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DECA Competitive Events: Marketing Operations
Terms in this set (24)
Explain marketing and its importance in a global economy.
Marketing is the process of planning, pricing, promoting, and distributing ideas, goods, and services to create exchanges that satisfy customers. The benefits of marketing are numerous. It provides the means for competition in the marketplace, leading to lower prices and higher quality goods and services. Marketing generates new and improved products and adds value (or utility) to existing products. The global marketplace benefits from marketing because of the need to trade with each other.
Describe the marketing functions.
There are seven functions of marketing:
1. Channel Management is the process of deciding how to get goods into customer's hands.
2. Market Planning is understanding the analysis needed to target specific marketing strategies to a select audience.
3. Marketing Information Management is gathering and analyzing information related to market, product and segmentation decisions.
4. Pricing is how much to charge for goods and services to create a profit.
5. Product/Service Management is obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities.
6. Promotion is to inform, persuade, or remind potential customers about a product or service.
7. Selling is providing a customer with a good or service they want.
Discuss motivational theories that impact buying behavior.
Abraham Maslow's Hierarchy of Needs assists marketers to understand how consumers make decisions about their wants and needs. The Hierarchy of Needs identifies five areas of needs including physiological, security, social, esteem and self-actualization. It is important for marketers to understand what level of needs a customer is trying to meet so they can deliver the appropriate product.
Discuss actions employees can take to achieve the company's desired results.
To help achieve a company's desired results, employees should look at long term goals outlined in the company's strategic plan. The employee should see which activities they perform that can contribute to the achievement of the goals set forth by the organization.
Describe connections between company actions and results. (e.g., influence buying behavior, etc.)
Company actions that affect consumers include: advertising, pricing, product mix, supply of goods, sales and promotions, product development and improvement, product safety, payment options, etc.
Company actions that affect the competition include: advertising, pricing, product mix, supply of goods, sales and promotions, distribution methods and locations, etc.
Company actions that affect employees include: the use of technology in production and record keeping, managerial ethics, human resources management, production planning and scheduling, risk management, investing, etc.
Other actions to be considered include company actions that affect things like the environment, the global economy, etc.
Explain the nature of operations.
Operations can be defined as the daily activities that provide successful outputs for the business. Some common types of operations are facility management, logistics, scheduling, information management and safety and security.
Discuss the role of ethics in operations.
Ethical considerations include those that deal with employees and those that deal with customers. An ethics policy for employees may discuss working hours, overtime pay, flexibility, safety, and health issues. Regarding customers, operational ethics deals with product and consumer safety, credit concerns, delivery policies, hours of operation, customer service policies, and return policies. Ethical operations will maintain fairness and safety for all employees and customers, be open and up-front about their policies, and handle problems promptly and equitably.
Describe the use of technology in operations.
A variety of computer applications assist businesses in their operations. Word processing programs allow you to develop reports, letters, and announcements. Database programs enable you to maintain customer lists and catalog inventory records. Spreadsheet software helps you analyze financial data and track business performance. Uses for desktop publishing programs include creating layouts for forms, advertisements, and product manuals. Presentation software assists you in delivering visual and verbal information for meetings.
The Internet has become an integral part of the business world. Companies use websites for promotion and as a way to stay connected with their customers. Web-page editing software enables you to create and maintain a website. Communications software allows you to communicate electronically with others around the globe through computers and videoconferencing.
Describe health and safety regulations in business.
Businesses must adhere to health and safety regulations established by the U.S. Department of Labor. Workplace safety regulations are enforced by the Occupational Safety and Health Administration (OSHA) through inspections and fines. Employers must maintain health and safety records and provide safety training. They must stay up- to-date on OSHA standards and resolve violations promptly.
What steps should an employee take to report noncompliance with business health and safety regulations?
A compliance program enables employees to feel safe on the job. An employee should feel free to ask questions, report violations to their supervisor and feel like an effective part of the organization.
What are some ways you can maintain a safe work environment?
Creating a safe work environment is important due to the significant financial impact these policies can have on a business. Many companies develop an accident management program that includes complying with federal and state health and safety regulations, documenting workplace incidents, providing employees with protective clothing and equipment, offering safety training and information and providing opportunity for safety and health training.
Explain procedures for handling accidents.
Always survey an accident scene before you do anything. Do not make any assumptions. Figure out what has already happened, and determine what may happen next. If someone is injured, administer first aid and get help if needed. Do not move a victim who may have a back or neck injury. Clear the victim's airway and check to see if he/she is breathing. Check for a pulse or severe bleeding.
In the event of a fire, leave the building immediately using the stairs or a window. If you cannot leave, stay close to the floor to avoid smoke. Before opening a door, put your hand on it to feel if it is hot. If your clothes catch fire, stop, drop to the floor, and roll to put the fire out. Do not try to put out the flames yourself.
During an earthquake, stay inside and move to a doorway or under a table. If you are outside, stand out in the open away from things that may fall. If a tornado threatens, go indoors and stay away from windows. Cover yourself with a mattress or blanket. If you are outside and cannot get inside, dive into a ditch or other low ground area and stay down.
Explain how to handle and report emergency situations.
