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DECA Vocab
Competition Prep
| Term | Definition |
|---|---|
| Accounting | Process of keeping records. Businesses keep track of the things they own, the accounts owed to them, and the amounts they owe to others. |
| Active Listening | To pay attention to the customer’s statements, ask questions when necessary, and restate for clarity. |
| Advertising | Any message paid for by an identified sponsor and appearing in the media. A form of promotion. Paid for, non-personal (not one-on-one), sponsor is identified. |
| Advertising Agency | Helps a client write, create, and design ads and commercials, including the purchase of media and follow-up. Most of the income is made from commission. |
| Agent | Intermediary who negotiates the terms of agreement or sale; does not own the actual product. Used in retailing and in sports & entertainment industry. |
| AIDCA Formula | A consumer’s mind process before a purchase is made; while unique to each person, same steps: Attention Interest Desire Conviction Action |
| Allowance | Type of reduction from a list price. Example: if you trade in your old car, your receive a discount on your new car. |
| Anchor Store | Usually a large chain retail operation located in a shopping center serving as the attracting force for the center. |
| Approach | The second step in the sales process, try to get customer’s attention. Be creative, friendly. |
| Arrears | A charge account that is behind in payments |
| Assets | Anything of monetary value that a company owns. This includes cash, accounts receivable, merchandise inventory, equipment, fixtures, supplies, land, and buildings. |
| Assumptive Close | A form of closing in the sales process. The sales representative begins to ring up the sale assuming the customer is making the purchase. |
| Automation | The use of machines to get things done. Mass production is possible through the use of machines' giving products more uniformity and making them available at lower cost. Example: Krispy Kreme doughnut machine |
| Bad Debt | Uncollectible accounts receivable |
| Balance of Trade | Difference in value between exports and imports of a country. |
| Bar Code | Common name for the Universal Price Code, or the series of black bars printed on many products.Allows for cashiers to scan in the price and product information. |
| Benchmarking | Companies use competitor products, prices, or features to compare to their own product and determine overall success. |
| Benefits of Marketing | Makes buying convenient; Raises the standard of living/Improves the quality of life; Maintains reasonable prices; Provides a variety of goods and services; Increases production |
| Peak | characterized by low unemployment, higher production, lower interest rates, and more consumer spending |
| Trough | Characterized by high unemployment, low products, higher interest rates and less consumer spending |
| Recession | marked by a six month decline in GNP |
| Depression | quick and deep dip in GNP for long period of time |
| Better Business Bureau | Organization to promote truth in advertising. Not a government agency, no enforcement powers. Publicizes information about unfair business practices to watch out for, and may cite specific companies as examples. |
| Bonus Close | The sales representative encourages the customer to buy now because there is a free gift or bonus. |
| Book Inventory System | Used in conjunction with another inventory system, records are kept by noting the amount of inventory purchase and the amount of inventory sold. |
| Box Office | The amount of money from ticket sales for movies or theater. Is used as a measurement of success. |
| Brand | Name, term, sign, symbol, or combination intended to identify the goods or services of one seller from another seller. Example: Kleenex tissue, Xerox copy, Cheerio’s |
| Brand Awareness | How well consumers know a company’s products |
| Break-even Point | The sales volume point at which revenues and costs are equal |
| Break-even Pricing | Setting a price to break-even on the cost of manufacturing and marketing a good or service |
| Broadcast Media | Agencies, means or instruments used to instantly convey messages to large groups, includes radio and television |
| Brokers | Assist in the negotiations between buyer and seller, yet do not take title of the good |
| Browser | For using the Internet, a computer program used to request information from the world wide web. |
| Business Cycle | Ups and downs in the economic activities; A measurement of Gross National Product over time. |
| Business Plan | Proposal that describes every part of a new business to potential investors and bankers. |
| Buyer | Person in charge of purchasing merchandise; needs to know customer likes and dislikes, market trends, how merchandise moves, quality control, and other related issues. |
| Buyer’s Market | quantity supplied is large and the quantity demanded is small, therefore the buyers have leverage over the suppliers in negotiating price. |
| Buying | Also called purchasing;Act of deciding what, when, and how much merchandise to buy, what price to pay and what vendors to use |
| Capital | Money that is needed to run a business. |
| Capital Resources | Man-made items such as money, buildings, machinery and other equipment. |
| Capitalism | Also known as Free Enterprise system, market economy. |
| Card Readers/Credit Readers | Machine that allows debit or credit payment at the point of purchase, user friendly for customers, often seen at gas stations or grocery stores. |
| Cash Cow | Term given to a product in the maturity stage of its life cycle, has a defined customer base and is making money. |
| Cash Discounts | Price reduction to buyers who pay their bills promptly. Example: 2/10, N30. This on an invoice would mean a 2% cash discount if the invoice is paid within 10 days, and the full invoice must be paid within 30 days. |
| Chain store | A group of stores, usually eleven (11) or more of the same type, owned and managed centrally.Examples include Belk’s, Hecht’s, Sears, Circuit City, Wal |
| Channel of Distribution | Route along which goods flow. |
| Clearance | Type of markdown, used by a retailer to remove leftover items from the selling floor. |
| Clientele | A group of customers who account for significant repeat business for a company. |
| Close | The sixth step in the sales process, sales representative must ask for the sale. Ask again if the customer says no. Ask several times. Verify information once customer has agreed. There are a variety of methods to close. |
| Closed Display | Is a display closed inside of showcases to protect the merchandise from breakage or theft. |
| Closed-Shop Business | Requires that employees must be union employee members. |
| Combination Store | Similar to a superstore, but the space devoted to nonfood items is 40% or more of total.Evolved from combination food and drug stores through common checkout. |
| Command Economic System | Government has tight control, decides answers to all economic questions, sets prices and supplies. Most people do not have the right to decide on their educational goals or career. The government determines Job opportunities and wages paid. |
| Commercial Credit | Credit extended from one business to another. |
| Communication | Connecting with another person – customer or employee, should be clear and express empathy. Both written and oral communication should be appropriate and avoid slang. |
| Company Strategy Types | Future companies decide: Stability- no major changes; Growth- expand operations, perhaps by introducing new products or purchasing other companies; Retrenchment- change direction by selling off an unsuccessful product or division; Combination |
| Competition | the struggle for customers between two or more businesses in the same market. Advantages to the consumer: Choice. It forces businesses to offer better products, better service, and wider selections. |
| Compliments | One product feeds off another product. Example: Peanut butter & jelly.symbiotic marketing. |
