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120 Cards in this Set

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Bill of Lading
A contract between a shipper and a carrier for transportation of goods
Distribution or Channel of Distribution
When the selection of a promotional mix is influenced by the path the product takes from the producer to the consumer.
F.O.B.
Free on Board
Freight Bill
an invoice which informs the cosigner of the freight charges which are due.
Inventory
All the stock a business has on hand
Order lead time
the time span from the date an order is placed to the date merchandise is ready for sale..
Packing slip
comes with each shipment and tells exactly the description of the type and number of each item in the shipment.
Sweatshop
a garment manufacturing plant that employs workers under unfair, unsanitary, and sometimes dangerous conditions,
Trade Discount
In the distribution process there is a type of discount which allows a deduction from a list rice of goods for performing certain functions.
Transfer of Title
When ownership from supplier to buyer.
COD (Cash on Delivery)
If you order something through the mail you may have to pay for it when it is delivered.
Discounts
Because buyers want to order merchandise at the best possible price, they negotiate with vendors to obtain______.
Invoice
This is the bill which the purchaser receives for merchandise purchased from the seller. It states what merchandise was shipped, the quantity, price and shipping/billing items.
Making a Return or Merchandise Return
When a customer feels his/her needs have not been met, he/she will bring merchandise back to the store.
Perpetual inventory records
Inventory records that show the stock count at all times.
Pricing
the marketing function which determines the amount to charge a customer or client for a product or service.
Purchasing
The term for the planning and procedures necessary to obtain goods and services for use in the business or for resale.
Physical Inventory
An actual count of all unsold merchandise on hand.
Sales
Many retail businesses plan on a certain amount of inventory shrinkage each year and express it as a percentage of____.
SKU
An inventory term that is used in classifying stock according to its size, color, or style.
Compensation
Your base salary, bonus, and benefits package.
Competition Factor
A company decided not to produce a new type of computer because it knew it would not be able to market it ahead of other companies introducing similar computers.
Law of Demand
States that consumers purchase more unites at low prices than at high prices
Depression
When consumer spending is low the result may be a recession. A prolonged recession.
Economic Want
When money is needed to satisfy a want.
Increase
As prices increase, the quantity supplied______.
International Trade
Buying and selling of goods between countries.
Natural Resource
A product that is taken directly from nature to be used by consumers.
Profit Motive
The desire to make money.
Speculative
Risk associated with investing in the stock market
Accrued
An expense which accumulates but is not paid immediately.
Budget
When you have a set amount of money to spend in order to complete a certain project or activity.
The six C's of credit evaluation.
Character, Capital, Collateral, Circumstance, Coverage, and Capacity
Capital
The building a business builds in order to sell its goods or services is this type of investment.
Commercial Credit
Credit extended by one company to another.
Debit Card
Type of card that can be used like a check to make purchases, and that makes an electronic withdrawal from your checking account.
Financing
Preparing an expense budget is part of which marketing function?
Fixed
Describes cost of goods that remain the same no matter how many unites of a good are produced.
Operating Expenses
Regular expenses such as electricity and salaries.
Sections of a Business Plan
1. A description of the Business
2. The marketing plan
3. The personnel organization plan
4. The Financial plan
5. the business summary
Break Even Point
a business determines that it must sell 60,000 unites to cover the fixed and variable costs of producing a product.
Product Depth
number of product items offered within each product line
Expansion
First phase of the business cycle
household
A person or group of persons occupying a dwelling unit, whether related or not.
Marketing information management
a clothign store owner ordered 150 wool skirts for the teen department because they sold out early last year. This year only 50 sold and the owner was left with surplus. Which marketing function could have prevented the situation?
Marketing Research
the gathering of data needed to handle a specific marketing problem or situation
Marketing Strategy
a plan of action for achieving marketing goals.
Mass Marketing
Sells products or services to a broad spectrum of consumers.
Prestige
The kind of pricing that suggests that consumers will pay artificially high prices and that they will not buy products at prices considered to be too low.
Product
Packaging is associated with which elements of the marketing mix?
Argumentative
customer will look for fault or error in everyone and everything and will question constantly
Benefits
obtaining information about competitor's products enables a business to sell the unique _____ of its products.
Excuse
a false or inadequate reason for not buying a product
Knowledge
before starting a sales presentation, them most important thing to the salesperson is to acquire adequate product ____.
Policy
A salesperson explains to a customer that sales receipts are needed in order to return merchandise. This statement toward merchandise is an example of business ____.
Sellers
Using follow-up in selling is important because it helps to establish long-term relationships between buyer and ______.
Selling
basic marketing function where at a special showing, an employee will 'help customers make selections' of new items that should appeal to them.
