DECA marketing vocab

Market research

Collecting information, studying it, and sharing what you learn to help decide how to market a product or service

Internal Audience

Individuals or groups within an organization

Target Marketing

reaching out to the group of people who are most likely to but a product or become a customer.

-defined by demographics, age, gender, income, education

-Geographics, where they live, psycho graphics, their interests, values, lifestyle.

Cost-Plus Pricing

1. add up cost of making product

2. add makeup

3. the total becomes selling price

Product Mix

All the products a company makes or sells

Promotional Mix

the blend of advertising personal selling, sales promotion, and public relations a company uses to support its marketing strategies.

Customer “buzz”

Marketing methods that gets people talking and sharing about a product

Direct Marketing Channels

Advertising that sends a promotional message to a targeted group of people that will most likely buy and customer rather than mass audience

Primary Research

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

Public Relations

Activities meant to make a business or organization look good to the public

Buying Signals

Actions that a consumer does to indicate that they are ready to purchase

Sample Design

the part of the research plan that explains how you’ll choose participants and how many people will be included in the study

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 move outward from it towards the extremes of goodness and badness

sales forecast

The projection of future sales

Advertising Elements

Advertisement made up of:

Headline- the big, attention grabbing title

Copy- the main text, details

Illustration- The pictures, used to attract attention

Signage- The brand name logo or sign, showing who the add is from

Trade show

A trade show is a big event where companies display their products to potential buyers and other businesses.

Likert Scale

Methods that turns people’s optinions into numbers so they can be analyzed more easily. (strongly agree, agree, nutral, ect.) is given a #

Data

Information in a unorganized form that have a relationship with current conditions, ideas, or knowledge.

Pricing

The value placed on a good or service

Market

A group of people who want a product or service and can afford to buy it.

Secondary research

Information a business already has from past activities that can now be used for marketing

Error

A wrong action that can be attributed to a lack of knowledge

Customer Relationship Management

Database that keeps track of customer contact, what they have bought, and any support they have needed. Can include info understand what current customers want and improve customer service by using data

Product Service Management

The process of updating and managing information about a company product

Open-Ended Questions

A question that encourages the consumer to respond with ore than a “yes” or “no” answer

Data Collection Instrument

Marketers can collect information by using surveys, interviews, watching customer behaviors and checking sources like government agencies, research companies, business magazines, and trade group reports.

Trail Close

The first attempt by a salesperson to make a customer buy

Slogan

A catchy phrase or words that identify a product or business

Marketing planning

Planning the market usually leads to a marketing strategy that helps the business sell more

Demand Oriented Pricing

A pricing method in which the price of a product is changed according to its demand: higher demand=higher price

Greeting Approach

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

Merchandise Approach

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

Product Life Cycle

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

Customer Service

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

Mark-up Pricing

Taking the original cost of an item and increasing it by a certain percentage to decide how much to sell it for.

Promotional Plan

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

Promotion

Decides about how a company uses ads, sales person, promotion, and public relations to inform and persuade customers

Signature

The part of an ad that shows the advertiser’s name so the audience knows who the message is from

Data Collection Method

The structured process of gather information

Non-Response Error

It happens when some people do not answer a survey or a questionnaire, often because of the poorly worded question, mistake by interviewer, or data entry errors

Sales Promotion

All marketing activities other than public relations and personal selling that encourages customers to buy. (discount reduction. Coupons, free trails)

Selling Process

The process where a sales person helps a customer choose the right product and guides them to buy it.

Selling Proposition

Something that a product or service does for the customer that makes it better or more appealing than others

Direct Close

When a salesperson specifically asks for the purchase; “would you like to buy this today?”

Channel Management

Choosing and checking the people or business that helps move a product from the maker to the final customer

Marketing Information Management

The way a business collects, stores, studies, and shares information to make better decisions.

Emotional Motive

The emotion or feeling a person has towards a product because they connect it with something personal or meaningful

Professional Development

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

Feature

A special quality or detail of a product or service that makes it different from others

Channels of Distribution

The route a product takes from the person who makes it to the person who buys and uses it.

Pre-Approach

Observing a consumer prior to interaction

Warranty

A guarantee to the buyer that the product will work the way it’s supposed to.

