DECA Vocab Review

Creating the shape of a good to make it useful to customers

Providing customers with goods & services

The commercial environment where buying & selling occur

When employees leave a job

Value based on prices

Owned & operated by its user-owners to supply goods to its members

Tangible items of value

Something that identifies a good or service and cannot be used by anyone but the owner

Entity owned by stockholders who have purchased stock

A business's plans and goals for the future

Obtaining, developing, improving products

When the market is controlled by one company

Government issued right to make, use or sell an invention

When productivity decreases due to stress

When products are available when they are needed

Potential for loss or failure

Persuading, informing & reminding customers about a product

Ensuring products meet standards of excellence

Business managed by indep. companies or private individuals

What does marketing NOT promote?

Internal tool used by businesses to analyze

Having goods available where they are needed/wanted

Researching trends, customers & competitors

Intangible items

Charging for goods and services to make a profit

Getting people to think about your product in a certain way

External factors affecting a company

The process of planning, pricing, selling & distributing products to consumers

Someone who uses a product

Business's agreement with customers

Someone who purchases a product

Getting goods to consumers

Supervising inventory to make sure there is a balance

Safety features and product labeling standards that protect the consumer

Businesses should satisfy customers' needs & wants while making a profit

Value based on quality, service, reputation

Which is NOT a P of marketing

Total revenue minus total costs

Business owned by one person

Understanding concepts & strategies to develop strategies to specific markets

Studying buying patterns using surveys or interviews