DECA Key Terms

product life cycle

The stages that a product goes through in its life: Introduction, Growth, Maturity and Decline.

economic impact

The costs or benefits that a particular event, policy change or situation has on the economy

Product/Service Management

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

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

quality insurance

Includes the processes used to ensure a product is free of defects and/or meets a desired level of service

operations

Jobs or tasks consisting of one or more elements performed typically in one location.

terms

Outlines the conditions of a sale, such as when payment is due or shipping method/cost

business law

Laws that govern businesses and transactions between businesses.

secondary information

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

promotional mix

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

invoice

A document that lists goods purchased, price, terms of sale and total amount due

direct marketing

Advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience.

customer database

Customer information gathered by a business - such as name, address, phone and purchase history.

business image

The public perception of a business

observations

Used in marketing research in which people's actions are watched and recorded.

word-of-mouth (WOM) strategy

Utilizing oral or written recommendation by a satisfied customer to the prospective customers of a good or service to obtain sales

product placement

A promotion that involves a brand or product being mentioned or shown in a media outlet - such as television, movies or sporting events

diaries

A qualitative marketing research technique where participants are asked to record activities, opinions, etc...in a journal or diary

distribution

The function of moving and selling goods from producer to consumer.

professional development

Specialized training, formal education or other sources of gaining skills necessary for on-the-job success and/ or advancement

descriptive research

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

special events

A public event or activity, used in marketing to promote a business or product.

external business correspondence

Communications and promotional efforts aimed at individuals or groups outside of an organization.

grades

Used to describe the quality of a product

market size

Refers to the number of buyers and sellers within a market.

vendor

An individual or organization with a product for sale

visual merchandise

Conveying a certain image to customers through the manipulation of physical elements within a business

social platforms

Consists of software or technology that allows one to develop, distribute and manage social media

marketing

The process of creating, communicating, delivering and exchanging offerings that have value for customers to generate profits for a business.

executive summary

A statement that outlines the key points of larger document, such as a marketing plan

safety procedures

Processes implemented to ensure the safety of workers and customers to a business; including the process for handling on-the-job accidents/injuries.

public relations

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

financial analysis

Evaluating an organization's financial statements to determine the profitability of the organization, a division within the organization or a specific event or project.

competitive advantage

A circumstance that puts a company in a favorable or superior business position

questionairre

Written questions, used in marketing research, to obtain information from respondents.

advertising

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

press release

An announcement made by a business that is sent to the media.

economics

Attempts to explain how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction.

security policies and procedures

Consists of rules or regulations that protect a business and it's assets.

hospitality

A variety of businesses who serve people who are away from home.

discussions

A qualitative marketing research technique in which data is gathered through individual or group conversations.

market identification

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

pop-up ads

An online form of advertising in which a new browser window opens to display an advertisement.

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

sales channel

The methods a company uses to market it's products.

petty-cash fund

A small amount of cash kept on hand by a business to cover incidental expenses

advergaming

Utilizing a video game to promote a product by integrating that product into the video game

display ads

A large advertisement - typically in a magazine or newspaper, with large graphics. Also refers to online advertisements that may also include video and audio.

market planning

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

market

All people who share the same wants and who have the ability to purchase a specific product or service.

channels of distribution

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

Product Mix

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

Standards

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

Correlations

Refers to connections between two or more variables in a market research study; correlational analysis uses statistics to determine if a correlation, or connection, exists

Internal Bussiness Corresponding

Communication and promotional efforts aimed at individuals or groups within an organization

Banner Ads

An advertisement that runs along the top, bottom or sides of a website.

Descrpitive Statatics

Utilized in marketing research when mathematical quantities are used to interpret a set of data, providing a simple summary about the data

Information Mangement

information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business

Buzz Marketing

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

Continuing Education Courses

A broad term for post-secondary training - including: formal education, webinars, seminars and other training opportunities.

Channel Mangement

Also known as distribution, channel management deals with getting goods to consumers.

Pricing

The value placed on a good or service.

Service Marketing

Refers to the marketing of an intangible product (service) - including developing the service, identifying the target market, and determining price, promotion and distribution of the service

Sales Promotion

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

Target market

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

Customer Relations

The way a business interacts with its customers in order to obtain new customers while maintaining the current customer base.

Promotion

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

Marketing Plan

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

Consumer Protection

Federal and state laws that regulate the sale and credit policies surrounding consumer sales.

Sales Forcast

The projection of future sales

Suggestion Selling

Selling additional goods or services to a customer.

Clientele

All of the clients of a business.

Exploratary Research

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.

Emotial Intelligencce

The ability to identify, assess and influence one's own feelings and those of others.

Pay-Per-Click Ads

An online form of advertising, in which the advertiser pays everytime a potential customer clicks on their advertisement

Expense Control

Identifying and reducing business expenses in order to increase profits.

Branding

Creating a unique image or reputation for a product or company through the development of a name, brand mark and promotion

Marketing Information Mangement

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

Sales Data

Usable information collected as part of a sales report - that could include such data as: sales by day, sales by product category, average items per transaction, etc...

Primary Information

Data gathered for the first time for a specific product, service and/or business.

Warrenties

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

Communication Skills

The ability to convey information to another effectively and efficiently

Cash Controls

Procedures established by a business relating to credit, collection, cash allocation and disbursements, accounts payable and invoicing.

Product Extensions

Utilizing a current company's recognizable brand name to introduce a new or upgraded product

Trade Show

An event at which business within the same or similar industries promote their products

Error

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

Tourism

Travelling for leisure, recreation or pleasure.

Mobile Marketing

Promotional messages designed for cell phones, smart phones, tablets or other handheld devices.

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.

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

Cash Flow

Refers to the amount of money coming into and going out of a business.

Regulations

A rule, often created by a regulartory agency or government, that can be enforced by law.

Casual Research

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

Marketing Research

The process of gathering information, conducting analysis and presenting findings for a product or service to make marketing decisions.

Product Marketing

Refers to the marketing of a tangible good or a service - including, developing the product, identifying the target market, and determiming price, promotion and distribution of the product

Post-Sales Experince

Includes activities directed toward the customer AFTER the customer has made the purchase - it may include a follow-up thank you, survey or other promotional activity to retain the customer.

Press Kit

A package of promotional materials sent to the media to inform them about a product

Prodcut Development

Process of improving capabilities of staff through access to education and training opportunities in the workplace, through outside organizations, or observing others perform the job.

Gurantees

A commitment from a company that their product will perform as described.

Product Position

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.