Intro to SM Fall 2022 Final Review Part 1

Anywhere a buyer and a seller convene to buy and sell goods (MD Chp 1&2)

Something necessary for survival, such as food, clothing, and shelter (MD Chp 1&2)

The amount of money requested or exchanged for a product.

Individuals who purchase products to satisfy their needs and wants

The language that relates to a specific area and that makes communication more concise

When there is a limited amount of resources needed to produce and distribute goods and services

Amount that is added to cost of a product to cover operating expenses and to allow for a profit

Experienced professional- role model, provides guidance, encouragement, and training

Headquarters of Oklahoma DECA

Examples: drive, persistence, hard work

Represent athletes and celebrities by negotiating contracts and endorsement deals.

Dynamic activities that identify, anticipate, and satisfy customer demand while making a profit

When the price goes up, demand goes down; when the price goes down, demand goes up

Includes all personal communications with customers

Developing contacts with other individuals, groups, or organizations to benefit of career

Color represents sincerity

A hands-on learning experience at a real work site. (SEM4e Chp 15)

Color represents success

Anything that can be bought or sold

Process of communicating with potential customers- effort to influence their buying behavior

Location of this year's International DECA Conference in April (DECA)

An association of marketing students

Example: Maturity, punctuality, reliability, honesty, positive attitude

All of the costs associated with running a business in addition to the cost of the merchandise

The specific group of customers whose needs a company will focus on satisfying

Occurs when prices for goods and services rise faster than consumer income

Something that a person desires, but could live without

When the price goes up, the supply produced goes up; when the price goes down, the supply produced goes down

The activities involved in getting a product to the end user - distribution