196 terms

FINAL REVIEW - DECA Marketing Cluster


Terms in this set (...)

A type of business that is operated by several people and owned by stockholders
A form of business ownership in which the business is owned by two or more persons
Sole Proprietorship
Form of business ownership in which the business is owned by one person
Owned and operated by its user-owners to supply goods and services to its members
Channel Management
Involves understanding the concepts and processes needed to identify, select, monitor, and evaluate sales channels
Involves understanding the concepts and strategies needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome
The marketing function that involves determining and adjusting prices to maximize return and meet customers' perceptions of value
Product/Service Management
The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Middlemen and incude sales agents, wholesalers, and retailers who perform specific functions in the movement of goods form producers to consumers
Direct Channels of Distribution
Involve producers and either industrial or ultimate consumers
Green Marketing
Practice of pricing, promoting, and distributing products in such a way that they do not harm the natural environment
Consumer Protection
Deals with safety features and product labeling standards that protect the consumer
Social Awareness
The practice of enlightening the community of business actions to promote social welfare
International Marketing
Marketing goods and services in foreign countries
Hidden Complaint
Conceal the real complaint a customer has by stating another believable but secondary complaint for their dissatisfaction
Sincere Complaint
A complaint when the customer expresses an honest dissatisfaction
Business Complaint
A complaint in which the customer is dissatisfied with the business in general
Brand Promise
A business's agreement (spoken or unspoken) with customers that will consistently meet their expectations and deliver on its brand characteristics and values
Quality Control
Ensuring that products met predetermined standards for excellence; also part of operations
Acquiring necessary goods and services; part of operations
Inventory Management
Supervising inventory levels to make sure there is an appropriate balance; part of operations
Rivalry between two or more business to attract scarce (limited) customer dollars
Profit Motive
Desire to make profit, which moves people to invest in business
Rapid rise in prices usually occurring when demand exceeds supply
Excise Tax
A special government tax on certain items, such as gasoline, certain businesses, cars, etc.
Government financial help given to a business
the amount by which the price of something is reduced
The ability to put yourself in another person's place
Comprehending one's personal needs interests, values, and motives and recognizing their effects on one's behavior
The amount and value of goods and services produced (outputs) from set amounts of resources (inputs)
Decision-making outcome that requires the substantial agreement of each group member
Minority Rule
Few people in the group make the decision
A desire for the future that is achieved over time with determination and hard work
Store of Value
When money is saved rather than spent
Medium of Exchange
When money is used to obtain goods and services
Trading one good or service for another good or service
The process of keeping and interpreting financial records
Financial obligations a business has
Liquid Asset
Cash or any asset that can quickly be converted into cash
Profit Margin
The amount of money that a business earns on sales after expenses; expressed as a ratio
Human Resources Management
The process of planning, staffing, leading, and organizing the employees of a business
Distribution Channels
Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user
Marketing Research
The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern
Any factor that is subject to change
Case Study
An in-depth analysis of a person, group, or event
A marketing research method that tests cause and effect by testing marketing new products or comparing test groups with control groups
Proposed explanation for something
Secondary Data
Information that have been collected for purposes other than the project at hand.
Marketing-Information Management
This function involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in making marketing decisions
This function involves determining customer needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunity
The things the business want to attain
Promotional Mix
The combination of marketing communication channels that a business uses to send its messages to consumers
Market Segmentation
Dividing the market into groups that have similar characteristics
Psychographic Segmentation
The market divided on the basis of a lifestyle choice
Geographic Segmentation
Dividing a market on the basis of location
The physical and social characteristics of a population
The way in which the information is communicated
Presenting unbiased information
Information System
A method of gathering, storing, and analyzing data for the purpose of making business decisions
Private Enterprise
An economic system in which individuals and groups, rather than government, own or control the means of production. Considered a mixed economy because individuals and business are the primary economic decision makers, while the government helps to regulate and control the system
Environmental Scan
An analysis of external forces that influence a business's success; Collecting information about the environment (e.g. competitors and economic decisions) surrounding the business
Consumer Spending Habits
An economic factor that may be a threat or an opportunity
Quality Inspection
Checking a sample item for defects after it has already been produced
Quality Assurance
The process businesses use to prevent defective products from being created
R&D Project
Takes on new visions or pursuits for the business
Continual Improvement
A focus on increasing efficiency and effectiveness in all areas of the organization
Below-Cost Pricing
When a company prices its products below cost, making it difficult for other companies to complete with the low prices causing the other companies to possibly go out of business
One-Price Policy
When a business charges one price for all items it sells
Price Skimming
A pricing strategy that involves setting prices higher than those of the competition
The difference between the cost of a product and its selling price
Mind-Mapping Process
A creative-thinking process that involves generating ideas by making associations
Express Warranties
Warranties that are in writing or expressed verbally
Positioning (Product-Mix Strategy)
A product-mix strategy in which a business creates a certain image or impression of a product in the minds of consumers
A product mix-strategy in which a business removes, or deletes, product items or product lines from its product mix
A product mix-strategy in which a business makes changes to its products or product lines
A product mix-strategy in which a business expands its product mix by adding additional product items or product lines
Adds information to that expressed in the headline
Tag Line
A slogan used in an advertisement
Product Promotion
Used to stimulate consumer purchases of goods or services
Any paid form of nonpersonal presentation of ideas, images, goods, or services
Sales Promotion
Includes promotional activities other than advertising
Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual which benefits from it
Personal Selling
The form of promotion that uses planned, personalized communication in order to influence purchase decisions and enhance future business opportunities
An advertising medium that utilizes telephone service to promote a product either by phoning prospective customers or providing a number for them to call
"Do Not Call" Laws
Allow consumers to register their phone numbers with a "do not call" registry
Direct Mail
A promotional medium that comes to consumers' homes in the form of letters, catalogs, postcards, and folders
Viral Marketing
A promotional tactic that involves sending or forwarding promotional messages over the Internet (e.g. email, social-media websites, and blogs) to generate buzz about a brand, company, or product
Public Relations
Involves establishing good relationships between the business and the public
Consists of a body of customers upon which the organization can rely for significant repeat business
Administrative Law
Deals with the rules and regulations that have been established by governmental agencies.