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

Market Identification

Finding the best group of customers to sell a new product to

Benefit

something valuable a customer gets from buying a product or service

Descriptive Research Study

It collects information to show patterns, trends, or characteristics without trying to explain why they happen.

Examples:

• Surveying customers to see which product color is most popular

• Counting how many people visit a store each day

Marketing Tactics

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

advertising

paying to tell people about a product, service, or idea through TV, radio, social media, or other media

Distribution

The function of moving a selling goods from producer to consumer

Channel-Member Relationship

It means how well all the people and businesses involved in getting a product to the customer work together

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

Standing Room Only Close

t’s when a salesperson pushes a customer to buy now by saying the product is limited or the price might go up.

Example:

• “Only 2 left in stock!”

• “This discount ends today!”

Selling Policy

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

Service Close

highlighting the services or support that come with the product

Marketing Strategies

figuring out who your customers are and using the right mix of product, price, place, and promotion to sell to them.

Example:

• A company targets college students and uses affordable pricing, social media ads, and convenient campus locations to sell snacks.

Response Error

when someone’s answer doesn’t reflect the truth, either by mistake or on purpose

Casual Research Study

is a type of research that investigates whether one variable causes or affects another.

Examples:

• Testing if increasing advertising spending causes higher sales.

Corporate Branding

using a well-known company or brand name to help sell a new product.

Example:

• A popular soda brand introducing a new flavor using the same brand name.

• A famous shoe brand releasing a line of clothing under the same name.

Situation Analysis

examining what’s going on inside the company (strengths and weaknesses) and outside (opportunities and threats) to plan marketing effectively.

Example:

• Looking at company resources, employee skills, and product quality (internal)

• Studying competitors, market trends, and customer behavior (external)

Statistics

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

Communication Channels

the ways people or businesses share messages with others.

External Audience

People or groups outside a company that the business wants to reach or influence.

Selling

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

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

Illustration

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

Bias

Innacuracy 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

Marketing plan

a roadmap showing what a company will do to reach customers and achieve sales goals.

It usually includes:

• Target customers

• Marketing goals

• Strategies for product, price, place, and promotion

• Budget and timeline

Standard

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

Personal Selling

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

Examples:

• A car salesperson explaining features to a buyer.

• A store employee helping you choose the right laptop.

Suggestion Selling

sales technique where a salesperson recommends additional products or services to a customer to go along with what they are already buying.

Examples:

• “Would you like fries with your burger?”

Clientele

All of the clients of a business

all the customers or clients who regularly buy from a business.

Affinity Partner Relationship

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

two companies work together to offer products or services to each other’s customers, usually because they share similar interests or goals.

Examples:

• A credit card company partnering with an airline to offer rewards points

• A gym teaming up with a health food store to give discounts to each other’s customers

Behavior Intentrion Scale

a method to ask people how likely they are to do something, like buying a product.

Examples:

Survey questions like:

• “How likely are you to buy this product?”

• “Very likely / Likely / Unsure / Unlikely / Very unlike

Which Close

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

examples:

• “Which one works better for you—the blue shirt or the black one?”

• “Would you like the basic package or the premium package?”

Feature Benefit Selling

showing how a product’s features make the customer’s life better.

Example:

• Feature: “This vacuum has a HEPA filter.”

• Benefit: “It removes allergens, which helps you breathe easier.”

Word-of-Mouth Channels

A happy customer telling others to buy the product.

Copy

The selling message in a promotional message

Headline

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

Marketing

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

closing the sale

When a salesperson gains an agreement to purchase from a consumer

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?"

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

Exploratory Research Study

A study done to learn more about a problem when you don’t have much information, using things like interviews, group talks, or small tests to gather ideas.

Examples:

• Interviewing customers to discover why sales are dropping

• Holding focus groups to explore opinions about a new product concept

Product Knowledge

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

Product Positioning

a strategy that makes a brand stand out in the customer’s mind by highlighting its features or image compared to competitors.

Objections

customer concerns or questions that stop them from buying.

Examples:

• “It’s too expensive.”

• “I’m not sure it will work for me.”

Sampling Plans

A course of action that obtains data or observations from a group

Interviewer Error

Occurs when the interviewer makes mistakes. 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

Examples- asking a question in a confusing way

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

Business Image

The public perception of a business