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DECA Hospitality and Tourism Cluster - Performance Indicators (LAMINATED TRI-FOLD)
Terms in this set (32)
CHANNEL MANAGEMENT: Explain the nature and scope of channel management.
The nature of channel management is understanding how products end up in consumers (or end users) hands. this can include identifying methods of transportation a business can use, deciding to use a warehouse for inventory control, and understanding each member in the distribution channel for your business or products.
CHANNEL MANAGEMENT: Explain the nature of channels of distribution.
A channel of distribution is the journey a product takes from producer / manufacturer to end user.
A product can take a variety of paths to an end user, depending on how many channel members are involved. The channel of distribution can include the following: manufacturers, wholesalers, retailers, agents and users (consumer and industrial).
CHANNEL MANAGEMENT: Coordinate channel management with other marketing activities.
Channel members have the common goal of satisfying the customer. To make this happen, channel members must work together. Channel members can assist by making sure it is easy to place an order and deliver products quickly. As a distribution plan is developed for a product, other marketing activities are included. promotion of a product is launches so that consumer are aware o the product and know where to find it and retailers set prices for what is available.
MARKETING: Identify company's unique selling proposition (USP).
To identify a company's unique selling proposition, it is important to understand the benefits ofa good or service and how those benefits differentiate the products from the competition. Once understood, this criteria is essential to developing effective promotions and/or advertising campaign.
MARKETING: Identify internal and external service standards.
A business is responsible for identifying its requirements for providing customer service. Internal service standards refer to the expectations set by the business for how employees will be created in the workplace which extends to how they re compensated and engaged in corporate decision making. External service standards refer to how the end user is treated to ensure customer satisfaction.
MARKETING-INFORMATION MANAGEMENT: Explain the nature and scope of the marketing information management function.
is the process and methods that generates, stores, analyzes and distributes information to promote good decision making for a business. This information is essential for creating an effective marketing plan. The business has a responsibility to protect the data collected.
MARKETING-INFORMATION MANAGEMENT: Describe the regulation of marketing-information management.
Businesses have a responsibility to manage information that they have collected regarding their customers, trends and competition. Recent legislation includes identify Theft and Assumption Deterrence Act of 1998 and the Gramm-leach-Bliley Act of 1999 provide legal ramifications if a consumer's privacy is not maintained as specified by federal law. To accomplish these goals from a business perspective, an Enterprise Information System (EIS) an be used to provide a central database.
MARKETING-INFORMATION MANAGEMENT: Describe options businesses use to obtain marketing-research data.
To gather market research data, a business has a variety of options including primary and secondary data.
Primary research gathers data for the first time for a specific product, service and/or business.
Secondary research gathers data that has been previously collected for non marketing activity and is available for a business' use. Additionally, a company can sue data gathered from customer loyalty plans, cookies in an online environment and data mining software.
MARKETING-INFORMATION MANAGEMENT: Explain characteristics of effective data-collection instruments.
Two main characteristics of effective data collection are validity and reliability. Validity means that the research questions measure the intended subject area. Reliability means that the respondents to the questions should interpret the questions in the same way. Data collection instruments should be clear and easy to understand and properly administered to develop valid and reliable dta.
MARKET PLANNING: Explain the concept of marketing strategies.
They identify a target market and marketing mix choices that a business will sue. To do this, a business must understand the wants and needs of the consumer and objectives of the overall marketing plan for the product or service. The position that the business and/or product holds in the marketplace will determine the marketing strategy and focus on the advantages that the business and/or product has over the competition.
MARKET PLANNING: Explain the concept of market and market identification.
A market is a group of people who share the same wants and who have the ability to purchase a specific product or service. market identification is the process of a marketer in identifying the most profitable areas to offer a new product or service. To determine these groups, a marketer uses three forms of data: demographic, geographic and psychographic. Demographic data defines a population in quantitative terms like age, gender, education, or occupation. Geographic data identifies where potential consumers live. Psychographic data identifies common interests, attitudes, and lifestyles of potential consumers.
MARKET PLANNING: Explain the nature of marketing plans.
The role of a marketing plan is to provide an overall view of a company's marketing actions for a period of time. This includes understanding the goals of the company, research of the product or service, how a product will be advertised and sold, responsibilities of the product team, budgets, and timelines so that performance can be managed over time.
MARKET PLANNING: Explain the role of situation analysis in the marketing planning process.
Situation analysis identifies internal and external factors affecting marketing strategy often through the use of a SWOT and/or PEST analysis. Situation analysis can be completed on an entire business, business unit, product line and/or individual product. Simply stated, this research shows where an entity was, is and will be going.
MARKET PLANNING: Explain the nature of sales forecasts.
A sales forecast is the projection of future sales and is included in a marketing plan.
PRICING: Explain the nature and scope of the pricing function.
The function of pricing is to place a value in a good or service to produce a profit. The pricing function looks at costs, competition and how much customers are willing to pay for a product or service.
PRICING: Describe the role of business ethics in pricing.
In pricing, one of the primary roles of business ethics is to avoid price gouging. price gouging happens when a price is set higher than normal from a sudden increase in demand.
PRICING: Explain legal considerations for pricing.
Several federal laws affect pricing decisions.
The Sherman Antitrust Act establishes legislation against price fixing which involves competitors agreeing on a price range for a product.
The Clayton Antitrust Act legislates against price discrimination that leads to unfair competition and monopolies.