| Computerized Inventory Control System | Company uses bar codes on packages to automatically register what has been sold in inventory and what needs to be re |
| Concessions | Items for sale at events, including food or souvenirs. |
| Consignment | The merchant does not pay for the store’s merchandise until it is sold; used clothing is often sold this way. |
| Consumer | Someone who uses a product. |
| Consumer Buying Motives | Buying motives are the needs, desires, and impulses that drive a customer to purchase a particular good from a particular business; the Why, What, Where, and When of consumer buying decisions. Examples: health, love, prestige |
| Consumer Price Index (CPI) | Measure of inflation based on a change over a period of time. |
| Consumer Product Goods (CPG) | Tangible products offered to individual consumers. |
| Consumer Oriented Marketing | Always trying to determine individual consumer’s needs, and then providing the goods and services to satisfy those needs. |
| Consumption | One of the economic activities, using a product. |
| Convenience Goods | Goods that a consumer buys frequently without much attempt to shop around. Items are usually $5 or less. Example: Soda, candy, gas |
| Convenience Store | Compact, drive-to store offering a limited line of high-convenience items. Over half sell gasoline and some sort of fast food. Long hours and easy access. |
| Cookie | a simple, passive text file stored on the user’s computer. It may contain your identity, personal touches, web site tracking, and other information so a company can target market directly to you each time you visit their web page. |
| Cooperative Advertising | The retailer and the manufacturer work jointly to advertise a product. Both the store and the brand name producer share the cost of the advertising. Example: Sports Authority where Nike items are advertised. |
| Copy | The written part of an advertisement, the body that details the product features and benefits. The copy should hold the reader’s interest, and be clear and understandable. |
| Corporation | An entity created by law for the purpose of conducting business. In most cases, are formed by securing a charter from the state in which the corporation will operate. |
| Cost Price | Price which a business pays for an item, varies depending on terms of sale and value of item. |
| Credit | The ability to obtain goods or services or money in exchange for a promise to pay later. |
| Credit’s Three Cs | What creditors look at before deciding to lend money: Character, Capacity, Capital |
| Character | What type of person are we dealing with? Reputation? Past history? |
| Capacity | What potential does he has to make money? Education? Work history? Health? |
| Capital | What is already owned that could be used as collateral? What is already in the bank? |
| CRTs | Monitors that play videos advertising other product specials or news & entertainment features, often located at gas station pumps or convenience stores. |
| Culture | The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions. Must address when considering marketing a product internationally. |
| Current assets | Assets that are easily liquidated such as cash and accounts receivable. |
| Customer | Someone who buys a product. |
| Customer Traffic | The number of people that go into a store at any given time. Business cannot function with out this. Methods to increase this include:personal services (demonstrations, makeovers and others), sales, giveaways, contests, games, frequent buyer cards |
| Customer Oriented Selling Approach | Focuses on solving customer problems by satisfying customer needs and wants, most commonly used. |
| Debit Card | Plastic card that allows direct payment from checking account, safer than cash, different than credit, payment is immediate. |
| Decentralization | Change of management style from hierarchical to horizontal. |
| Demand | The quantity of product that customers are willing to purchase at different prices is called demand. It is an indirect relationship, as price goes up, quantity demanded goes down. |
| Demographics | Statistics that describe a population in terms of personal characteristics including age, income, address, ethnic background, education or occupation. |
| Department Store | A retail establishment that employs 25 or more people and sells products organized into individual departments according to the type. Most offer the following departments: furniture, appliances, clothing, household items, and dry goods. |
| Depth | The number of product items and the assortment of sizes, colors, and models offered within the product line. |
| Differentiation Strategy | Marketer attempts to modify their product from others on the basis of something other than price such as service, quality, convenience, and other features. Examples: Bayer is better for the stomach. Tylenol doesn't have aspirin in it. |
| Direct Buying | When a consumer purchases directly from the manufacturer or producer. Example: L.L. Bean Catalog |
| Direct Competition | Two or more companies which offer similar goods or services. Example: Burger King vs. McDonald’s |
| Direct Mail | Type of advertising media sent to prospective buyers through the mail. Example: Catalogs |
| Direct Selling | When a manufacturer skips all middlemen and sells goods directly to the consumer. Example: Farmers’ Market |
| Discount Store | A retail store that makes a policy of selling merchandise at reduced prices. Because of competition, most moving to a differentiation strategy (see differentiation strategy). |
| Display | aka visual merchandising; Showing the merchandise in such a manner that it attracts the attention of the target market. Should:attracts attention; creates interest; encourages desire to buy |
| Distribution | One of the economic activities. Determines how a product will be given to consumers, physically moving a product from the producer to consumers. |
| Dividend | Portion of profits paid to shareholders of a corporation. |
| Dog | Term given to a product in the decline stage of its life cycle, is losing money. |
| Domain Name | Group of IP addresses that has a name associated with it. |
| Dominant Feature | The first item in an advertisement that catches the reader’s eye or viewers attention and entices the person to learn more. |
| Downstream Process | Transportation, refining, distribution and marketing of products most often used in the oil business or other natural harvestation. |
| Downward Communication | Dissemination of management policies to employees in an organization |
| Drop Shipper | Wholesaler with a limited function. Takes orders from the retailer, arranges for delivery of goods directly from a producer, assumes ownership of the goods before reselling them, but does not physically handle the goods. |
| Dump Display | Merchandise has been thrown on a table or in a bin, often outsells a formal display because people are not as hesitant to dig through the items and mess them up, or they perceive the items to be “on sale.” |
| Durable Goods | Tangible items that generally last longer than one year. Example: appliances, furniture and autos. |
| Economic Activities | Production; Consumption; Distribution; Exchange |
| Economic Questions | What to Produce? How to Produce? For whom to Produce? |
| Economic Resources | Necessary to produce goods and services to satisfy unlimited wants and needs.Three types:Natural; Human; Capital |
| Economic Risks | Anticipated through risk management, include government regulations, economic cycles and competition |
| Economic Systems | A plan that a nation has for making decisions on what to produce, how to produce, and how to distribute goods or services. |
| Economics | The study of how to meet unlimited & competing wants with limited resources. Simply put, decision making. Often examines how and why people spend their money. |
| Elastic Demand | The quantity demanded is greatly affected by price changes. Usually applies to luxury products, expensive products or those that have many substitutes. Example: travel, cars |