Exclusive Distribution
Involves selling a product through just one middleman in a geographic area and allows the manufacturer to maintain tight control over the product
Intensive Distribution
Involves selling a product through every available wholesaler and retailer in a geographic area where consumers might look for it
Selective Distribution
Involves selling a product through a limited number of wholesalers and retailers in a geographical area
Intermediaries who help move goods between producers and retailers
Intermediaries who assist in the sale and/or promotion of goods and services but do not take title to them
Industrial Distributors
Intermediaries that sell products to industrial users (businesses)
Radio Frequency Identification (RFID)
A small computer chip that is attached to the item. The tag contains product information such as price, style, model number, etc., and allows channel members to track the item's movement from the time it leaves the production line to the point of purchase
Universal Product Codes
Bar-coded tag that are read by a scanner
Executive Summary
Provides an overview of the entire report and contains the most important information included in the body of the report
Customer Relationship Management
An effort to build loyal, trusting, personal, and long-term associations with the clients or customers that have the potential to generate profit for the business
Product/Service Management
The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Human Resource Management
The process of planning, staffing, leading, and organizing the employees of the business
Operations Management
The process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning
Law of Diminishing Returns
An economic principle stating that after a certain point, hiring additional employees will result in a decrease in the overall level of production
Bank Notes
Corporate Bonds
Bonds issued by corporations to fund operating expenses
Mutual Fund
A collection of shareholders' money that invested by professional fund managers in an assortment of different securities, such as stocks and bonds
Sales Tax
A fee that the government charges on retail products
Property Tax
A tax on land and buildings
Income Tax
A tax on the income a person earns, such as wages earned by performing work for an employer
A psychological phenomenon that evolves when conformity and the cohesiveness of the group become more important than the group's objective, purpose, or problem
FRUGGING (Fund-Raising Under the Guise of Research)
An unethical and, in some jurisdictions, an illegal practice in which a researcher pretends to conduct research but is really trying to solicit a donation for a group or organization
Test Marketing
The process of introducing a new product to a limited market to determine what its acceptance will be
Involves gathering data by watching consumers
Involve asking consumers questions to learn their opinions and the reasons behind those opinions
Consumer Panel
A group of consumers formed for the purpose of discussing a specific topic, usually a good or service
Internal Secondary Data
Data from within the business that has been collected for purposes other than the project at hand
Warranty Agreements
Outline condition under which the seller will repair or replace a product
Exploratory Research
Involves collecting information to help the business define its issue, situation, or concern, and decide how to proceed with its research
Sampling Plan
The course of action for gathering marketing information from a section or portion of a target market
Constant Sum
A type of comparative rating scale that requires the respondent to assign a value (e.g., percentage or points) to the options provided on the questionnaire
Likert Scale
Rates respondents' attitudes or feelings according to a degree
Semantic Differential Scale
Provides seven spaces, which are bounded by descriptive antonyms at each end, such as durable and fragile. The respondent places an "X" at the point or space on the continuum that best describes his/her feelings about the object or idea s/he is rating.
