DECA State test (Questions + Answers) Solved

Demographics - Answer-statistics that describe a population in terms of personal characteristics Economy - Answer-the organized way a nation provides for the needs and wants of its people Entrepreneurship - Answer-the process of starting and operating your own business Free Enterprise System - Answer-encourages individuals to start and operating your own business in a competitive environment, without government involvement Functions of Marketing - Answer-distribution, financing, marketing information management, pricing, product/service management, promotion, selling International Trade - Answer-the exchange of goods and services between nations Internet Marketing - Answer-marketing and management functions and tasks that can be applied to the selling of products and services by businesses and consumers over the Internet. These can be business-to-business, business-to-consumer or consumer-to-consumer Marketing - Answer-the process of planning, pricing, promoting, selling, and distributing products to satisfy customers needs and wants Marketing Concept - Answer-businesses must satisfy customers needs and wants while making a profit Market Research - Answer-gathering, recording, analyzing, and presenting information related to marketing goods and services Marketing Mix - Answer-comprises four basic marketing strategies: product, price, place, and promotion Pricing - Answer-determining and adjusting prices to maximize return and meet customers perception of valuePromotion - Answer-decisions about advertising, personal selling, sales promotion, and publicity used to attract potential customers Retailers - Answer-channel of distribution that buys goods from wholesalers or directly from manufacturers and resells them to the final consumer SWOT Analysis - Answer-an assessment of a company's strengths and weaknesses and the opportunities and threats that surround it; SWOT: strengths, weaknesses, opportunities, threats Utility - Answer-the attributes of a product or service that make it capable of satisfying consumers wants and needs Wholesalers - Answer-channel of distribution that obtains goods from the manufacturers and resells them to industrial users, other wholesalers, and retailers Advertising - Answer-a form of non-personal promotion in which companies pay to promote ideas, goods or services in a variety of media outlets Channel of Distribution - Answer-the path of product takes from producer or manufacturer to final user Consumer - Answer-the person who uses goods and services Customer - Answer-anyone who buys or rents goods or services