| Electronic Data Interchange (EDI) | Any time information is learned by a computer. Example: computerized cash registers |
| Electronic Parts Catalog (EPC) | User friendly tool that helps customer find the correct product for their needs. Example: the part number for windshield wipers for a Ford Ranger can be found |
| Electronic mail sent from computer to computer. | |
| Embargo | A ban on the import of a certain product. Done to protect the country's home producers from cheaper foreign competition and also as a way of affecting foreign economies in order to influence that country’s government. |
| Embezzlement | When an employee steals money or shares of stock from the company for which he works. |
| E-meal | Food ordered online |
| Emotional Buying Motives | Involve an individual’s desire for pride, status, romance, and adventure. Example: Buying a convertible rather than a four |
| End Cap | Type of display, usually situated at the end of an aisle in a supermarket or discount store. |
| Endorsement | A celebrity is paid to speak well of or wear a product for promotion purposes. |
| Entertainmentization | Phrase used to describe how retail stores, restaurants and other businesses are incorporating more entertainment and “fun” into the experience. |
| Entrepreneurship | Process of starting and managing one’s own business. |
| Environmentalism | An organized movement of concerned citizens and government agencies to protect natural resources and improve the people's living environments. Influences business decisions. Example:Greenpeace,Sierra Club,Clean Air Act |
| Equal Credit Opportunity Act (1975) | Federal law that states that everyone has the right to apply for credit without fear of discrimination on basis of sex or marital status. |
| Equilibrium Price | According to the law of supply and demand, the price where buyers and sellers agree. |
| Ethics | Guidelines for good behavior. Companies publish guidelines regarding advertising, sales practices, customer service, pricing and product development. |
| Event Management | The operations side of an event. |
| Event Marketing | Marketing activities that take place at sporting events, concerts, trade shows or other affairs. |
| Exchange | One of the economic activities. The act of obtaining a desired object from someone by offering something in return. Example: $2.00 for two Big Macs. |
| Experimental Method | Method of market research, combines the observation and survey methods. Example: McDonald’s test markets a new hamburger idea before nationwide release. McDonald’s watches people eat the food, and asks their opinion of it. |
| Experimental Research | Trying a new product on a small group of the target market. Conducted by gathering data from different but matching groups, giving different treatments to each group, then checking and recording responses. |
| Export | A product that is produced in this country and sold and delivered to another country. |
| Export Import Bank (Eximbank) | Independent government agency which fosters trade between U.S. and other countries. |
| External Customers | General Public |
| External Factors that affect Strategic Planning | Human Resources; Technology; Raw Materials; Government regulations; Socio-cultural: Current Economic conditions Market conditions |
| External Information | Research information from sources outside the business including Federal and State planning agencies, sales representatives, trade journals, chamber of commerce, leaders, wholesalers, market research organizations, and industry practices. |
| Factory Outlets | Off price retailing operations that are owned and operated by the manufacturer ad carry the manufacturers surplus or irregular goods at discount. Example: Nike Factory Outlet |
| Fads | Fashions that enter quickly, are adopted with great zeal, peak early, and decline fast. Example: bell bottom pants, slap bracelets |
| Fair Debt Collection Practices Act | Regulates the debt collection behavior of collection agencies. |
| Fashion | A currently accepted or popular style in a given field. |
| Feature/Benefit Selling | stress the benefits of the product, not just the features. Ex: A watch with a glow in the dark face (feature) allows the owner to tell the time in the dark and early in the morning, making sure the customer will be on time for work (benefit). |
| Federal Trade Commission (FTC) | Established in 1914, the FTC is designed to enforce consumer protection provisions and eliminate unfair competition |
| Fidelity Bond | Insurance coverage that protects a company against employee theft. |
| Fixed Assets | Items that a business owns that are a fairly permanent part of the business and expected to last a long time. Examples: Building, land, factories, major equipment. |
| Fixed Costs | Costs that do not vary with production or sales level. Example: Rent |
| FOB Origin Pricing | A pricing strategy where goods are placed free on board a carrier and the customer pays the freight from factory to destination. |
| Follow the Leader Pricing | Charging about the same price as the competitors. Example: Airline industry, in the fare war, most rates now are within a few dollars of each other |
| Follow up | The seventh step in the sales process, check on the customer later to be sure that the product is in working order and is enjoying it. Ask for referrals. |
| Food and Drug Administration | Government agency that regulates food, drugs, cosmetics, and health devices, including the labeling of packages. |
| Form Utility | Product is in right configuration to be useful to consumer. Example: Plastic, metal and ink are more useful when made into a pen. |
| Franchise | A contractual association between a manufacturer, wholesaler, or service organization and an independent businessperson who buys and then owns the right to operate one or more units in the franchise. Examples: McDonald's, Burger King, Kinko’s Copies |
| Free Enterprise System | Also known as capitalism, market economy |
| Freight Forwarders | Private transportation service companies that combine shipments from several different businesses and deliver them to the final destination. |
| Fresh Cuts | Traditional produce products that have been washed, cleaned, cut, packaged and refrigerated and are ready to sell to customers. Example: Bagged salad |
| Gatekeeper | In the sales pre approach, this is often the person you must go through to get to the actual customer making the buying decision. Example: The secretary of a company buyer who books appointments with sales representatives. |
| Generic Products | Unbranded, plainly packaged, less expensive version of common products |
| Geographic Segmentation | Dividing a market into different territorial units such as nations, states, regions, counties, neighborhoods or other delineation. Example: Grits are marketed mostly in the South, not in the North. |
| Globalization | Modification of a product and the marketing activities to reach as wide of a variety of markets as possible. Example: CocaCola is a global brand. |
| Goal | A short-term measurement for achievement. Example: To increase sales within each department. |
| Good | A tangible item, something that one can touch, available for purchase |
| Goodwill | The rapport between business and public developed through community relations activities. Goodwill is very difficult to measure. |
| Green Marketing | Efforts to promote the fact that a company is socially conscious and environmentally aware. Example: using recycled paper in a product’s package |
| Grocery Store | Any retail store selling a line of dry grocery, canned goods or nonfood items plus some perishable items. |
| Gross Domestic Product (GDP) | Used most frequently as the measurement of an economy’s health, the total amount of goods and services produced within a particular country’s borders. |
| Gross Margin | The difference between Net Sales and Cost of Goods Sold. |
| Gross National Product (GNP) | Used as a measurement of an economy’s health, the total amount of goods and services produced by a particular country. Not used very often, replaced by Gross Domestic Product (see Gross Domestic Product). |
