DECA Exam Review #2

What is utility?

• Value or benefits a customer receives from a product

• A type of bill that must be paid

• The number of times a product can be used before it breaks

• The different ways a product can be used

What is e-commerce?

• Immediate exchange of goods and services

• A software used by companies to facilitate exchange of goods

• The reselling of products by a partner without agreement

• exchange of goods and services through the internet

Which is NOT an example of a franchise?

• Subway

• McDonalds

• Library

One of the reasons that teams are important to businesses is that they can increase

• Conflicts

• Costs

• Productivity

• procrastination

What strategy can make or break a business's product mix?

• Positioning

• Altering

• Expanding

• Contracting

Which of the following is the most visible element of the promotional mix:

• Advertising

• Personal Selling

• Promotion

• Direct Marketing

True or False: Only express warranties hold up in court.

• False; express warranties must be in writing.

• True; implied warranties cannot be verified.

• False; implied warranties are valid.

• True; only written evidence can be submitted in court.

Pick the best response: Where do product opportunities exist?

• Anywhere that people have had their needs satisfied

• Where people work

• Where people participate in their hobbies

• Anywhere there is an un- or under-met need

When using mind mapping to generate product ideas, begin by writing down the main problem or

• situational analysis

• Supporting facts

• market opportunity

• Primary associations

A characteristic of effective prices is that they must be

• High

• Competitive

• Low