deca marketing vocab

market identification

process of a marketer in identifying the most profitable areas to offer a new product of service

sampling plans

a course of action that obtains fata or oveervations from a group

marketing strategies

identifies a target market and coordinated marketing mix selections to create sales

marketing plan

a formal document that specifies a company's activities for a determined amount of
time

buying signals

actions that a consumer does to indicate that they are ready to purchade

signature

name of the advertiser and or logo that is the identification for a business in a promotional message

product life cycle

stages that a product goes through in its life: introduction, growth, maturity, decline

semantic differential scale

a method used to measure satisfaction on a scale and the respondent is asked to circle a number where 0 is neutral and one moves outwards from it towards the extremes of goodness and badness

professional development

specializing training, formal education of other sources of gaining skill's necessary for on-the-job success and /or advancement

slogan

a catchy phrase that identify a product or business

external audience

individuals or groups outside of an organization at whom its communications and promotional efforts are aimed

personal selling

Any form of direct contact between a salesperson and a customer to fulfill their wants and needs

emotional motive

a feeling expressed by a consumer through association with a product

product knowledge

Information about a good or service that can include its application, function, features, and use.

BIAS

inaccuracy in data due to the characteristics of the process employed in the creation, collection, manipulation, and presentation of data, or due to faulty sample design

error

A wrong action that can not be attributed to a lack of knowledge.

selling policy

Decisions of a business regarding forms of payment, returns and exchanges, sales quotas, sales commission, and legal and ethical issues

casual research study

A study into an issue or topic that looks at the effect of one thing or variable on another

headline

A phrase in an advertisement that grabs the consumer's attention, creates interest and encourages them to read a promotional message

word-of-mouth channels

Oral or written recommendation by a satisfied customer to the prospective customers of a good or service.

pricing

The value placed on a good or service

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

product mix

All of the different products and/or services a company makes or sells

greeting approach

When a salesperson first interacts with a consumer by welcoming a customer to the store and states they are available for questions

objections

A concern or doubt that a consumer has for not making a purchase

clientele

All of the clients of a business

non-response error

Occurs when selected subjects fail to respond to a questionnaire. This can happen due to defective questionnaire wording and format, interviewer errors and/or inputting errors.

open-ended questions

A question that encourages the consumer to respond with more than a "Yes" or "No" answer

exploratory research study

A study into a problem that provides details where a small amount of information exists. It may use a variety of methods such as trial studies, interviews, group discussions, experiments, or other tactics for the purpose of gaining information.

trial close

an initial effort by a salesperson to close a sale

channel-member relationships

Refers to the interconnectedness of members within a channel of distribution

suggestion selling

selling additional goods or services to the customer

promotional plan

An outline of the marketing tools, strategies and resources that a company intends to use to promote a product or service.

internal audience

Individuals or groups within an organization.

data collection instrument

To gather information, marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications.

merchandise approach

When a salesperson first interacts with a consumer by making a comment or asks a question about a product that a consumer is showing interest in

selling process

The step-by-step process in which a salesperson advises a customer about products that suit his/her needs, leading through the decision to make a purchase

distribution

The function of moving and selling goods from producer to consumer

marketing information management

The process and methods that generates, stores, analyzes, and distributes information to promote good decision making for a business

product bundling

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.

advertising

A form of paid, nonpersonal promotion in which a company promotes an idea, good or service through a variety of media

standard

Used generally as an example or model to compare or measure the quality or performance of a practice or procedure

data collection method

The systematic process of gathering information

customer "buzz"

develops from a viral marketing technique used to get consumers talking about a product

Pre-approach

Observing a consumer prior to interaction

product service management

The process of creating and changing the information about a company's catalog of offerings

service approach

When a salesperson first interacts with a consumer by offering assistance, often in the form of an open-ended question like "How may I help you?"

advertising elements

The items found in an advertisement include Headline, Copy, Illustration and Signage.

channels of distribution

Refers to the path a product takes from producer to the final consumer.