| Gross Sales | The total amount that a company charges during a given period of time for merchandise. |
| Handle Objections | The fifth step in the sales process, want to listen to the customer’s objection and answer appropriately. Ex: “Yes, I see your point, but . . .” Stay positive! |
| Hierarchical Management Style | All decisions in an organization are made at the top and flow down |
| Hit | When referring to the Internet, a single request from a web browser for a single item from the server. Used as a measurement of how many people visit a web site. |
| Home Meal Replacement (HMR) | Hot or cold meal/entrée prepared or packaged outside the home and is ready to eat, heat or assemble. |
| Horizontal Communication | Connection between peers in an organization |
| Horizontal Management Style | Individuals make decisions at the business level they are at for business level. Example: Department managers make decisions for their department rather than store presidents. |
| Hot Link | On a web page, another address that a user can place its cursor on, and then go to that site. |
| House Brand | Products branded by the store, or house. Items are usually less expensive than national brands. Example: Safeway Select |
| Human Resources | People, labor, must be willing and able to work. |
| Human Risks | Anticipated through risk management, include human error, employee theft, improper training or other related problem. |
| Hybrid Warehouse | Same characteristics as a warehouse store, but includes over 7,500 items, mostly perishables, and possible some specialized service departments, such as a deli. |
| Hypermarkets | Huge stores that combine supermarket, discount and warehouse retailing; in addition to food, they carry furniture, appliances, clothing, and many other products. Popular in Europe, slow to acceptance in United States, but on the rise. |
| Impact | The impression an advertisement will make on the average consumer in the target market. |
| Import | A product that is produced in another country and sold and delivered to this country. |
| Impulse Buying Motives | Buying something without planning because the customer wants it now. Often met at the cash register. Example: Ordering a pizza at 2:00 AM while studying for finals. |
| Income Segmentation | Dividing a market into different groups or segments based on income levels. |
| Independent | An operator of up to ten (10) retail stores. |
| Indirect Competition | Offer dissimilar goods or services. Example: Go to the movie or go to a baseball game. |
| Indirect Expenses | Generalized business expenses not associated with direct production. Example: rent, electricity |
| Industrial Consumer | Buys and uses goods or services for their business. They do not reprocess or resell, they simply use the product to run their business. Example: chairs at restaurants, accounting services for a business. |
| Industrial Goods | Goods bought by individuals and organizations for further processing or for use in conducting a business. |
| Industrial Market | All the individuals and organizations acquiring goods and services which enter into the production of other products and services that are sold, rented, or supplied to others. |
| Inelastic Demand | The quantity demanded is not affected too much by price changes. Usually applies to necessary products, inexpensive products or those that have few substitutes. Example: medical procedures, staple food products |
| Information Utility | By giving a customer more information about the product, it becomes more useful. Example: Recipes for certain foods. |
| Initial Capital | Money needed to start a business. |
| Innovative Marketing | A principle of enlightened marketing which requires that a company seek real product and marketing improvements. |
| Institutional Advertising | Attempts to create a favorable image for the company that is doing the advertising. Example: A Nike ad showing athletes playing their sport; no specific product is featured, viewers just “feel good” about Nike. |
| Intermediaries | Middleman, wholesalers, agents and retailers. |
| Internal Customers | Employees of the business, must also appeal to employees because they are spokespeople for the company |
| Internal Factors that Affect Strategic Planning | Brand recognition; Patents; Financial ability;Research and development; Market Share |
| Internal Information | Research information from customer feedback, financial statements, sales reports, and inventory records. |
| International Monetary Fund (IMF) | Multinational agency whose purpose is to help stabilize the economies of its member nations. |
| International Trade | Exchange of products between nations. |
| Internet | Changing the ways customers interact with business and the way retailers interact with its vendors. Estimated in 2000, yearly sales revenue will be $45.8 billion. Interactive; Easy to Use; Inexpensive |
| Intranet | Result of a company implementing Internet technology on its internal networks. |
| Inventory | Value of merchandise on hand at cost or retail. |
| Invoice | A document showing the quantity, price, terms of sale, nature of delivery and other particulars of products sold, including the amount due for payment. |
| IP Address | Number assigned to every computer connected to the Internet. |
| Job Description | A written report of the tasks, duties or responsibilities associated with a certain job. |
| Job Specifications | The background training and education required to perform a specific job. Example: training, education, experience, licenses or other measurements of qualifications |
| Joint Venture | Entering a foreign market by joining with foreign companies to produce a good or service. Example: Tokyo Disneyland. A Tokyo development company and Disney worked together to build the amusement park |
| Kiosk | A small cart often located inside shopping malls that sells a product. With low overhead, it is often a good way to test out a new product or company with minimal risk. Used by companies with a limited line of small products. |
| Law of Supply & Demand | How prices are determined in a market economy; Given steady supply:If Qd increases then P increases. If Qd decreases then P decreases. Given steady demand: If Qs goes up then P decreases. If Qs goes down, then P increases. |
| Layout | The ad's headline, illustration, copy, and signature arranged in a way that directs the viewer’s eye through the ad. |
| Lead Club | Aka networking group.A club of non-competing sales people who meet to exchange leads and referrals. |
| Licensing | A company enters into an agreement with another company to share manufacturing process, patent, and trademark, in exchange for a portion of the revenue. Example: Disney licenses the Mickey Mouse character to Johnson & Johnson to make Mickey Mouse Band |
| Lighting | Used especially for visual merchandising, creates different moods depending on style and color used. |
| Limited Assortment Store | A store with fewer than 1,500 items, primarily dry grocery, with few, if any, perishables. Small gross margin and workforce. Virtually no service. |
| Limited Liability | Limited risk according to law. One can lose no more than one can invest. As a majority shareholder, you can lose the value of your stock if it decreases; Suppliers and creditors of your corporation cannot claim your personal property to repay debts. |
| Logotype | Aka logo or brandmark; A design, emblem, symbol or combination of these which is used to identify a business. Example: Nike Swoosh. |
| Long term capital | Money used to purchase fixed assets |
| Loss Leader | A product sold at or below cost in order to entice customers into the store in hopes that they will purchase more goods. |
| Loyalty Marketing | Making customers feel satisfied and special enough during shopping experience to come back. |
| Magazine Advertising | Advertising in magazines chosen to target a specific market. |
| Maintenance | Inspect and repair of various business machines, escalators, elevators, air conditioners and other equipment in order to keep them working efficiently. |