Service attitude
When salespeople reflect a strong commitment to a client and his/her needs.
Substitute selling
When an original request of a customer cannot be met, satisfying the request by suggesting different comparable products.
Trading Down
If a salesperson suggests a "substitue product of lesser value" than the originally requested item, what sales technique is the salesperson using?
Brands
Names, terms, or designs that identify products and distinguish them from competitor's products.
Comparison Shopping
Strategy used by retailers to help them determined what to buy, and involves visiting competing businesses to examine their price and selection of products and services.
Consumer Goods
Type of products used by consumers for personal, family, or household purposes.
Convenience Store
A store which is well located, keeps long hours, and carries a limited number of products.
Department
In order to assist customers in locating merchandise throughout the store, you should know the location of merchandise by _______.
Fad
A short lived fashion which affects relatively few people within the total population
Goodwill
Customers willingly give the business their support, approval, and confidence
Perishable
Products such as fruits, vegetables, flowers, and bread that don't last long.
Place Utility
Having a product available where it is needed.
Warranty
A guarantee about the quality of a product to the way it will perform.
Appraisal
another name for the process of examining and judging an individual's work performance.
Brainstorming
Creative activity where all employees come up with suggestions.
Communication
Exchange of ideas and information
Confidential
Information that should not be shared with others.
Jargon
Words that have meaning only in a particular career field.
K.I.S.S
Keep it short and Simple
Listening
Learn more from it than talking
Memos
The most common and frequent type of interdepartmental communication
Nonverbal
Type of communication gestures fall in to.
Physical
Dexterity and hand-eye coordination are examples of this skill.
Circulation
Biggest factor in determining media costs.
Copy
Name for text of a print advertisement
Informal Balance in a Display
Placing more weight on one side of a display compared to the opposite side.
Loss Leader Pricing
Pricing goods for less than they cost.
Promotion
Marketing function that helps sellers to provide information to buyers about the seller's products.
Sales Promotion
the coordination of advertising, display, publicity, and personal salesmanship in order to promote profitable sales.
Service Advertising
Type of advertising that informs the public of ways in which a retailers serves customers.
Specialty Advertising
Keyrings bearing a company's name are examples of what kind of advertising.
Testimonial
Statements from customers praiser a business.
White Space
Unpainted areas within the boundaries of an ad.
1965
First national leadership conference held for the Delta epsilon Chi division.
703.860.5000
Phone number for national DECA
Professional Divisions
Marketing teachers, Advisors, and Business Professionals.
Quorum
number of members needed to conduct business at an official meeting
Role Playing
portraying a given situation without all the true players being present.
The motion to adjourn
Motion used to end a meeting
The motion to postpone Indefinitely
Motion is called to delay action on a particular issue.
The president
In a DECA chapter or a state or national association, who presides over and conducts official meetings.
The Vice-President
assumes responsibility for presiding over meetings in the absense of the president according to parliamentary procedures.
Vocational Understanding
Relates to the specific occupation for which you are preparing and primarily involves classroom learning and on the job training.
Career or Vocation
The path or sequence of work a person experiences through the work world.
Depth
The amount of control and decision making an employee has.
Employees
Judged by customers in regards tot their business.
Entrepreneur
A person who assumes the responsibility and risks involved in starting a new business.
Goodwill
An intangible asset that a business acquires beyond the value of its goods and services.
Gross Pay
Pay which workers receive before taxes have been taken out.
Job Description
Contains a job's title, its supervisory relationships, committee responsibilities, and ongoing functions.
People Skills
Job effectiveness depends upon three major areas of skill including job knowledge, technical or task skills, and ____.
Training
used to teach new and old employees how to best perform their jobs or how to improve themselves.
Evaluation Criteria
The standards used in judging quality and/or effectiveness.
Articles of Incorporation
Identifies the name and address of the business, its purpose, the names of the initial directors, and the amount of stock that will be issued to each director.
Burglary
Committing a theft through an illegal entry into a building.
Count the Cash
The first duty of a cashier after receiving the change fund.
Grid
Rectangular arrangement of displays and aisles which run parallel to one another.
Marketing
Performance of business activities that direct the flow of goods from producers to consumers.
Marketing Concept
Doing business based on giving customers what they want.
One-Price
Pricing policy wherein the retailer charges the same price for all customers who seek to purchase an item under similar conditions.
Retailers
Businesses that buy consumer goods from middlemen and sell themselves to the ultimate consumer.
Risk Management
Marketing function of installing mirrors and alerting employees to shoplifting.
Sole Propietorship
A form of business ownership in which the business is easiest to start and is owned entirely by one person.