DECA Test Terms Questions And Answers Already Graded A+

Psychographic - Answer-This market segmenting involves studies of consumers based on their attitudes, lifestyles, and values. Demographic - Answer-This market segment refers to statistical data or information concerning a person's age gender income level occupation, etc Behavioral - Answer-This type of market segmentation is based on segmenting a market based on segmenting a market based on rate of use, shopping patterns or product benefits Geographic - Answer-This market segmentation refers to segmenting as market based on where people live. Marketing - Answer-A process of identifying human wants and needs, and developing a plan to meet those wants and needs. Refers to everything involved with convincing an attendee to come to the event. Also refers to providing information to support the exhibit sales function. Approach - Answer-The first-face-to-face contact a sale person has with the customer Psychological Pricing - Answer-Pricing techniques that create an illusion for customers Market Share - Answer-A firm's percentage of total sales generated by all competitors in a given market Sole Proprietorship - Answer-A business owned by one person Suggestive Selling - Answer-Selling additional goods or services to the customer after the customer has made a commitment to buy Ethics - Answer-Based on knowing the difference between right and wrong Decrease - Answer-According to the law of supply and demand, as the price increases the quantity demanded will.Boomerang - Answer-Bring the objection back to the customer. Superior Point - Answer-Admit disadvantages in certain products but then present superior points to offset or compensate for them. Third Party Demonstration - Answer-Use a previous customer or neutral person to give a testimonial about the product show to operate a product Substitution - Answer-Recommending a different product that would satisfy the customer's needs Trade Surplus - Answer-When a country exports more than it imports. Introduction - Answer-1st step of the product life cycle. company focuses it's efforts on promotion and production Decline - Answer-4th step of the product life cycle: Sales level off and competition increase Maturity - Answer-3rd step of the product life cycle: Sales begin to fall and company looks to modernize or alter the product Growth - Answer-2nd step of the product life cycle: Product is enjoying success shown by increased sales and profits Price - Answer-The value of money placed on a good or service Headline - Answer-Attract readers, arouse interest, and get people to look at the illustration and copy. Copy - Answer-Represents the selling message in the ad. Illustration - Answer-Help expand on the copy by showing how the product works or how it is usedSignature - Answer-Aka logo, the identification symbol for a business Slogan - Answer-A catch phrase or small group of words that are combined in a special way it identify a product or company Wholesaler - Answer-Buys, stores, and resells large quantities of goods Closing the sale - Answer-Obtaining positive agreement from the customer to buy. The Marketing Mix - Answer-Product, Place, Price, Promotion Secondary Research - Answer-Government records, internet sources, Business publications, Focus groups Primary Research - Answer-Interview, survey, observation, Focus Group Sample - Answer-A part of target population that is assumed to represent the entire population Price Fixing - Answer-An illegal activity occurs when competitors agree on setting prices Approaching the Customer - Answer-Step 1 of the selling process Determine Needs - Answer-Step 2 of the selling process Presenting the Product - Answer-step 3 of the selling process Overcoming Objections - Answer-Step 4 of the selling process Suggestion Selling - Answer-Step 6 of the selling process close the sale - Answer-step 5 of the selling processRelationship Building - Answer-Step 7 of the selling process Marketing Research - Answer-Used to obtain information about the preferences, options, habit, trends, and plans of current and potential customers Product/ Service Management - Answer-Obtaining, developing, maintaining, and improving a product or product mix in response to marketing opportunities Financing - Answer-Getting the money that is necessary to set-up and run a business Marketing Information Management - Answer-Gather, storing, and analyzing data to determine customers habits and attitudes Distribution - Answer-Physically moving and storing goods Pricing - Answer-Determining how much to charge for goods and services Promotion - Answer-Informing persuading or reminding potential customers about a business' products/ services Selling - Answer-Determining customer needs and wants and responding through planned, personalized, communication