Deca

Front 1

Corporation

Back 1

a business that is chartered by a state and legally operates apart from the owner or owners

Front 2

Credit

Back 2

The opportunity to gain money, goods, or services immediately in exchange for promise to pay in the future

Front 3

Customer

Back 3

Person who buys the product

Front 4

Customer Benefit

Back 4

The advantages or personal satisfaction a customer will get from a good or service.

Front 5

Decentralized Buying

Back 5

local store managers or their designated buyers are authorized to make special purchases for their individual stores.

Front 6

Demand

Back 6

the amount of goods and services customers are willing and able to buy at various places

Front 7

Demographics

Back 7

- Statistics that describe a population in terms of personal characteristics

Front 8

Discount Pricing

Back 8

Pricing technique that involves the seller’s offering reduction from the original price

Front 9

Discretionary Income

Back 9

the money left from a person’s gross income after paying for basic living necessities such as food, shelter, and clothing.

Front 10

Disposable Income

Back 10

The money left from a person’s gross income after taking out taxes

Front 11

E- Commerce

Back 11

the buying and selling of goods through the use of electronic networks, usually the Internet

Front 12

Employee Discount

Back 12

discounts to encourage workers to buy the products their employer sells or manufactures

Front 13

Exclusive distribution

Back 13

Form of distribution that involves protected territories in a given geographic area.

Front 14

Finance

Back 14

Money or anything that can be sold very quickly to get money; borrowing money

Front 15

General Partnership

Back 15

each partner shares in the profits and losses of the business

Front 16

Generic Brands

Back 16

Brands that represent a general product category and do not carry a company or brand name

Front 17

Geographic

Back 17

Segregation of the market based on where people live

Front 18

Goods

Back 18

- the kinds of things you can touch or hold in your hands

Front 19

Green market

Back 19

Companies making an effort to produce and promote environmentally safe products

Front 20

Greeting Approach method

Back 20

the salesperson welcomes the customer to the store

Front 21

Gross Domestic product

Back 21

A measure of the goods and services produced using labor and property located in this country

Front 22

Gross Profit

Back 22

the difference between sales revenue and the cost of goods sold

Front 23

Gross Sales

Back 23

the total of all sales for any period of time

Front 24

Illustration

Back 24

the photograph or drawing used in a print advertisement

Front 25

Imports

Back 25

Goods and services brought in from other countries

Front 26

Inelastic demand

Back 26

situations in which a change in price has very little effect on the demand of the product

Front 27

Inflation

Back 27

a period of rising prices

Front 28

Initiative

Back 28

doing what needs to be done without being urged

Front 29

Institutional Advertising

Back 29

advertising attempts to create a favorable impression and goodwill for a business or an organization.

Front 30

Interest

Back 30

- the money paid for the use of money borrowed or invested.

Front 31

Internship

Back 31

Student’s direct work experience and exposure to various aspects of a career, either with or without pay.

Front 32

Inventory

Back 32

An amount of goods stored, including raw materials, purchased components, manufactured subassemblies, and works in process, packaging materials, and finished goods.

Front 33

Label

Back 33

and information tag that is attached to a product or its package.

Front 34

Lay away

Back 34

- merchandise removed from stock and kept in a separate storage area until the customer pays for it.

Front 35

Liability

Back 35

a debt that you owe.

Front 36

Line graph

Back 36

a graph that uses joining points representing changes in a variable quantity, usually over a specific period of time

Front 37

Manufacturer Brand

Back 37

Brand owned and initiated by manufacturer; also called a producer brand

Front 38

Market

Back 38

all potential customers who share common needs and wants, and who have the ability and willingness to buy the product.

Front 39

Market Economy

Back 39

Economy in which there is no government involvement in economic decisions

Front 40

Market position

Back 40

Marketer’s relative standing in relation to their competitors

Front 41

Market Research

Back 41

systematic gathering, recording, analyzing and presentation of information related to marketing goods and services

Front 42

Market Segmentation

Back 42

a way of analyzing a market by specific characteristics in order to create a target market.

Front 43

Market Share

Back 43

a firm’s percentage of the total sales volume generated by all the competitors in a given market

Front 44

Marketing

Back 44

the process of developing, promoting, and distributing products to satisfy customer’s needs and wants

Front 45

Marketing concept

Back 45

- Businesses must satisfy the customer’s wants and needs in order to make a profit.

Front 46

Marketing research

Back 46

- the marketing function that links the customer and public to the market through information

Front 47

Markup pricing

Back 47

Pricing concept used by wholesalers and retailers involved in acquiring goods for resale; based on the difference between the price of an item and its actual cost

Front 48

Net Income

Back 48

the amount left after the total expenses are subtracted from the gross profit

Front 49

Net Sales

Back 49

the amount left after gross sales have been adjusted for returns and allowances

Front 50

Nonprofit Organization

Back 50

Services organizations not operated for the purpose of making a profit.

