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