A type of category scale and provides respondents with options such as very often, often, sometimes, rarely, and never
Meta Tags
HTML codes that display information about web pages
Income Statement
A financial summary that shows how much money the business has made or has lost over a period of time
Data Cleansing
The process of detecting incorrect or insufficient data
Structured Questions
Provide options from which the respondent can chose
Unstructured Questions
Open-ended questions that allow respondents to provide qualitative information and in-depth responses
Focus Group
A group that gathers to discuss a specific topic
Habitual/Routine Buying Behavior
Buying inexpensive goods on a frequent basis, such as computer printer paper
Complex Buying Behavior
Involves much customer involvement because the items are expensive and purchased infrequently, such as cars, laptop computers, and homes
Mass Marketing
Involves designing products and directing marketing activities to appeal to the whole market
Situation Analysis
A determination of a business's current situation and the direction in which the business is headed
Sales Forecast
A prediction of future sales over a specific period of time
Qualitative Methods
Based on expert opinions and feedback, as well as personal experience
A symbol, design, or word used by a producer to identify a good or service
Obstruction of Justice
A formal charge in which the judicial system accuses an individual with a crime of withholding critical evidence that can affect the outcome of a trial
Arrest Warrant
An order issued by a judge that instructs law-enforcement officers to bring to jail an individual who has been charged with a crime
Integrated Software Applications
Consist of two or more related computer programs that work together to record information or perform specific business tasks or functions
Request For Quotation (RFQ)
Summarizes the details about the business's needs, bid requirements, and deadlines
Lean Operations
When businesses optimize their resources and productivity levels and reduce wasted resources, including time, materials, money, etc.
Scanner Fraud
A deliberate action that involves overcharging customers, usually for smaller goods, with the expectation that the customer will not notice or fuss about it.
Predatory Pricing
The practice of pricing goods extremely low with the goal of driving the competition out of business
Retail Price Maintenance
Involves producers pressuring retailers to sell goods at the suggested retail price
Price Fixing
An illegal agreement in which businesses agree on prices of their goods or services, resulting in little choice for customers
Optimal Pricing Software
Makes calculations using a variety of product and pricing data
Opportunity Cost
The benefit that is lost when you decide to use scarce resources for one purpose rather than another
Maturity Phase
When sales of a product peak and then slowly start to decline
Decline Phase
When sales of a product drop sharply, and businesses then tend to reduce advertising
A general direction in which people or events are moving
An indication of how changes in price will affect changes in the amounts demanded and supplied
Agreements among two or more parties stating that one party is to do something in return for something provided by another party
A form of business ownership in which the business is owned by two or more persons
A promise to the consumer that a product's purchase price will be refunded if the product is not satisfactory
Consumer Channel Activities
Delivery, Installation, and Price
Takes place through one or more channel members, such as supermarkets
Reverse Distribution
Involves customers returning used products to the manufacturer
Informal Report
A short report that presents facts without analysis
Formal Report
A report that is more complex, has several different parts, and provides an analysis of the facts int he report
Activity Report
An account of sales calls or other business activities carried out by staff
Product Utility
Refers to the usefulness of a product
Financial Analysis
The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources
Strategic Management
The process of planning, controlling, and organizing an organization or department
The process of creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organizations and its stakeholders
Closing the Sale
Occurs when a salesperson gains an agreement to purchase from a customer
Competition Oriented Pricing
A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand
Cost-Plus Pricing
This type of pricing includes the variable costs associated with goods, as well as a portion of the fixed costs of operating the business
Customer Service
The process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made
Data Collection Instrument
To gather information; surveys, interviews, observations, federal and state government agencies, research companies, business publications, trade association publication
Demand Oriented Pricing
A pricing method in which the price of the product is changed according to its demand
Direct Marketing Channels
Advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience
Feature Benefit Selling
Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable
Greeting Approach
When a salesperson first interacts with a customer by welcoming them to the store and saying that they are available for questions
A phrase in an advertisement that grabs the consumer's attention, creates interest and encourages them to read a promotional message
A photograph, drawing, or other graphic that is used in a promotional message
Market Identification
Identifying the most profitable areas to offer a new product or service
Marketing Information Management
The process and methods that generates, stores, analyzes, and distributes information to promote good decision making for a business
Marketing Plan
A formal document that specifies a company's activities for a determined amount of time
Mark-up Pricing
Adding a constant percentage to the price of an item to determine its selling price
Concerns or doubts that a customer has for not making a purchase
Primary Research
Data that is gathered for the first time
Product Knowledge
Information about a good/service; can include its application, function, features, use
Product Life Cycle
Stages that product goes through: Introduction, Growth, Maturity, Decline
Product Mix
The different goods/services that a company provides
Product Service Management
Creating and changing the information about a company's catalog of offereings
Promotional Plan
An outline of the marketing tools, strategies, and resources that a company tends to use to promote a product or service
Return on Marketing Investment; the profitability returned to the business based on funds spent on marketing
Secondary Research
Data that has been previously collected for a non marketing activity and is now available for the business's use
Selling Policy
A business's decisions regarding forms of payment, returns and exchanges, sales quotas, sales commission, and ethical issues
Service Close
When a salesperson encourages a customer to purchase with information regarding services available
Situation Anaylsis
The study of internal and external factors that affect marketing strategy
A catchy phrase or words that identify a product or business
Numbers that represent a fact or presents a view of a situation
Target Marketing
The process of communicating with a particular group who is most likely to become customers
A promise that is given to a customer that a product will meet certain standards

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