| Management | The planning, leading, organizing, and controlling of a company or business. |
| Manufacturers Agent | An independent representative who handles part of the output of one or more manufacturers within a sales territory, has little freedom in adjusting prices or in making promises on behalf of the manufacturer, handles goods such as non |
| Manufacturers Suggested Price | The price at which the producer feels a retailer should sell the product. |
| Markdown | A reduction in the normal price, usually figured as a percentage of retail price. Example: If a product normally sells for five dollars and now is selling for four dollars, what is the markdown percentage?($5 minus $4 = $1, $1/$5 = .2 or 20%) |
| Market | Any place where products are bought and sold |
| Market Economic System | Economic system where most of the capital resources are owned by individuals, not the government. Involves the rights to own property, to be involved in private enterprise, and of choice in what you buy and do for a living, (limited gov't control.) |
| Market Penetration | The percent of customers that purchase a particular brand of product. |
| Market Price | The actual price at which goods and services are sold. |
| Market Segmentation | The process of appealing to separate market groups based on common characteristics including age, income, jobs, educational level, sex, geographic location or other indicator |
| Market Share | Portion of the total sales volume for a product in a specific market. Example: CocaCola sells to the largest percentage of market share for soft drinks. |
| Marketing | All of the planning, pricing, promoting, distributing and people activities that must take place in order to get goods and services from the producer to the ultimate consumer. |
| Marketing Concept | Making the customer feel as if he/she is #1. Customers are not always right, but they should feel like they are #1. Examples: having a return policy, fair & honest advertising, knowledgeable salespeople and quality products. |
| Marketing Information Management | Enables business people to make informed decisions about what to sell, to whom to sell, and how much. |
| Marketing Management | The process of analyzing market opportunities, selecting target markets, developing the marketing mix, managing the marketing effort |
| Marketing Mix | Using the best combination of planning, pricing, promoting, and placing to reach the target market (people). |
| Marketing Research | The gathering, recording, and analyzing, of data about problems relating to the transfer and sale of goods and services from producer to consumer, conducted to minimize loss. Nine out of ten new products each year fail to receive customer acceptance. |
| Markup | The difference between the cost of the product to the company, and the retail price. Example: If a product costs $5 and its retail price is $10, the markup is $5. |
| Markup Percentage on Cost | Markup in Dollars / Cost Price Example: Markup is $5, cost price is $5, markup percentage is 100% |
| Markup Percentage on Retail | Markup in Dollars / Retail Price Example: Markup is $5, retail price is $10, markup percentage is 50% |
| Mass Market Stores | Retail stores that sell a wide assortment of products to a wide market. |
| Mass Retailing/Selling | Selling a high volume of products to as many people as possible. Example: WalMart |
| Media | Vehicles or channels used to communicate a message to potential customers. The type of media used depends on the message, the target market, and the objectives of the advertising. |
| Media Costs | The dollar amount for purchasing advertising. Cost per contact is measured by the tool CPM, or cost per thousand of audience reached. |
| Merchandise Plans | Written plans of merchandise stock and order |
| Micro Marketing | aka Neighborhood Marketing. Individual stores control the marketing, offer certain products only at certain locations. Example: Fresh Fields/Whole Foods Market |
| Middle Management | Responsible for daily functions of business. Example: store manager at Sears. |
| Middleman | Business organizations such as agents, wholesalers and retailers who perform buying and selling services that aid the flow of goods from the producer to the consumer, especially helpful when importing or exporting products. |
| Mini nationals | Midsize and smaller companies that have operations in foreign countries. |
| Mission Statement | A statement of the organization’s purpose, what it wants to accomplish in the larger environment. A marketing |
| Mixed (Socialist) Economic System | Government owns and operates basic enterprises such as railroads, airlines, power plants, radio, TV stations and other industries. The extent of government control is decided by the people through voting. Example: United Kingdom and Sweden |
| Monopoly | One company that controls the supply of a product for which there is no adequate substitute. Example: AT&T was the only US long distance carrier until forced to break up in the 80's. Now we have many long distance carriers from which to chose. |
| Mortgage Credit | A mortgage is a loan secured by tangible assets. |
| Factors that affect media costs | circulation of the media, demographic target, audience, production costs of the media, reproduction quality, quantity purchased |
| Multinationals | Large corporations that operations in several countries. |
| National Brand | Products that have a nationwide distribution from the manufacturer. Items are usually more expensive, but in the eyes of the consumer, are often better quality. |
| Natural Resources | The raw materials found in nature and limited by what the earth can produce. |
| Natural Risks | Anticipated through risk management, include fire, flood, snow, or other natural disaster. |
| Neighborhood Marketing | aka Micro |
| Net Capital | Assets minus Liabilities |
| Net Income | Gross Profit minus Total Expenses |
| Net Sales | Gross sales minus allowances and returns. |
| Netiquette | The etiquette on the Internet |
| Networking Group | aka Lead Club. |
| New Product Development | The creation of original products, product improvements, product modifications, or new brands by a company’s Research & Development department. |
| Newspaper Advertising | Advertising in the newspaper usually sold by line or column inch. |
| Niche Marketing | Concentrating marketing efforts on a very small segment of the market. |
| Noise | The unplanned static or distortion during the communication process that results in the receiver getting a different message than the sender sent. |
| Non Durable Goods | Consumer goods that are usually consumed in one or two uses. Examples: food, soap, gas |
| Non Price Competition | A struggle between two companies trying to get customers by offering different services, atmosphere or other non |
| Non | Profit Organization |
| Non Verbal Communication | Getting the message across without saying a word. Example: body language |
| North American Free Trade Agreement (NAFTA) | International trade agreement between U.S., Canada and Mexico lessening the barriers to trade between the three. |
| Objective | Steps or benchmarks to achieving goals. Example: To increase the number of customers and customer contact. |
| Observation Method | Method of market research, one watches and records data. Example: Customer traffic counted by observing the number of customers entering the store. |
| Occupational Safety and Health Administration (OSHA) | A government administration that establishes safety laws and codes for employees |
| Odd Pricing | Setting a price just below an even amount. Example: $12.99 or $18.95 |
| Oligopolistic Competition | A market where there are few sellers and they are each highly sensitive to pricing strategies. Example: airline industry |
| One Sheet | A movie poster, form of promotion for movies at the theater, but often sold as its own product. |
| Online | A company who has a home page on the Internet and updates it regularly. |
| Open Display | Placed in the store out in the open where the customer can handle and examine merchandise, most common type of display used. Items placed at eye |
