DECA

Define SBA and list 3 ways they help small business Correct Answer: The small business administration provides federal aid to small businesses. This is through education, grants, and loan guarantees. 2 reasons why Entrepreneurship is growing Correct Answer: Corporate downsizing, need for dual incomes, global economy, government support, technology and the internet How is outsourcing leading to new industries Correct Answer: It creates the opportunity to create a company that can preform...

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Marketing Correct Answer: - management process through which goods and services move from concept to the customer 4 P's of Marketing Correct Answer: 1) Product: identification, selection and development 2) Price 3) Place: selection of a distribution channel to reach the customers 4) Promotion:development and implementation of a promotional strategy Brand Identity Correct Answer: - visible elements of a brand (colors, design, logotype, name, symbol) that together identify and d...

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Franchise Correct Answer: a contractual agreement between a parent company and a franchisee to distribute goods and services Corporation Correct Answer: a form of business ownership that is owned by stockholders who have purchased units or shares of the company Elastic Demand Correct Answer: demand that changes according to changes in price Inelastic Demand Correct Answer: demand that is not affected by changes in price. Unitary Demand Correct Answer: when sales remain the sa...

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A developer proposed a technological improvement to a product you sell. In his proposal, he tells you this improvement betters the product because it makes it safer for the customer to use it. Because of this, customer injuries should decrease. He tells you the value added to the product because of this new technology is substantial. What question should you ask to further make sure this technological advancement makes your product better? Correct Answer: c. "What do our customers value?" ...

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DECA is international and has students from other countries like Correct Answer: Canada, China, Germany, Guam, Hong Kong, Korea, Mexico, and Puerto Rico Guiding Principles are designed to Correct Answer: explain how DECA fulfills our mission in two statements First statement of guiding principles Correct Answer: addresses what we do Second statement of guiding principles Correct Answer: addresses the results DECA's logo has four inner points which represent Correct Answer: how ...

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consumer questionnaires, surveys, and direct interviews are all forms of data collection used in the____function of marketing. Correct Answer: Information management A traditional ordering system typically begins with Correct Answer: The business gathering sales data and inventory information what type of accounting method is your company using if it records sales as they happen, even if no money changes hands then? Correct Answer: Accrual the bottom line on a business's profit-and-...

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1. the business agreement under which a business distributes the goods or services of a parent company is called a. partnership b. corporation c. franchise d. proprietorship Correct Answer: c 2. what is an effective technique for employees to use to extract relevant information from written materials? a. develop a rough outline b. ask frequent questions c. take notes while reading d. skim through chapter titles Correct Answer: c 3. what information should employees avoid sharing ...

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Exclusive Distribution Correct Answer: 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 Correct Answer: 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 Correct Answer: Business entities conduc...

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Marketing Correct Answer: The dynamic activities that focus on the customer to generate a profitable exchange The Goal of Marketing Correct Answer: To meet customers' needs (goods and services you need) and wants (goods and services you do not need but would like to have) with products that customers can and will buy Dynamic Correct Answer: constantly changing Customer Correct Answer: an individual or group who buys products Target Market Correct Answer: The specific group of c...

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Psychographic Correct Answer: This market segmenting involves studies of consumers based on their attitudes, lifestyles, and values. Demographic Correct Answer: This market segment refers to statistical data or information concerning a person's age gender income level occupation, etc Behavioral Correct 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 Correct An...

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Explain the concept of market and market identification. Correct Answer: A market is a group of consumers who have a common interest, need or want of a given good or service. This group of consumers also must be able to purchase the product. Identifying a market is an important activity in marketing as products will not appeal to everyone. Marketers identify markets' common interests by classifying consumer's demographic, geographic and psychographic information. Examples of this information ...

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Which of the following is one of the main goals of law in the United States? Correct Answer: To Provide Justice Which of the following statements is true regarding joint ventures? Correct Answer: Joint venture arrangements are usually short-term relationships Which type of hotel security standard involves employing armed security guards in high-crime areas? Correct Answer: Personnel Related When discussing the number of intermediaries in a channel of distribution, we are talking abou...

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Assess information needs Correct Answer: Relevance Improve Performance Make a difference Organizational problems Overall Goal (determine what training is relevant to your employees' jobs, determine what training will improve performance, determine if training will make a difference, distinguish training needs from organizational problems, and link improved job performance with the organization's goals and bottom line.) must include several data sets for comparison to brainstorm pro...

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Time Management Correct Answer: a way to budget time so that all tasks can be accomplished Overhead costs Correct Answer: costs not directly related to the production or selling goods purchasing Correct Answer: preparing a plan and buying the goods that a business will use for production or resale project plan Correct Answer: written description that includes goals/objectives and how they will be achieved project management Correct Answer: managing specific activities of the bus...

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Economics Correct Answer: The social science that examines how societies use scarce resources to meet people's needs and wants Free Enterprise System/Capitalist System Correct Answer: People are free to own and control businesses; U.S. is a free enterprise economy Market Economy Correct Answer: Decisions about what to produce, how, and for whom are decided by individuals acting in their own self-interest; individuals own and control the society's resources; Capitalist system with free...

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Explain the nature of positive customer relations Correct Answer: Positive customer relations mindset is believing your customers deserve the very best, are your employers, deserve your focused attention, have the right to expect things of you, and have important problems and complaints. It yields benefit to the business, employees, and customers. Demonstrate a customer service mindset Correct Answer: Customer service it the process of ensuring customer satisfaction with a good or service. ...

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Absence Correct Answer: Time off when an employee is not at work during their normal work period. Can be scheduled or unscheduled. Base Salary Correct Answer: a fixed amount of money paid to an employee by an employer in return for work performed. Base salary does not include benefits, bonuses or any other potential compensation from an employer. Benchmark Job Correct Answer: A job commonly found in the workforce for which pay and other relevant data are readily available. used to make ...

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What year was our chapter founded? Correct Answer: 2003 What are the names of our three marketing advisors? Correct Answer: Mrs. Talbot, Mrs. Daniels, and Mrs. Simmons Name one of our international finalist Correct Answer: Reed Reynolds and Lydia Thompson What is our mission? Correct Answer: DECA prepares emerging leaders and entrepreneurs in marketing, finance, hospitality, and management in high schools and colleges around the globe About how many students are in the high schoo...

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Business plan Correct Answer: A proposal that describes every part of your new business to potential investors and financing agencies Business Research Correct Answer: Research that attempts to solve business problems related to long-range forecasting and future economic conditions Business Risk Correct Answer: The possibility of business loss or failure Buying behavior Correct Answer: the process individuals use to decide what they will buy and from where and whom they will buy it ...

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