Vocabulary
Buzz Marketing
Develops from a viral marketing technique used to get consumers talking about a product
Distinguish between economic goods and services
A good is something that you can use or consume. You buy a good with the idea that you will use it, either just once or over and over again. A service is something that someone does for you, like give you a haircut or fix you dinner. Another way to identify the difference is that a good is tangible and a service is intangible.
Cash Flow
Refers to the amount of money coming into and going out of a business.
Describe the Concept of Insurance
Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment (premium). This protects the financial standing of an individual or company in the case of unexpected loss. A policy holder can be responsible for paying part of a loss (a deductible) and the insurer pays the rest.
What are the two types of in person DECA events
Case-Study and Prepared Events
Post Sales Experience
Includes activities directed toward the customer AFTER the customer has made the purchase - it may include a follow-up thank you, survey or other promotional activity to retain the customer.
Explain the Role of Business in Society
The role of business in society is "to innovate and deliver products and services, to use resources efficiently so that the value is created and to conduct operations so that they are performed profitability and accepted by society." In summary, "the role of business in society is a coherent way of thinking about a company's impact and interaction with society." Niall Fitzgerald KBE and Mandy Cormack, The Role of Business in Society: An Agenda for Action; Harvard John F. Kennedy School of Government
Amenity
Hotel products and services designed to appeal to guests
Explain Types of Business Ownership
There are three types of business ownership: sole proprietorship, partnership and corporation. A sole proprietor owns and operates a business by oneself. A partnership is owned and operated by two or more people and is jointly responsible for the businesses outcomes. A corporation is operated by several people and owned by stockholders.
How many people from each case study event make it to ICDC at STATE
Top 4
Consumer Protection
Federal and state laws that regulate the sale and credit policies surrounding consumer sales.
Discuss the Nature of Human Resource Management
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Human resource management is a process of bringing people and organizations together so that the goals of each are met. This includes a focus on: results rather than on rules; helping employees develop his/her full potential; encouraging employees to give his/her best to the organization; assigning people to jobs in order to produce good results; helping the organization meet its goals in the future by providing for competent and well-motivated employees; building and maintaining positive relations between people working at various levels in the organization.
Advergaming
Utilizing a video game to promote a product by integrating that product into the video game
Explain the types of Promotion
The types of promotion include advertising, personal selling, sales promotion and public relations. Some marketing professionals will also include direct marketing as a type while others still consider this a form of advertising. Advertising is a form of paid, nonpersonal promotion in which a company promotes an idea, good or service through a variety of media. Personal selling is any form of direct contact between a salesperson and customer to fulfill a customer's wants and needs. Sales Promotion includes all marketing activities other than advertising, public relations, and personal selling that are directed at a customer in an effort to increase sales. Public relations are promotional activities that are designed to create a good image with the public.
What does DECA stand for?
Distributive Educational Clubs of AMerica
Petty-Cash Fund
A small amount of cash kept on hand by a business to cover incidental expenses
Identify elements of the Promotional Mix
Elements of the promotional mix may include advertising, personal selling, sales promotion, publicity and public relations.
Channel Management
Also known as distribution, channel management deals with getting goods to consumers.
Explain the Types of Economic Systems
There are four types of economic systems commonly studied. A traditional economy relies on custom and ritual to make its choices. A market economy relies on the consumption choice of consumers. A command economy relies on the government making all choices for consumers. A mixed economy relies on limited government involvement in a market based economy.
What is the theme for the State DECA Competition
Hunger Games
Executive Summary
A statement that outlines the key points of larger document, such as a marketing plan
Explain the Nature of Product Extensions in the Hospitality and Tourism Industry
Product extensions occur when a business puts its name on a variety of products, such as Marriott mattresses, bedding, robes, etc. Businesses use these extensions to leverage the awareness of an existing brand, to make a new product readily recognizable, to reach new customers, to keep a competitor from offering the product, and to refresh its image.
Press Kit
A package of promotional materials sent to the media to inform them about a product
Discuss the Nature of Customer Relationship Management
The goal of customer relationship management (CRM) is to maximize the value and effectiveness of all opportunities that businesses have to connect with customers; provide outstanding service to customers; maximize customer satisfaction; attract and retain loyal customers; cultivate and maintain positive, profitable relationships with customers and develop individualized relationships with customers.
What does ICDC stand for
International Career Development Conference