| Open Shop Business | Company free to hire employees without regard to union status. |
| Open to Buy(OTB) | Amount of money available for purchasing merchandise. |
| Operating Expenses | All costs of running a business, other than the actual cost of merchandise. Examples: salaries, rent, advertising, depreciation, insurance, taxes and maintenance |
| Operations | The activities necessary to run a business, other than buying, selling, or control. Examples: personnel, security and maintenance. |
| Opinion Leader | Using someone famous to help endorse a product, does not have to be an expert in the field. Example: Jeff Gordon featured in a commercial for laundry detergent. |
| Organizational Buying | A decision-making process, businesses establishes a need for resources, and identify, evaluate, and choose among alternative brands and suppliers. |
| Organizing | Management function that consists of arranging resources and relationships between departments and employees, defining responsibilities and directing employees. |
| Outdoor Advertising | Type of advertising media that Includes signs and posters, painted bulletins, billboards, and other rented spaces along city streets, highways or other areas. Example: A billboard for South of the Border on Route 95 South |
| Ownership | The form by which a person(s) possess a business. Three types:Sole Proprietorship, Partnership, Corporation |
| Packaging | Designing and producing the container or wrapper for a product, should perform the following functions: Contain, Identify, Educate, Promote, Protect Product, Protect Consumer |
| Multi-Concept Operators | Same owner of different restaurants with different themes. Allows freedom and creativity, with better purchasing power and training |
| Partnership | A contractual relationship based upon an agreement between two or more persons who combine their resources and activities to run a business, sharing in varying degrees the management and the profits or losses. |
| Patent | Legal protection of an invention or process granted by government to its owners for a certain number of years. It will prohibit others from copying, making, or selling the process or invention. |
| Patronage Buying Motives | The customer would rather shop at one store over the another even because of loyalty, even if there were other stores with the same merchandise. Example: Shopping at K |
| Penetration Pricing | Set a very low initial price for product so many people purchase it. |
| Perpetual Inventory System | Tracks the number of items in inventory on a constant basis. |
| Personal Appearance | Celebrity attends an event as a way of endorsing a product or increasing attendance at the event. |
| Physical Inventory System | Stock is visually inspected or actually counted to determine the quantity on hand. |
| Pilferage | Theft of merchandise by employee. |
| Place Utility | Where a product is located will affect its usefulness for the customer. Example: Placing gas stations along the highway makes gas more useful. |
| Planning | A management function that revolves around defining the mission, strategy, goals and objectives that the company would like to achieve. |
| Point of Purchase Display | Type of display located at the cash register or checkout. Display usually contains small, low |
| Positioning | A term used when referring to what type of marketing strategy will be used for a product. |
| Possession Utility | Usefulness is created in the possession of the product. Example: Buying your favorite movie rather than renting it. |
| Post Testing Advertising | A form of market research that lets the business know whether its objectives for the advertising have been reached. Two popular methods are through evaluating audience recall and evaluating sales. |
| Pre Approach | The first step in the sales process, everything that is done before seeing the customer. Important to learn as much about the product and the product’s competitors as possible to anticipate customer needs. |
| Presentation | The 4th step in the sales process: arouse interest in the product that has been selected especially for the customer. Try to involve the customer and his/her five senses as much as possible, have them use the product, touch it, and and try it on. |
| Press Junket | An intense, several day promotion allowing members of the press to interview movie stars and others involved in a new movie or show. |
| Press Release | Public relations tool, written by the organization as a news story for print media to run. |
| Press/Media Kit | Public relations tool, includes a variety of materials helpful for the media to learn more about a new company, a new product, an event or other relevant news story, produced by the company. |
| Prestige Pricing | Setting a high price to suggest status to the consumer. |
| Pretesting | Testing an advertisement before it is run to determine consumer response. A method of pretesting is jury testing in which panels of consumers watch and react to advertising before it is placed with the media. |
| Price | The amount of money charged for a good or service, or the sum of value that consumers exchange for the benefits of having or using the product. Internal factors affecting price: survival (staying in business),current profit maximization (the highest quant |
| Price Competition | Two or more companies that sell the same products at different prices. Example: Giant offers Oreo’s for $1.29, Safeway offers Ores for $1.49. |
| Price Discrimination | Charging different prices to similar customers in similar situations. |
| Price Fixing | Agreement of competitors to set their prices within a certain range. |
| Price Lining | Offering all merchandise in a given category at certain price. |
| Primary Data | Data collected directly from the original source. Examples: customer surveys, employee surveys, dealers, and competitors. |
| Primary Demand | Desire by customer for a certain type of product, no matter what the brand. Example: Desire for chocolate |
| Primary Industry | Comprised of companies that provide raw materials, engage in the first step in the production process. |
| Producer | Manufacturer, one who makes something |
| Product | Anything that can be offered to a market for attention, acquisition, use or consumption, and that might satisfy a want or a need. It includes durable and non |
| Product Item | Specific model, brand or size of a product. |
| Product Knowledge | Understanding the features of the product, how it is made, cost, warranties, service, maintenance, and anything else possible about the product. The more a sales representative knows, the better he/she is able to help the customer. |
| Product Life Cycle | A measurement of sales over time for any product. Most products go through four stages:Introduction, Growth, Maturity, Decline |
| Product Line | Group of closely related product items sold by a business. Example: Coca-Cola, Diet Coke, Cherry Coke |
| Product Mix | All the different products a company sells. |
| Product Placement | A product is purposely featured in a scene(s) of a movie. Company is charged as an advertisement. Example: Starbucks logo and products featured in Austin Powers II. |
| Product Width | Number of different product lines within a company. |
| Production | One of the economic activities, making a product |
| Profit | Money earned from selling a product after all expenses are made, motivator in the market economic system. |
| Promotion | Attempts to raise the image of a company/product in the eyes of the market. Three functions:Inform, Persuade, Remind |
| Promotional Advertising | Attempts to get people to buy products, services, or ideas |
| Promotional Mix | Most effective combination of types of promotion to positively raise the image of the product in the eyes of the market. |
| Prospecting | The process of finding new customers, done through referrals, advertising, direct marketing, or other practice. |
| Psychographics | Describe consumers based on lifestyle and the attitudes and values that shape it. |
