Deca : Marketing Terms
Terms in this set (80)
Business that owes money to another business
Occurs between channel members at different levels within the same channel
A business that buys material services or goods which it will use to make other goods
A type of market structure in which a market is controlled by one supplier and there no substitute goods or services readily available ( illegal in some countries)
Prediction of future sales over a specific period of time
Disagreements between channel members at the same level of distribution
PURCHASING PART OF OPERATIONS
Ensure the business will have the goods and services needed to keep production going and business running smoothly
FINANCIAL ANALYSIS PART OF OPERATIONS
Obtaining necessary funds and keeping accurate and complete financial records
MARKETING PART OF OPERATIONS
Everything related to fulfilling customer's product needs
rise in prices decrease is purchasing power because it takes more money to buy the same thing
Process of coordinating channel members to move goods and services to the end user
The ability of a business to produce a good or service at a lower cost per unit than their competitors. This means the business has a more efficient process compared to their competitors who are creating the same good or service.
ACQUIRED NEEDS THEORY
A theory that dictates that our needs are shaped over time by our experiences. They fall into three general categories: ACHIEVEMENT, AFFILIATION and POWER. You can challenge achievers with stretching goals, offer affiliation-seekers with safety and approval and help power-seekers to achieve more power.
The ability to make changes to be a better match or fit in new situations.
A planned effort by an organization to associate itself indirectly with an event to gain some of the recognition and benefits associated with being an official sponsor.
AMPLIFIED WORD OF MOUTH
When marketers start campaigns designed to encourage or speed up the process of Organic Word of Mouth in communities.
Metaphors that find commonalities between two things, one being a random choice.
An item of property (e.g. land, capital money, a share of a company or a claim on others for future payment such as a bond or a bank deposit)
BAIT AND SWITCH
Practice of advertising one product with the intent of persuading a customer to buy a more expensive item when they arrive in the store.
The exchange of goods for goods, without using money.
Name, term or design that sets a product or a business apart from it's competition.
The projection of a brand that encompasses its values and emotional connections with consumers.
The study of proper business policies and practices regarding potentially controversial issues, discrimination, bribery, corporate social responsibility, corporate governance, insider trading and financial responsibilities. Ethics are usually guided by the law. An example of a ethical business law is to dispose of waste in a method that will not hurt the environment.
CHANNELS OF DISTRIBUTION
Paths of ownership that goods follow as they pass from the producer to the consumer. They are methods a business uses to sell and distribute its products.
A situation that occurs when business leaders collaborate to eliminate competition, and control pricing and distribution.
The ability of a business to produce goods/services at a lower opportunity cost than their competitors and realize stronger sales margins.
The ability of a business to offer better superior features or services than their competition.
People who use the goods or services provided by the businesses.
Owned by its workers or by members who buy from the business.
Is an artificial "person" created by law and is owned by shareholders.
Owned by stockholders limits the loss and risks to the amount each individual owner has invested
The amount of money required for each stage of production: raw materials.
Individual or business to whom money is owed for goods or services provided.
Gathering, storing, and using customer data for marketing directly to them based on their histories.
Qualities such as age, gender, and income of a specific audience.
A decrease in the value of an asset/product over a period of time because it is not as "useful" anymore.
Connects consumers to the businesses providing the goods and services. This connection is usually known as the maker-user relationship.
Remaining "take home" money after life necessities have been paid for.
ESSENTIAL GOODS AND SERVICES
Items that we need for survival (e.g. food, clothing, shelter, heating, lighting and water).
Spending/payments that are involved in running a business: wages, office supplies.
FOR PROFIT BUSINESS
A business that produces or sells goods or services, to satisfy the needs and wants of consumers for the purposes of making a profit.
One business licenses another to use it's name, operating procedure, and so on; as a hybrid, can have any form of ownership.
As contractual agreement between a parent company and a franchisee to distribution good and services
An item/product that can be seen and touched (TANGIBLE).
Aspect of an advertisement that grabs attention of the audience.
INCREASE IN DEMAND (FACTORS)
Increase in consumer income (when customers have more money, they have more money to spend on your product)
Increase in price of substitutes (competitors with similar product types. if a competitor increases the price of their product, your product is going to have increased demand)
Fall in price of compliments (gas compliments a car, so if gas price is low, demand for a car is high).
Positive change in tastes and fashion (your product becomes popular)
INCREASE IN SUPPLY (FACTORS)
-Fall in price of raw material costs (can afford to produce more)
Improvement in labour efficiency (e.g. new machines that can do the job faster)
Reduction in the rate of indirect taxation (e.g. tariffs)
Positive technological advance (innovative way to produce products)
Have one or more intermediaries in between the producer and the consumer. These intermediaries might be importers, wholesalers or retailers.
Another step in the process from producer to consumer in a channel of distribution.
Any business that has more than 500 people.
LUXURY GOODS AND SERVICES
Enjoyable but not necessary for survival (e.g. home entertainment systems, swimming pools, limousine rides and visiting a spa).
Process of dividing a large market into smaller groups.
Any location where producers and consumers come together (malls, farmer's market, restaurant).
MATRIX ORGANIZATIONAL STRUCTURE
A company structure where employees have dual reporting relationships (e.g. functional manager, product manager) compared to the one reporting relationship in a Unity of Command principle.
Any business that has less than 500 people.
Any business that has less than 8 people.
An item that is necessary for survival.
They do not seek profit as their primary motive but raise funds for a specific cause/goal.
NOT FOR-PROFIT ORGANIZATION
An organization that charges for its goods or services. They do not seek profit, but any surplus funds they have are used to improve the services offered to their members or shared among members.
No longer produced or used; out of date.
The benefits you could have received by taking an alternative action (e.g. investing in another stock might have gave you more money (6%) compared to the one you actually invested in (2%). your opportunity cost would be 4% in this case).
ORGANIC WORD OF MOUTH
When people naturally share if they are happy/unhappy with a product to anyone and become advocates of the product.
Usually owned by two or more people.
Divides the risk among two or more people
Packet of information distributed to the media about a new business opening or other major business events.
A story featuring useful company information written by the company PR contact.
When a company sells the same product to a different customer at different prices based on personal characteristics.
Raising prices on certain kinds of goods to an excessively high level during an emergency (high demand).
Businesses that make goods or provide services.
Income that is left after all costs and expenses are paid.
Data about the preferences of por choices of a group of people.
Providing assistance to others that does not result in a product (INTANGIBLE).
Owned by one person.
A fee that is charged to producers by retailers in order to have their product placed on their shelves. The fee can change based on the product, market conditions and the producer itself.
Any business with less than 50 people.
The technique of suggesting additional items to go with merchandise requested by a customer.
A problem solving technique that promotes creative thinking, typically among small groups of people of diverse experience and expertise.
To arrange data in a tabular form (e,g. charts, anything you would do on a spreadsheet).
Phrase or sentence that summarizes some essential part of the product or business.
A large gathering of business for the purpose of displaying products for sale.
UNITY OF COMMAND PRINCIPLE
A classic principle used in management of hierarchical organizations (e.g. the military). In this principle, it dictates that an employee should only be answerable to one person
Lowering the list price based on the higher number of units purchased at the same time.
An item that is not necessary for survival but adds pleasure or comfort to life.