Many companies are required to have an emergency action plan. This discusses how to report hazards, such as fires, spills, and the like. It pinpoints where to find emergency supplies such as flashlights and first aid kits. An emergency response team may be developed, and escape routes should be outlined. It is also important to specify how to evacuate people with disabilities or other special circumstances. In addition to hazards, workplace violence—internal or external—must be considered.
Explain routine security procedures.
All companies are responsible for protecting people and property in the scope of business. Security personnel may be hired and policies should be written to serve these purposes. Procedures to handle emergencies, safety hazards, natural disasters, theft, and liability issues need to be addressed. Planning for such instances helps to minimize the amount of loss that may occur.
Why is it important to follow established security procedures/policies?
Established security procedures allow employees to know what to do in certain situations without them making a personal judgment. Security policies protect the business from negative financial impacts from both employees and customers.
Identify ways to protect company information and intangibles.
Intellectual property can be protected through patents, trademarks, and copyrights. A patent is the legal ownership of an item or idea. A word, name, symbol, sound, or color that identifies a good or a service is a trademark. Copyrights are legal protection for anything that is authored by an individual or company, such as writings, music, and artwork. Trade secrets are also protected by law and specific company policy, often by contractual agreement with employees.
Explain the nature of project management.
Project management is a carefully planned and organized effort to accomplish a specific objective. It includes developing a project plan, which includes defining and confirming the project goals and objectives, identifying tasks and how goals will be achieved, quantifying the resources needed, and determining budgets and timelines for completion. It also includes managing the implementation of the project plan, along with operating regular controls to ensure that there is accurate and objective information on performance relative to the plan, and the mechanisms to implement recovery actions where necessary. Projects usually follow major phases or stages, including feasibility, definition, project planning, implementation, evaluation, and support/maintenance.
Describe how to identify resources needed for projects.
Resources necessary to complete a project include people, equipment, and material. The people will include project employees such as group leaders, skilled professionals, vendor staff, and subcontract laborers. You will need to select people who have the right skills and the proper tools. They must be available in the right quantities at the right time. These human resources must know what needs to be done, when, and how. The equipment resources you need will depend on the nature of the project, but the key is similar to that for human resources: you must have the right equipment at the right time. Most projects require the purchase of material. A successful project requires that the proper material be purchased at the right price. Of course, the supplies need to arrive at the right time and in the proper quantity.
Explain the nature and scope of purchasing.
A person who purchases goods for business purposes is called an organizational buyer. The types of purchasing situations include: new task purchase, in which a purchase is made for the first time; modified rebuy, where the buyer has had experience buying the good or service but some aspect of the purchase has changed; and straight rebuy, when a buyer routinely orders the goods or services from the same vendor(s) as in the past.
Suppliers should be selected using the following criteria: production capabilities, past experiences, special buying arrangements, and special services. Purchasing also involves the skill of negotiation. Items to be negotiated include prices, dating terms, delivery arrangements, and discounts.
Explain methods for maintaining inventory of supplies.
Inventory management is the process of buying and storing materials and products while controlling costs. There are several inventory control methods. Just-in-time inventory systems coordinate the demand and supply for parts and supplies, delivering them just before they are needed. A perpetual inventory system constantly keeps track of the number of items in inventory, and can be done manually or by computer. In a physical inventory system, supplies are counted only occasionally by visual inspection. This can be done manually or through the use of technology, such as bar code scanners.
Describe the bid process in purchasing.
In the process of soliciting bids, a company's buyer invites qualified suppliers to submit proposals for the goods, services, or materials. In complex purchasing situations, the buyer may require a detailed written proposal from a number of qualified suppliers. The buyer will review and evaluate the proposals and possibly invite one or more of them to make a formal presentation of the bid.
The choice of a supplier is dependent upon specific desired attributes of both the supplier and the proposal. Attributes include price, supplier reputation, product reliability, service reputation, and supplier flexibility. As part of the selection process, buyers and sellers will need to negotiate the final terms of the agreement.
As a buyer, what criteria should you use when selecting vendors?
Buyers must be aware of several criteria when selecting suppliers to work with. These include production capabilities, past experiences, product quality, special buying arrangements, special services, and pricing. Buyers should have clearly defined expectations and standards so that vendors are aware of what should be delivered.
Identify methods for evaluating vendor performance.
The criteria for selecting and evaluating vendors include production capabilities, past experience, product quality, the availability of special buying arrangements or services, and pricing. When dealing with a vendor for the first time, buyers might solicit references to determine the vendor's reputation. Many businesses maintain resource files and journals that document past experience with vendors. Such a journal may include an evaluation of product quality, delivery performance, and customer service. Returns relating to the quality of products may cause a vendor to be dropped.
Explain the concept of production.
Production is the process of creating, expanding, manufacturing, or improving on goods and services. It is a function of business found in all industries and service-related operations. There are three main forms of production: extraction and cultivation, processing, and manufacturing. The three categories of products used by businesses and consumers are natural resources, agricultural products, and processed goods. Four types of businesses that are responsible for production are producers, extractors, farmers, and manufacturers.
Company leaders focus on efficient production and consider the many situations that may affect it. Companies that want to be industry leaders strive to produce the most innovative products as efficiently as possible.
THIS SET IS OFTEN IN FOLDERS WITH...
DECA Competitive Events: Emotional Intelligence
DECA Competitive Events: Financial Analysis
DECA Competitive Events: Information Management
DECA Competitive Events: Professional Development
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