| Public Relations (PR) | Department which oversees publicity for a company, primary tasks are handling and heading off unfavorable rumors, stories and events and emphasizing positive events. Includes: relations, product publicity, corporate communications, lobbying , counseling. |
| Public Service Announcement (PSA) | Public relations tool most often used for non |
| Publicity | Any unpaid non-personal mention of a firm, product, or person in any type of mass media. Examples: movie reviews or restaurant reviews. |
| Pull Strategy | A type of promotion strategy, “pulls” customer into the store to demand the product. Example: coupons |
| Purchasing | aka buying |
| Push Strategy | A type of promotion strategy, “pushes” the product to the consumer. Example: free samples |
| Quantity Discounts | Reduction in list price given to customers that purchase a large dollar volume or number of units in one order or during a time period. Ex. 4/10 N30 on $17,000 the amount of the discount is $680.00 if the invoice is paid within 10 days. |
| Question Mark | Term given to a new product, company doesn’t know if customer will like or dislike the product. |
| Questioning | The third step in the sales process, do not ask any question that can be answered with a “yes” or “no” response! Important to listen at this stage, want to get enough information from the customer to find the product that meets his/her needs. |
| Rack Jobber | Supplies certain goods, sets up racks, and keeps them filled, specializes in coming to the store and supplying goods sold in self |
| Radio Advertising | Advertising on radio, usually in 15, 30, or 60 second time periods or slots. |
| Rational Buying Motives | Involve careful formal reasoning on the part of the buyer. Example: Buying a home. You examine price, mortgage rates, size, commute to work, neighbors, local schools and other facts before purchasing. |
| Raw Materials | Raw materials come directly from nature. Examples: Lumber, agriculture, oil and coal |
| Receiving Process | The process of checking inventory shipped against invoices to make sure that all of the goods ordered were sent. |
| Reference Group | Group of friends with similar demographics and psychographics |
| Retail Advertising | Attempts to get customers to shop at a particular store. Retailers usually advertise through radio, TV, or newspapers and usually have in |
| Retail Price | Price of an item paid by the customer. |
| Retailer | Facility that performs the last step in the distribution process, selling goods directly to the consumer, a store. |
| Retailing | All of the activities involved in the sale of goods or services to the final consumer for personal use. Retailing is the final link between the consumer and the producer. |
| Return on Investments (ROI) | A measure of managerial effectiveness, it is the ratio of net profit to investment. |
| Risk Management | Actions that minimize or reduce the possibility of danger. Three ways to deal with risk:Avoid, Control risk,Transfer risk(insurance) |
| Sale | Type of markdown, offers products at a lower price than retailer normally charges |
| Sales Agent | Aids in the negotiation between buyer and seller. Can only represent one company. |
| Sales Forecast | Predicted number of units of a good or service that a business will sell during a given period of time. |
| Sales Quota | Standard set by the company as to how much and of what product a salesperson should sell. |
| Sales Oriented Selling Approach | Focuses on increasing sales, no matter what it takes, less often used. |
| Sample | segment of the population selected for marketing research to represent the population as a whole. |
| Scanning | When a product is waved over a series of lasers that read the bar code. |
| Scarcity | Condition that exists when people’s needs exceed the limited resources. |
| Schedule | Time plan for carrying out personal or business activities. |
| Scrambled Merchandising | Refers to adding a profitable new product line not traditionally associated with the business. Example: RJR tobacco owns Kraft foods. |
| Broker | Aids in negotiation between buyer and seller. Can represent many companies. |
| Seasonal Discounts | Reductions in price given to intermediaries for buying early and performing a service such as transporting or storing. Example: A seasonal discount on toys listed for $2,500 and discounted at 15% would equal $375.00 |
| Secondary Data | Data that has already been collected by someone else. Examples: trade journals, publications and government data |
| Selective Demand | Desire by customer for a certain brand of product only, no other will do. Example: Desire for a Hershey’s chocolate bar |
| Seller’s Market | In a seller’s market, there is high quantity demanded for a product and low quantity supplied, therefore, sellers have leverage in setting prices. |
| Selling (Personal Selling) | Personal, persuasive communication to help customers buy products to fulfill wants, needs or desires(Problem solving). Personality traits required Positive attitude, Interest &Enthusiasm, Responsible behavior, Honesty &Integrity, Initiative, Creativity |
| Selling Process Steps | Pre-Approach Approach Questioning Presentation Handle objections Close Follow up |
| Services | intangible acts or products that others do for a price. Examples: food preparation, hair styling, photographers |
| Shoplifting | When a customer steals stock from the selling floor. |
| Shoplifting Prevention | Training for the employees in minimizing loss due to theft. Best way to prevent is with good customer service. |
| Shopping Good | Product that costs between $50 and $250 |
| Shortage | Quantity demanded exceeds quantity supplied. |
| Shrinkage | Loss in stock due to record keeping errors, employee theft, shoplifting, damage or spoilage. |
| Signage | Signs that advertise or offer directions or other information in a store or at an event. |
| Slogan | Short, memorable phrases that express a company's philosophy or product. Example: Nike’s “Just do it” |
| Social Classes | Relatively permanent and ordered divisions of a society whose members share similar values, interests and behaviors. United States’ major social classes:Upper Uppers, Lower Uppers, Upper Middle, Career Oriented, Middle Class, Average Pay, Working Class, U |
| Sole Proprietorship | A business that is owned and managed by one person. Advantages: Right to making decisions, Creativity. Disadvantage: Unlimited liability(Owners personal possessions can be taken in the event of debt or a lawsuit.) |
| Source Creditability Technique | Using someone famous in an advertisement that also knows something about the product. Example: Tiger Woods featured in a commercial for golf clubs. |
| Spam (or Spamming) | An inappropriate attempt to use a mailing list (or USENET) by sending the same message to a large number of people who did not ask for it. Often used to quickly sell products. |
| Span of Control | The number of employees for whom a supervisor is directly responsible. |
| Special Purchase | Type of markdown, merchandise that retailer was able to purchase at a lower cost, passing savings onto customer. |
| Specialty Advertising | Providing a useful product with an advertising message to a potential customer. Example: pens, pencils, T-shirts, bottle openers, key chains, and other trinkets. |
| Specialty Good | Very expensive product. |
| Split runs | Test ads during the time they are being run. |
| Sponsor/ship | Financial backing of an event/a company paying to be tied to an event. Example: Pepsi sponsoring the cup holders at a football stadium. |
| Spotlighting | Display technique which focuses a narrow beam of light on a featured item. |
| Star | Term given to a product in the growth stage of its life cycle, product is increasing well in sales |
| Stock | Merchandise available in inventory, ready for sale |
| Stock Turnover | Number of times the average merchandise has been sold and replaced in a given period of time. Example: Inventory value is $10,000, annual sales are $100,000, stock turnover is 10. |
| Strategic Planning | Defines a company's goals over a long period of time, usually five to ten years. |
