Store terms
What is a store?
A retail establishment selling items to the public.
What does profit mean?
Profit is the amount of money a business keeps after it pays all of its costs/expenses, like rent, supplies, and employee wages. It shows if the business is doing well financially.
What is a target market?
A target market is the specific group of customers that a business wants to reach. These people are most likely to be interested in what the business sells. Businesses choose a target market based on age, interests, location, and other factors.
What is inflation?
The rate of change of prices, calculated annually or monthly.
What is an entrepreneur?
An entrepreneur is someone who comes up with a business idea and takes the risk to start and manage a business. They are responsible for making important decisions and often invest their own money to get the business going, hoping to make a profit.
What does "brand" mean?
A brand is how a business is identified by its customers. It includes the company name, logo, colors, and overall style or personality. A strong brand helps people remember and trust a business.
What is revenue?
Revenue is the total amount of money a business earns from selling its products or services before subtracting any expenses. It’s a measure of how much business is coming in.
4 P's of marketing?
Product, Price, Place, and Promotion.
What is a product?
A product is an item or good that a business offers to customers in exchange for money. It can be something you can touch and take home, like a toy or book.
What is a service?
A service is something a business offers that you can’t touch or hold, but helps meet a customer’s need or want. For example, haircuts, tutoring, and car repairs are services provided by professionals to customers.
What is an expense?
An expense is the cost of running a business. It includes things like rent, utilities, inventory, marketing, and employee wages. Keeping expenses low can help a business earn more profit.
What is a PI?
A Performance Indicator (PI) is specific knowledge and skills that students are expected to address and perform through competition. They represent the current, actual skills and knowledge needed by employees in the workplace, and members who can demonstrate these performance indicators are sought after by employers.
What is a customer?
A customer is a person who purchases goods or services from a business. They are important because without customers, a business wouldn’t be able to make sales or earn money.
What is competition in business?
In business, competition means there are other companies that sell the same or similar products or services. Businesses compete by trying to offer better prices, quality, or customer service to attract more buyers.
What is a sale?
A sale happens when a customer purchases a product or service from a business. It’s the main way businesses earn revenue and grow.
What is an IA?
An Instructional Area (IA) is the main subject or category your DECA event or presentation is based on. For example, it could be topics like business law, customer relations, or ethics. It helps you know what kind of knowledge or skills you should show in your performance.
What is advertising?
Advertising is a marketing strategy businesses use to get people to know about their products or services. It includes things like TV commercials, social media ads, flyers, or billboards that aim to attract customers and encourage them to buy.
What is a need?
A need is something that is required for survival or to successfully run a business. Examples include food, water, shelter for people, or supplies and equipment for businesses.
What is Bootstrapping?
Starting and growing a business with minimal external funding, using personal savings or operating revenue.
What does DECA stand for?
Distributive Education Clubs of America