The Robinson-Patman Act states that a retailer can't sell a product to a consumer for one price and charge another consumer a different price in the same situation.
The Consumer Goods Pricing Act oversees manufactures resale price polices.
PRICING: Explain factors affecting pricing decisions.
Factors an affect pricing decisions can include the company's goods, cost of materials, labor to produce a product, expenses, estimated demand, competition and consumer's perception.
PRODUCT/SERVICE MANAGEMENT: Identify the impact of product life cycles on marketing decisions.
The stage a product is in the product life cycle will often affect the marketing resources dedicated to its promotion.
In the Introduction Stage, a significant budget is allocated to educate consumers about the product and develop its branding.
In the Growth State, resources continue to be spend on branding and addressing price competition that will occur.
In the Maturity State, marketing strategy will shift to emphasizing competitive advantages.
In the Decline Satte, marketing decisions are formed around what will ultimately happen with the product. These include deleting the product form the marketplace, licensing, updating, discounting, and regionalizing.
PRODUCT/SERVICE MANAGEMENT: Identify consumer protection provisions of appropriate agencies.
The Consumer Product Safety Commision (CPSC) sets standards for products and has the authority to issue recalls for products that are proven to be unsafe.
The Food and Drug Administration's (FDA) has the authority to approve new products, oversee labeling, and safety regulations and can issue consumer alerts for products.
PRODUCT/SERVICE MANAGEMENT: Describe the nature of product bundling.
A technique of offering two or more complementary goods or services together as a package deal. Bundled items are sold at a price attractively lower than the total of their individual selling prices.
PRODUCT/SERVICE MANAGEMENT: Explain the nature of product/service branding.
Is using a name, term, design, symbol or a combination of those elements to distinguish a product/service from a competing product. Branding should assist a consumer in answering the question "Why should I buy?" if a branding campaign is successful, it will build product recognition and customer loyalty.
PROMOTION: Explain the types of promotions.
The types of promotion include advertising, personal selling, sales promotion and public relations. Some marketing professionals will also include direct marketing as a type while others still consider this a form of advertising.
Advertising is a form of paid, nonpersonal promotion in which a company promotes an idea, good or service through a variety of media.
Personal Selling is any form of direct contact between a salesperson and customer to fulfill a customer's wants and needs.
Sales Promotion includes all marketing activities other than advertising, public relations and personal selling that are directed at a customer in an effort to increase sales.
Public Relations are promotional activities that are designed to create a good image with the public.
PROMOTION: Explain the nature of direct marketing channels.
Traditionally, direct marketing is an advertisement that is sent through the mail to a home or business. Telemarketing is an other channel used via phone call to ask for a direct purchase. E0-marketing is a channel considered for any promotion conducted via the internet including search engine marketing, web site optimization, e-mail, applications (Apps) and social media. Direct mail is effective if it generate sales and provides consumers with an incentive to respond.
PROMOTION: Explain the importance of coordinating elements in advertisements.
In order for an advertisement to be effective the primary message must e clear. To achieve this goal, each element (headline, copy, illustration and signature) must work together to cut through the clutter. The advertisement should be clean and use white pace effectively. The copy should be easy to read and the signature should be distinctive.
PROMOTION: Identify types of public relations activities.
First, public relations activities an be proactive and reactive. proactive initiates image building while reactive is responding to negative or damaging information in the media. Public relations activities can include writing press releases to announce product/service information, holding press conferences, using social media, and generating publicity. Public relations can also come in the form of charitable events and/or community involvement.
PROMOTION: Explain how business can use trade shows/exposition participation to communicate with targeted audiences.
Trade shows host participants from a specific industry. At the trade show, exhibitors have access to a target market and a captive audience. Marketers use a range of promotional activities at a trade show including visual merchandising and sales promotions to introduce new products, encourage increased sales, and meet customers and/or dismutation partners.
PROMOTION: Explain considerations used to evaluate whether to participate in trade shows/expositions.
One of the most important advantages of a trade show is the access to a specific target market. Prior to participating, a business needs to research the event an ensure that the trade market will be attending. Other considerations include: how long the trade show lasts, timing, and geography. It is important to make sure that the trade show ill have a strong attendance. Strong attendance at the trade show can predict a good return on promotional investment.
PROMOTION: Coordinate activities in the promotional mix.
To coordinate activities in the promotional mix, a business must make choices that will be cost effective and reach the designated target market using advertising, personal selling, sales promotion and publicity.
SELLING: Explain the nature and scope of the selling function.
The selling function provides consumers with goods and services they want and/or need. Selling occurs at multiple levels in marketing including the retail store to a consumer and business-to-business (B2B). Selling is interacting with a customer or client with a planned and personalized form of communication that influences purchasing decisions.
SELLING: Explain key factors in building a clientele.
To build a clientele, a salesperson should concentrate on customer service and after-sale activities including order processing, departure, order fulfillment and follow up. order processing should be quick and efficient; as a customer departs, a salesperson should reassure and educate the consumer as needed. Lastly, a salesperson should make sure the customer is satisfied during follow up.
SELLING: Explain business ethics in selling.
To maintain appropriate business ethics in the sales process, employees want to avoid bribes, kickbacks and favors. Employers want to avoid creating a high pressure sales environment that would lead employees to these mistakes as well s ensure that employees are knowledgeable about cultural differences.
THIS SET IS OFTEN IN FOLDERS WITH...
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