| Strategy | A long term plan for a company. Example: To achieve a 25% market share. |
| Structure | A company’s organizational chart, or method with which information is controlled and disseminated and the chain of command established |
| Substitute Selling | If a customer desires one certain product and the store doesn’t have it, the sales representative might suggest some alternative products. |
| Substitutes | Any product or good that can be used to satisfy a want or need in place of another product or good. Example: A substitute for a car could be a bicycle, train, plane, bus or walking shoes. |
| Suggestive Selling | Usually done during the close step of the selling process, the sales representative offers other related products for the customer to purchase. Example: If a customer is buying shoes, the sales rep might offer a pair of socks. |
| Supercenters | A large food/drug combination store and mass merchandiser under a single roof. Offer a wide variety of foods, as well as nonfood merchandise. Average more than 150,000 square feet and typically devote as much as 40% of the space to grocery items. |
| Supermarket | Any full-line, self-service grocery store with annual sales of $2 million or more. |
| Supervisory (Operating) Management | Directly supervises sales representatives. Example: Department managers at Sears. |
| Supply | The various quantities a business is willing to provide at different prices. Supply is a direct relationship – as quantity goes up, price goes up. |
| Surplus | Quantity supplied exceeds quantity demanded. |
| Survey Method | Method of market research, includes mail, telephone, computer, focus group and personal interview, none are perfect. The number of respondents and the truthfulness of respondents may vary, often difficult to reach people. |
| Symbiotic Marketing | One good or service feeds off another good or service. Example: Toys and batteries. See also compliments. |
| Tact | When one stays cool under pressure and makes a good choice of words for the given situation. |
| Target Market | A set of consumers that share common needs or characteristics that the company decides to serve, all marketing decisions must keep this group of people in mind. Example: Platform shoes are targeted to fashion |
| Target Marketing | The process of evaluating each market segment's attractiveness and selecting one or more segments to enter. |
| Tariff | A tax levied against certain imported products, which is designed to raise revenues or to protect domestic firms. Example: France has heavy tariffs on American wine in order to protect the French wineries. |
| Television Advertising | Advertising on TV, usually in 15, 30, or 60 second time periods or slots. |
| Testimonial | Where a person states they use the product. Example: Tiger Woods and Wheaties |
| Tie in Promotion | Associating a company’s product with a movie or event. |
| Time Utility | Making sure the product is available when it’s needed. Example: school supplies are needed in August and September. |
| Top Management | Develops broad plans for company, leads the company |
| Trade Associations | Where a group of similar businesses form an association to exchange ideas, promote their trade, learn about machinery or equipment, fight adverse legislation, or other activities relevant to their industry. Ex: Sales and Marketing Executives |
| Trade Character | A fictional character made up to help promote a product’s sales. Examples: Keebler Elves, Tony the Tiger |
| Trade Deficit | The value of the country’s imported products is greater than the value of its exported products. |
| Trade Discounts | Reduction from the list price given to intermediaries such as wholesales and retailers |
| Trade Journals | Magazines, newsletters or newspapers which are written and published for a particular type of business. Example: Woman’s Wear Daily |
| Trade Show | An exhibit by one or more suppliers to inform potential customers about the goods exhibited. Example: COMDEX, computer trade shows in Atlanta and Las Vegas. |
| Trademark | Is a distinguishing word, emblem, symbol, or device used to identify a manufacturer or distributor of a particular product, receives legal protection when registered with the government. Example: Keebler’s tree |
| Traditional (Tribal) Economic System | Decisions are made based on heritage and customers; some third world countries have this type of system. |
| Transit Advertising | Advertising used in buses, cabs, subways, and in airline, bus, and railroad terminals |
| Trial Close | A form of closing in the sales process. The sales representative asks for the sale when it is believed that the customer is ready. |
| Types of Organizational Structure | Functional:departments are established based on the function they serve within an organization(Ex: Human Resources), Product:departments based on product lines. (Ex.Microsoft has a Windows department), Geographic:departments are based on geographic region |
| Types of Promotion | Advertising, Sales Promotion, Publicity, Personal Selling |
| Ultimate Consumer | Anyone who buys goods and services intended to satisfy the personal needs of the individual. |
| Uniform Resource Locator (URL) | Also known as a web address. |
| Union | Group of employees in the same profession organized together to achieve more voice and power with employers. Ex. Airline Pilots Union |
| Unit Pricing | Provides the price for each unit of measurement (ounce, gram, quart, and pound), helping customers compare prices. |
| Universal Price Code (UPC) | Series of black bars printed on many products that allows cashiers to scan in the price and product information.Aka Bar Code. |
| Upward Communication | Connection generated by salesman and purchasing agent to management in an organization |
| Urgency Close | A form of closing in the sales process. The sales representative encourages the customer to buy now because there is only one of the item left. |
| Utility | Usefulness of a good or service, ability of a good or service to satisfy a customer want or need. Five types of utility:Form, Place, Time, Possession, Information |
| Variable Costs | Costs that change directly with the amount of production. Example: raw materials. |
| Venue | Place where an event is held. Includes stadiums, arenas, theaters or other similar facilities. |
| Visual Merchandising | Display. |
| Warehouse Store | A store with more than 1,500 items, primarily dry grocery, with some perishables. Small gross margin and workforce. Limited service. Most have scanner checkouts. Eliminate frills and concentrate on price appeal. Example: Costco |
| Warranty | A sellers or manufacturers promise to stand behind a product. |
| Wholesale Advertising | Wholesalers or manufacturers place ads in magazines, mostly trade magazines that circulate among retailers. |
| Wholesale Club | A membership retail/wholesale hybrid with a varied selection and limited variety of products presented in a warehouse |
| Wholesaler | Middleman who buys from producers or other wholesalers and resells to retailers or institutional users. Assists in the transfer of title of goods or service, assists in physical distribution of goods, provides facilitating functions (financing, market sc |
| Window Display | Placed in the window of the store, creates image, attracts attention and creates interest to encourage the people to enter the store. |
| Working Capital | Money needed to continue a business |
| World Trade Organization (WTO) | International organization that works to use a common set of rules for trading, increasing trade worldwide. |
| Weights & Measurements 1 dozen | 12 pieces |
| Weights & Measurements 1 gross | 144 pieces or 12 dozen |
| Weights & Measurements 1 ream | 500 sheets |
| Weights & Measurements 1 foot | 12 inches |
| Weights & Measurements 1 yard | 3 feet |
| Weights & Measurements 1 pint | 2 cups |
| Weights & Measurements 1 quart | 2 pints |
| Weights & Measurements 1 gallon | 4 quarts |
| Weights & Measurements 1 pound | 1 ton |
| Weights & Measurements 1 ton | 2,000 pounds |
Created by:
KCharney
Popular Marketing sets