DECA Marketing cluster exam questions and answers already passed

ECA Marketing cluster exam questions and answers already passed 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. 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