marketing

The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

which close

When a salesperson encourages a consumer to select between two products to close a sale

advertising media

The physical means of carrying a promotional message in words, speech and/or pictures; for example billboards, radio, newspapers, TV, magazines and the internet

sample design

the part of the research plan that specifies how and how many respondents will be selected for a study

primary research

gathering data for the first time for a specific product, service, and/or business

feature

a feature is a distinctive characteristic of a good or service that sets it apart from similar items

direct close

when a salesperson specifically asks for the purchase

market planning

the market planning process typically result in a marketing strategy that can be used to enhance sales for the business producing it

statistics

numbers that represent a fact or presents a view of a situation

mark-up pricing

the practice of adding a constant percentage to the price of an item to determine it's selling price

promotional mix

the combination of advertising , personal selling, sales promotion and public relations used to accomplish an overall marketing strategy

illustration

a photograph, drawing or other graphic that is used in a promotional message

direct marketing channels

advertising that sends a promotional message to a targeted group of prospects and customer rather than a mass audience

cost-plus pricing

this type of pricing includes the variable costs associated with goods, as well as portion of fixed costs of operating the business

secondary research

data that has been previously collected for non-marketing activity and is available for a business' use

selling

When a buyer exchanges cash for a seller's good or service, or the activity of trying to bring this about

closing the sale

When a salesperson gains an agreement to purchase from a consumer

standing room only close

When a salesperson encourages a consumer to make a purchase because the product is in short supply or a price change may occur

marketing tactics

Strategies used to promote a company's products in order to increase sales.

sales forecast

the projection of future sales

market research

The process of gathering information about the market and customers' needs and wants in order to help inform business decisions, including product design and marketing

communication channels

the path a message travels

likert scale

A method developed by Dr. Rensis Likert that attributes quantitative value to qualitative data, to make it easier to analyze. A number is assigned to each potential choice and a mean figure for all the responses is computed at the end of the evaluation or survey. Likert scales usually have five potential choices (strongly agree, agree, neutral, disagree, strongly disagree)

benefit

Desirable attribute of a good or service, which a customer perceives he or she will get from purchasing

warranty

A promise that is given to a consumer that a product will meet certain standards

trade show

Exhibit of products or services of interest to a specific industry

Affinity Partner Relationships

Marketing relationships that occur when two compatible companies work together to increase brand awareness for one another

service close

when a salesperson encourages a consumer to purchase utilizing information regarding services available

promotion

Choices made about advertising, personal selling, sales promotion and public relations used to communicate, inform and persuade potential and current customers

public relations

Promotional activities that are designed to create a good image with the public

response error

Occurs when respondents do not reveal their true opinions on a subject. They may misunderstand the question, fail to understand their opinions, lie, or try to present themselves in a favorable light

customer service

The process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made

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

channel management

a process that involves selecting and evaluating channel members to monitor the movement of a product from producer or manufacturer to end user

ROMI (Return on Marketing Investment)

A financial calculation to determine the profitability returned to the business based on funds spent on communicating with potential customers

market

all people who share similar needs and wants and who have the ability to purchase a given product

corporate branding

Strategy that encourages a new product to be associated with a well-established company name. Can be used with any product that a business sells or a brand that represents the entire business.

data

information in an unorganized form that have a relationship with current conditions, ideas or knowledge

business image

the public perception of a business

demand oriented pricing

A pricing method in which the price of a product is changed according to its demand; a product will have a higher price when the demand is strong and a lower price when it is weak.

interviewer error

Occurs when mistakes are made by the interviewer. These may include influencing the respondent in some way, asking questions in the wrong order, or using slightly different phrasing (or tone of voice) than other interviewers. It can also include intentional errors such as cheating and fraudulent data entry

marketing research brief

A written document that includes a market and strategic overview, background information, role of research, objectives, suggested approach and research target, reporting requirements, timing, budget and existing research or other information related to the study.

target marketing

The process of communicating with a particular group who is most likely to become customers. A target market is usually defined by demographic, geographic and psychographic characteristics

selling proposition

A benefit of a good or service that differentiates it from other products

copy

The selling message in a promotional message

sales promotion

All marketing activities other than advertising, public relations, and personal selling that are directed at a customer to increase sales.

situation analysis

the study of the internal and external factors that affect marketing strategies

product positioning

A strategy that either emphasizes features or image to make a brand occupy a distinct position, relative to competing brands, in the mind of the customer.

behavior intention scale

A method used to collect information on the likelihood that people will demonstrate some type of predictable behavior regarding the purchase of a product or service

descriptive research study

A statistical study to identify patterns or trends in a marketing situation.

Customer Relationship Management (CRM)

at a minimum, this is a database of customer contacts, purchase history and technical support. Additional elements can include profile of potential client, understanding and leveraging the meds of current customer and enhanced customer service based on data analysis