DECA MARKETING CLUSTER ACTUAL FINALS
ANSWERS AND QUESTIONS SET A+
✔✔Tort - ✔✔A wrongful act or an infringement of a right (other than under contract)
leading to civil legal liability.
✔✔Competition (of business) - ✔✔The effort of two or more parties acting
independently to secure the business of a third party by offering the most favorable
terms.
✔✔Bilateral Contract - ✔✔A reciprocal arrangement between two parties where each
promises to perform an act in exchange for the other party's act. Each party is an (a
person who is bound to another) to its own promise, and an obligee (a person to whom
another is obligated or bound) on the other party's promise.
✔✔Executed Agreement - ✔✔All parties have agreed to the terms and conditions of the
proposed contract by signing and initialing any changes to the written document.
✔✔Sole Proprietorship - ✔✔A business that legally has no separate existence from its
owner. Income and losses are taxed on the individual's personal income tax return.
✔✔Sole Proprietor - ✔✔An unincorporated business with one owner who pays personal
income tax on profits from the business. With little government regulation, they are the
simplest business to set up or take apart, making them popular among individual self
contractors or business owners.
✔✔Bar Code - ✔✔A machine-readable code in the form of numbers and a pattern of
parallel lines of varying widths, printed on and identifying a product.
✔✔Price Look-Up Codes (PLU) - ✔✔Identification numbers affixed to products in large
retailers and supermarkets to make check-out and inventory control easier, faster, and
more accurate. The code may be a four-digit number, currently in the 3000-4999 range,
identifying the type of bulk produce, including the variety, or a five-digit number.
, ✔✔Tying Agreement - ✔✔An agreement by a party to sell one product but only on the
condition that the buyer also purchases a different (or tied) product, or at least agrees
he will not purchase the product from any other supplier.
✔✔Automation - ✔✔The use of largely automatic equipment in a system of
manufacturing or other production process.
✔✔Gross Domestic Product (GDP) - ✔✔The monetary value of all the finished goods
and services produced within a country's borders in a specific time period, though GDP
is usually calculated on an annual basis.
✔✔Product Life-Cycle - ✔✔The cycle through which every product goes through from
introduction to withdrawal or eventual demise.
✔✔Product Life-Cycle Stages
http://productlifecyclestages.com/ - ✔✔Introduction:
Launching a new product. The size of the market for the product is small, which means
sales are low, although they will be increasing.
Growth:
Strong growth in sales and profits which allows more money to invest in promotion.
Maturity:
The product is established and the aim for the manufacturer is now to maintain the
market share they have built up. This is probably the most competitive time for most
products and businesses need to invest wisely in any marketing they undertake.
Decline:
the market for a product will start to shrink, and this is what's known as the decline
stage. This shrinkage could be due to the market becoming saturated (i.e. all the
customers who will buy the product have already purchased it), or because the
consumers are switching to a different type of product
✔✔Certificate of Deposit (CDs) - ✔✔A certificate issued by a bank to a person
depositing money for a specified length of time.
✔✔Capital Investment - ✔✔Funds invested in a firm or enterprise for the purposes of
furthering its business objectives. May also refer to a firm's acquisition of capital assets
or fixed assets such as manufacturing plants and machinery that is expected to be
productive over many years.
✔✔Turnover - ✔✔The amount of money taken by a business in a particular period. OR
The rate at which employees leave a workforce and are replaced.
✔✔Inventory Clerks - ✔✔Keeps track of stock that moves in and out of a specified
location, commonly referred to as a stockroom.
ANSWERS AND QUESTIONS SET A+
✔✔Tort - ✔✔A wrongful act or an infringement of a right (other than under contract)
leading to civil legal liability.
✔✔Competition (of business) - ✔✔The effort of two or more parties acting
independently to secure the business of a third party by offering the most favorable
terms.
✔✔Bilateral Contract - ✔✔A reciprocal arrangement between two parties where each
promises to perform an act in exchange for the other party's act. Each party is an (a
person who is bound to another) to its own promise, and an obligee (a person to whom
another is obligated or bound) on the other party's promise.
✔✔Executed Agreement - ✔✔All parties have agreed to the terms and conditions of the
proposed contract by signing and initialing any changes to the written document.
✔✔Sole Proprietorship - ✔✔A business that legally has no separate existence from its
owner. Income and losses are taxed on the individual's personal income tax return.
✔✔Sole Proprietor - ✔✔An unincorporated business with one owner who pays personal
income tax on profits from the business. With little government regulation, they are the
simplest business to set up or take apart, making them popular among individual self
contractors or business owners.
✔✔Bar Code - ✔✔A machine-readable code in the form of numbers and a pattern of
parallel lines of varying widths, printed on and identifying a product.
✔✔Price Look-Up Codes (PLU) - ✔✔Identification numbers affixed to products in large
retailers and supermarkets to make check-out and inventory control easier, faster, and
more accurate. The code may be a four-digit number, currently in the 3000-4999 range,
identifying the type of bulk produce, including the variety, or a five-digit number.
, ✔✔Tying Agreement - ✔✔An agreement by a party to sell one product but only on the
condition that the buyer also purchases a different (or tied) product, or at least agrees
he will not purchase the product from any other supplier.
✔✔Automation - ✔✔The use of largely automatic equipment in a system of
manufacturing or other production process.
✔✔Gross Domestic Product (GDP) - ✔✔The monetary value of all the finished goods
and services produced within a country's borders in a specific time period, though GDP
is usually calculated on an annual basis.
✔✔Product Life-Cycle - ✔✔The cycle through which every product goes through from
introduction to withdrawal or eventual demise.
✔✔Product Life-Cycle Stages
http://productlifecyclestages.com/ - ✔✔Introduction:
Launching a new product. The size of the market for the product is small, which means
sales are low, although they will be increasing.
Growth:
Strong growth in sales and profits which allows more money to invest in promotion.
Maturity:
The product is established and the aim for the manufacturer is now to maintain the
market share they have built up. This is probably the most competitive time for most
products and businesses need to invest wisely in any marketing they undertake.
Decline:
the market for a product will start to shrink, and this is what's known as the decline
stage. This shrinkage could be due to the market becoming saturated (i.e. all the
customers who will buy the product have already purchased it), or because the
consumers are switching to a different type of product
✔✔Certificate of Deposit (CDs) - ✔✔A certificate issued by a bank to a person
depositing money for a specified length of time.
✔✔Capital Investment - ✔✔Funds invested in a firm or enterprise for the purposes of
furthering its business objectives. May also refer to a firm's acquisition of capital assets
or fixed assets such as manufacturing plants and machinery that is expected to be
productive over many years.
✔✔Turnover - ✔✔The amount of money taken by a business in a particular period. OR
The rate at which employees leave a workforce and are replaced.
✔✔Inventory Clerks - ✔✔Keeps track of stock that moves in and out of a specified
location, commonly referred to as a stockroom.
