DECA Marketing cluster 2024 exam study guide questions and answers(100% accurate)

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. Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:02 / 0:15 Full screen 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. Internal Audience Public relations term that refers to individuals or groups within (or closely associated with) an organization. Public-Relations Activities Advertising Corporate Philanthropy Corporate Sponsorship Development Lobbying Promotion Publicity Public Relations Research Special Event Management Lobbying The act of attempting to influence the decisions of others. Corporate Philanthropy The act of a corporation or business promoting the welfare of others, generally via charitable donations of funds or time. Rebate A partial refund to someone who has paid too much money for tax, rent, or a utility. A pay back. Direct Marketing A channel-agnostic form of advertising which allows businesses and nonprofit organizations to communicate straight to the customer, with advertising techniques that can include cell phone text messaging, email, interactive consumer websites, online display ads, database marketing, fliers, catalog etc. Telemarketing Marketing over the phone Banner Ad A form of advertising on the World Wide Web delivered by an ad server. This form of online advertising entails embedding an advertisement into a web page. It is intended to attract traffic to a w