IL Deca Knowledge
What is the highest level of competition in Deca?
International Career Development Conference
This is the amount of money a business earns from selling its products or services before expenses are taken out.
Revenue
What are the four Ps of marketing?
Product, Price, Place, Promotion
What event is this Saturday, October 10th?
Make a Difference Day
Explain the importance of customer service.
Customer service helps satisfy customers, build loyalty, and create positive relationships with the business.
Where is ICDC this year?
Anaheim, California
If you buy a stock for $50 and sell it for $65, what is your percentage return?
30%
A company receives 2,000 website visitors from an online advertisement. 100 of those visitors make a purchase. What is the advertisement's conversion rate?
5%
True or False: Lake Park DECA is one chapter?
False
Explain the importance of establishing relationships with customers.
Building relationships can increase trust, customer loyalty, repeat business, and satisfaction.
What are the three main types of DECA competitive events?
Role-plays, written events, and online simulations
What does IPO stand for?
Initial Public Offering
What is the term for the percentage of people who recognize a brand when they see its name or logo?
Brand Awareness
How many students qualified for ICDC last year?
11 students
Explain how economic conditions affect businesses.
Changes in factors like inflation, interest rates, unemployment, and consumer spending can affect a business's costs, sales, profits, and decisions
What district competition level/geographic area is Lake Park DECA in?
West Suburban DECA
A company has $500,000 in assets and $300,000 in liabilities. What is the company's owner's equity?
$200,000
A company surveys customers before launching a new product to determine what features they want. What type of marketing activity is this?
Market research
Who are the 3 Advisors in DECA?
Pliszka, Simpson, Bestvina
Explain how businesses use market research to make decisions.
Businesses collect information about customers, competitors, and markets to make better decisions about products, pricing, promotion, and strategy.
Who was last year's Illinois DECA State President?
Josh Koyfman
A business lowers the price of its product and sells significantly more units, but its total revenue decreases. What does this tell you about the relationship between price and quantity demanded?
Demand was relatively inelastic.
A company sells the same product to two groups of customers. For one group, it emphasizes affordability, while for the other, it emphasizes premium quality. What marketing strategy is the company using to appeal to different groups?
Market segmentation
What is Mr. Jones position in Illinois DECA?
Director of Awards
Explain how businesses protect themselves from legal liability
Businesses reduce legal risk by following laws and regulations, using contracts, maintaining accurate records, protecting customer information, and establishing policies that prevent unlawful or negligent action.