DECA General Vocab

Involves a business or person who uses, without permission, another person's name, likeness, and other unique characteristics for the benefit or gain of the user

Civil wrongdoings that cause harm or injury to another party

Predatory behavior undertaken by a business to draw either customers or employees away from a competitor

Making false, malicious statements about a person or organization

When personal property is taken from the owner and given to someone else to use

A type of business that is operated by several people and owned by stockholders

A form of business ownership in which the business is owned by two or more persons

Form of business ownership in which the business is owned by one person

Owned and operated by its user-owners to supply goods and services to its members

Involves understanding the concepts and processes needed to identify, select, monitor, and evaluate sales channels

Involves understanding the concepts and strategies needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome

The marketing function that involves determining and adjusting prices to maximize return and meet customers' perceptions of value

The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

Middlemen and incude sales agents, wholesalers, and retailers who perform specific functions in the movement of goods form producers to consumers

Involve producers and either industrial or ultimate consumers

Practice of pricing, promoting, and distributing products in such a way that they do not harm the natural environment

Deals with safety features and product labeling standards that protect the consumer

The practice of enlightening the community of business actions to promote social welfare

Marketing goods and services in foreign countries

Conceal the real complaint a customer has by stating another believable but secondary complaint for their dissatisfaction

A complaint when the customer expresses an honest dissatisfaction

A complaint which results from poor service

A complaint in which the customer is dissatisfied with the business in general

A business's agreement (spoken or unspoken) with customers that will consistently meet their expectations and deliver on its brand characteristics and values

When products are available at the time they are needed or wanted by customers

Usefulness created by altering or changing the form or shape of a good to make it more useful to customers

Usefulness created by making sure that goods and services are available at the place where they are needed or wanted by customers.

Usefulness created when ownership of a product is transferred from the seller to the user

Ensuring that products met predetermined standards for excellence; also part of operations

Acquiring necessary goods and services; part of operations

Supervising inventory levels to make sure there is an appropriate balance; part of operations

Rivalry between two or more business to attract scarce (limited) customer dollars

Desire to make profit, which moves people to invest in business

Rapid rise in prices usually occurring when demand exceeds supply

A special government tax on certain items, such as gasoline, certain businesses, cars, etc.

Government financial help given to a business

A piece of paper (real or virtual) that says the governing body or corporation will borrow your money at a particular interest rate for a particular period of time; Interest-bearing certificates issued by government that promise to pay bond owners a certain sum at a specified time

the amount by which the price of something is reduced

Union members elected by their peers to handle any grievances or problems members might have with management

Responsibilities include leading the union as a whole rather than assisting individuals

Involved in union negotiations, clarifying issues, and making suggestions concerning the contract

Assists with (union) negotiations; In binding arbitration, this person's decisions regarding the contract are final and cannot be changed

The ability to put yourself in another person's place

Comprehending one's personal needs interests, values, and motives and recognizing their effects on one's behavior

The amount and value of goods and services produced (outputs) from set amounts of resources (inputs)

Decision-making outcome that requires the substantial agreement of each group member

Few people in the group make the decision

A desire for the future that is achieved over time with determination and hard work

When money is saved rather than spent

When money is used to obtain goods and services

Trading one good or service for another good or service

When money functions as this, the individual holding the money assesses what s/he is willing to pay for a good or service

Provides a variety of financial services to individuals and business. Besides providing savings accounts and other saving options, banks also make loans and offer credit cards. Many large banks have trust departments and help individuals plan for retirement. It may be possible to obtain all necessary financial services from that institution

Collects various types of taxes

A business condition that can create economic risks

The process of keeping and interpreting financial records

Financial obligations a business has

Cash or any asset that can quickly be converted into cash

Money owed to the business for purchases made by customers

Sums of money paid to investors or stockholders as earnings on investments

The ratio that reflects the number of days between a company paying for raw materials and receiving cash from selling the products made from those raw materials

The amount of money that a business earns on sales after expenses; expressed as a ratio

The process of planning, staffing, leading, and organizing the employees of a business

Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user

The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern

Any factor that is subject to change

An in-depth analysis of a person, group, or event

A marketing research method that tests cause and effect by testing marketing new products or comparing test groups with control groups

Proposed explanation for something

Measure attitude

A method of collecting information about customers' buying habits and inventory status because the scanning system can track large volumes of goods

Information that have been collected for purposes other than the project at hand.

This function involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in making marketing decisions

This function involves determining customer needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunity

The things the business want to attain

The combination of marketing communication channels that a business uses to send its messages to consumers

Dividing the market into groups that have similar characteristics

The market divided on the basis of a lifestyle choice

Dividing a market on the basis of location

The physical and social characteristics of a population

A type of behavioral segmentation, which involves dividing customers into groups according to their response to a product

The way in which the information is communicated

Presenting unbiased information

A method of gathering, storing, and analyzing data for the purpose of making business decisions

An economic system in which individuals and groups, rather than government, own or control the means of production. Considered a mixed economy because individuals and business are the primary economic decision makers, while the government helps to regulate and control the system

An analysis of external forces that influence a business's success; Collecting information about the environment (e.g. competitors and economic decisions) surrounding the business

An economic factor that may be a threat or an opportunity

Checking a sample item for defects after it has already been produced

The process businesses use to prevent defective products from being created

One that creates something entirely new

Enhances, adds to, or extends an existing project

Relies on the use of new technology

Takes on new visions or pursuits for the business

A focus on how things are done, rather than just outcomes

Maximizing customer value while minimizing waste

A focus on increasing efficiency and effectiveness in all areas of the organization

Performing the stages of product design and development simultaneously, instead of one after another

Involves the development of totally new or improved products

Changing the way that a product is produced or delivered

Involves identifying new, different ways to position a product or a company