Marketing
What are the 4 Ps of Marketing?
Product, Promotion, Price, Place
Explain factors affecting pricing decisions
4 key factors (Example)
cost and expenses of the business
competition
how much your target market is willing to pay
supply and demand
Define entrepreneurship
Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses.
What is CRM
Customer Relationship Management
Where is DECA ICDC held this year?
Orlando, Florida
What is WOM
Word of mouth
Explain Debtor-creditor relationship
debtor-creditor relationship
A debtor is someone who owes a financial obligation (a "debt") to another, known as the creditor. Interest must be charged.
Explain the role of business in society
Example-
To innovate and deliver products/services. Fulfil the needs and wants of society
Key factors of building a clientele
Making the sale
After-sale activities
customer relationship management
What percent of your roleplay is marked on how well you talk about your PIs
Explain Maslow's hierarchy of needs
Physiological
Safety
Love & belonging
Esteem
Self-actualization
What is ROI
Return on Investment
The role of ethics in business
Business ethics ensure that a certain basic level of trust exists between consumers and various forms of market participants with businesses. For example, a portfolio manager must give the same consideration to the portfolios of family members and small individual investors as they do to wealthier clients.
Explain dynamic pricing
What does ICDC stand for?
International Career Development Conference
What are 5 types of product promotion
Personal Selling
Public Relations
Advertising
Direct Marketing
Sales Promotion
What is Phishing
phishing
the fraudulent practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers.
Describe operations in business
Business operations refer to activities that businesses engage in on a daily basis to increase the value of the enterprise and earn a profit.
What are the 4 A's of Tourism
Attraction
Accessibility
Accommodation
Amenities
What is the 2024/2025 DECA membership theme?
Be the One
(DECA Inc. In 2024-2025, DECA challenges you to Be The One. When you join DECA, you're not just another member; you're part of a global network of emerging leaders and entrepreneurs who are shaping the future.)
Explain institutional and product promotion
Institutional promotion is the process of promoting your product/service to officials within your industry- example would be participating in a Trade show
Product promotion is the process of promoting your product/service to the public
Explain antitrust law
A collection of federal and state government laws that regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers.
What does CEO, CFO, and COO stand for
CEO- Chief executive officer
CFO- Chief financial officer
COO- Chief Operating Officer
What does Disney's HEARD acronym stand for
H- Hear
E- Empathise
A- Apologise
R- Resolve
D- Diagnose
How many medals did Ontario win at ICDC 2021
483 (45% of the Ontario team)