Institution
DECA
DECA Marketing cluster exam 2023 with complete solution
Exclusive Distribution
Situation where suppliers and distributors enter into an exclusive agreement that only allows the named distributor to sell a specific product.
Electronic Data Interchange (EDI) Systems
The electronic interchange o...
deca marketing cluster exam 2023 with complete solution exclusive distribution situation where suppliers and distributors enter into an exclusive agreement that only allows the named distributor to s
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DECA Marketing cluster exam 2023 with complete
solution
Exclusive Distribution
Situation where suppliers and distributors enter into an exclusive agreement that only
allows the named distributor to sell a specific product.
Electronic Data Interchange (EDI) Systems
The electronic interchange of business information using a standardized format; a
process which allows one company to send information to another company
electronically rather than with paper.
Trading Partners
Business entities conducting business electronically.
Streamline
Make (an organization or system) more efficient and effective by employing faster or
simpler working methods.
Slotting Allowances / Slotting Fee
A fee charged to produce companies or manufacturers by supermarket distributors
(retailers) in order to have their product placed on their shelves. Known as Pay-to-Stay.
Consumer Choice
The range of competing products and services from which a consumer can choose.
Tariff
A tax or duty to be paid on a particular class of imports or exports. OR. Fix the price of
(something) according to a tariff.
Horizontal Conflict
Refers to a disagreement among two or more channel members at the same level. For
example, suppose a toy manufacturer has deals with two wholesalers, each contracted
to sell products to retailers in different regions. If one wholesaler decides to branch its
operations into the other wholesaler's region, a conflict will result.
Vertical Conflict
A disagreement between two channel members on consecutive levels. For example, if
the toy manufacturer discovers its products are arriving at retail stores later than
scheduled, a conflict might develop between the manufacturer and the wholesaler
responsible for shipping to retailers.
Chargeback
A demand by a credit-card provider for a retailer to make good the loss on a fraudulent
or disputed transaction.
Scrambled Merchandising
When a shop sells goods that are usually sold by another type of shop, in order to
increase profits or attract new customers.
Direct Selling
The marketing and selling of products directly to consumers away from a fixed retail
location. Peddling is the oldest form of direct selling. Modern direct selling includes
sales made through the party plan, one-on-one demonstrations, and other personal
contact arrangements as well as internet sales.
4 P's of Marketing
, Product
Price
Place
Promotion
Executive Summary
Sometimes known as a management summary, is a short document or section of a
document, produced for business purposes, that summarizes a longer report or
proposal or a group of related reports in such a way that readers can rapidly become
acquainted with a large body of material without having to read it all.
Project Status Meeting
A meeting to see how the project is progressing.
Brand Promise
Benefits and experiences that marketing campaigns try to associate with a product in its
current and prospective consumers' minds.
First-Line Managers
Term describing the management level of a company employee directly above non-
managerial workers. First line managers generally supervise production on line tasks in
the manufacturing business, and typically consist of positions such as foreman, section
head and shift boss. First line managers are an important source of information about
worker satisfaction for higher management to take into account in their organizational
planning process.
Maslow's Hierarchy of Needs
A description of the needs that motivate human behavior. In 1943, Abraham Maslow
proposed five different kinds of human needs, beginning with the most basic: survival.
Physiological needs, such as food and shelter, are followed by needs related to safety.
Next, there are needs of love and belonging. Fourth, humans have needs of esteem,
such as the need for being respected. The final need in the hierarchy is the need for
self-actualization (fulfilling one's potential). The hierarchy suggests that basic needs
must be met prior to less basic needs; for example, a starving person will seek food
before self-actualization.
Marketing
The action or business of promoting and selling products or services, including market
research and advertising.
Product Literature
A primary subset of business publishing specifically geared toward the selection,
purchase and use of a business' products. Typically this includes product promotionally
literature, product datasheets, product operating manuals and product purchase terms
and conditions.
Entertainment Guidelines
Sets minimums for receiving business amenities.
Promotional Plan
An outline of the marketing tools, strategies and resources that a company intends to
use to promote a product or service. A promotional plan is usually considered a vital
planning tool by most business managers that helps contribute toward the successful
launch of a new product or service or its expansion into a new market.
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