Front 51

Partnership

Back 51

Legal agreement between two or more people to be jointly responsible for the success or failure of a business

Front 52

Physical distribution

Back 52

all the activities that help to ensure that the right amount or product is delivered to the right place at the right time.

Front 53

Physical Inventory System

Back 53

method of physical inventory control in which stock is inspected or actually counted to determine quantity by hand.

Front 54

Point of Sale (POS)

Back 54

computers used in retailing that feed information directly from merchandise tags or product labels into a computer

Front 55

Possession Utility

Back 55

the exchange of product for some monetary value.

Front 56

Product features

Back 56

basic, physical, or extended attributes of the product or purchase

Front 57

Product Lifestyle

Back 57

the stages that a product goes through during its life, including introduction, growth, maturity, and decline

Front 58

Product Mix

Back 58

all of the different products that a company makes or sells.

Front 59

Product modification

Back 59

an alteration in a company’s existing product

Front 60

Product Planning

Back 60

making decisions about those features that are needed to sell a business’s products, services, or ideas

Front 61

Product Positioning

Back 61

focused on the image a product projects

Front 62

Product promotion

Back 62

communication used by a business to convince potential customers to buy its products instead of buying from a competitor

Front 63

Production

Back 63

the process of creating, growing, manufacturing, or improving on goods or services

Front 64

Products

Back 64

goods and services both of which have monetary value and satisfy customer’s needs and wants.

Front 65

Profit

Back 65

the money earned from conducting business after all costs and expenses have been paid.

Front 66

Promotion

Back 66

any form of communication a business or organization uses to inform, persuade, or remind.

Front 67

Promotional Advertising

Back 67

advertising designed to increase sales

Front 68

Promotional mix

Back 68

a combination of the different types of promotion

Front 69

Proportion

Back 69

the relationship between and among objects in a display

Front 70

Quality Check method

Back 70

checking inventory to inspect the workmanship and general characteristics of the received merchandise.

Front 71

Quota

Back 71

limits either the quantity or the monetary value of a product that may be imported

Front 72

Real-time inventory system

Back 72

system of inventory that lets a company constantly track every product it sells from when it’s manufactured, or when it arrives in its warehouse, to when the customer orders it online, to when it arrives at the buyer’s door.

Front 73

Reliability

Back 73

a research technique that produces nearly identical results in repeated trials.

Front 74

Resources

Back 74

all the things used in producing goods and services

Front 75

Retailers

Back 75

channel of distribution that buys goods from wholesalers of directly from manufacturers and resells them to the final consumer.

Front 76

Sales Promotion

Back 76

all marketing activities, other than personal selling, advertising, and public relations, that are used to stimulate customer purchasing and sales effectiveness.

Front 77

Sales tax

Back 77

a fee placed on the sale of goods and services.

Front 78

Scarcity

Back 78

the difference between wants and needs and available resources

Front 79

Seasonal discounts

Back 79

offered to buyers willing to buy at a time outside the customary buying seasons.

Front 80

Selective distribution

Back 80

form of distribution in which a limited number of outlets in a given geographic are used to sell the product

Front 81

Services

Back 81

the kinds of things you can’t physically touch: tasks performed for a customer.

Front 82

Slogan

Back 82

a catch phrase or small group of words that are combined in a special way to identify a product or company

Front 83

Storage

Back 83

the marketing function of holding goods until they are sold.

Front 84

Supply

Back 84

the amount or quantity of goods and services that producers will provide at various prices

Front 85

Surpluses

Back 85

market situation in which supply exceeds demand

Front 86

Target Marketing

Back 86

focusing all marketing decisions on a very specific group of people who you want to reach

Front 87

Time Utility

Back 87

having a product available at a certain time of year or a convenient time of day

Front 88

Trading area

Back 88

the geographical area from which a business draws its customers

Front 89

Transportation

Back 89

the marketing function of moving products from a seller to a buyer.

Front 90

Unit pricing

Back 90

method of pricing that allows consumers to compare pricing in relation to a standard unit or measure, such as an ounce or a pound.

Front 91

Utility

Back 91

the attributes of a product or service that make it capable of satisfying customer’s wants and needs

Front 92

Values

Back 92

beliefs that guide the way people live

Front 93

Wholesale and retail buyers

Back 93

people who purchase goods for resale; they forecast customer’s needs and buy the necessary products to meet those needs.

Front 94

Wholesalers

Back 94

obtain goods from manufacturing and resell them to industrial users, and other wholesalers, and retailers.