Deca Marketing Performance Indicators

Practice flashcards covering marketing performance indicators including economic systems, business law, marketing planning, and information management.

Janis Fisher Chan

Stated that "The words we write are very real representations of our companies and ourselves."

Traditional Economy

An economic system that relies on custom and ritual to make its choices.

Market Economy

An economic system that relies on the consumption choice of consumers.

Command Economy

An economic system that relies on the government making all choices for consumers.

Mixed Economy

An economic system that relies on limited government involvement in a market based economy.

Innovation

Skills necessary for an organization to move forward in the marketplace, including critical thinking, creativity, problem solving, and risk management.

Consumer Product Safety Commission (CPSC)

An agency that sets standards for products and has the authority to issue recalls for unsafe products.

Food and Drug Administration (FDA)

An agency with the authority to approve new products, oversee labeling and safety regulations, and issue consumer alerts.

Market

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

Market Identification

The process of identifying the most profitable areas to offer a new product or service using demographic, geographic, and psychographic data.

Demographic Data

Data that defines a population in quantitative terms like age, gender, education, or occupation.

Geographic Data

Data used to identify where potential consumers live.

Psychographic Data

Data that identifies common interests, attitudes, and lifestyles of potential consumers.

Situation Analysis

Research identifying internal and external factors affecting marketing strategy, often through SWOT and/or PEST analysis.

Channel Management

The process of understanding how products reach consumers, including transportation, warehousing, and inventory control.

Channel of Distribution

The journey a product takes from producer/manufacturer to the end user.

Project Management

The use of knowledge, skills, and techniques to execute a temporary group activity through five processes: initiating, planning, executing, monitoring and controlling, and closing.

Product/Service Branding

Using a name, term, design, or symbol to distinguish a product/service from competition and build customer loyalty.

Proactive Public Relations

Activities that initiate image building for a company.

Reactive Public Relations

Activities aimed at responding to negative or damaging information in the media.

Economic Good

A tangible item that you can use or consume.

Economic Service

An intangible action that someone does for you.

Identity Theft and Assumption Deterrence Act of $1998$

Legislation providing legal ramifications if a consumer's privacy is not maintained regarding collected information.

Gramm-Leach-Bliley Act of $1999$

Federal law specifying legal ramifications for failing to maintain consumer privacy.

Enterprise Information System (EIS)

A central database used by businesses to manage collected information.

Legally Binding Contract

A valid and enforceable agreement between at least two parties that requires consideration.

Consideration

A requirement for contracts meaning both parties are willingly entering the agreement without coercion.

Insurance

A promise of compensation for specific potential future losses in exchange for a premium payment.

Premium

Periodic payment made by a policy holder to an insurer for coverage.

Deductible

The part of a loss that a policy holder is responsible for paying before the insurer pays the rest.

Human Resource Management (HRM)

The process of bringing people and organizations together focusing on results, employee potential, and maintaining positive relations.

Sherman Antitrust Act

Legislation against price fixing, which involves competitors agreeing on a price range.

Clayton Antitrust Act

Legislation against price discrimination that leads to unfair competition and monopolies.

Robinson-Patman Act

A law stating a retailer cannot sell a product to one consumer for one price and charge another consumer a different price in the same situation.

Consumer Goods Pricing Act

Oversees manufacturers resale price policies.

Marketing Information Management Function

The process of generating, storing, analyzing, and distributing information to promote good decision making.

Validity

A characteristic of effective data collection where research questions measure the intended subject area.

Reliability

A characteristic of data collection where respondents interpret questions in the same way.

Budget

An itemized forecast of income and expenses for a designated period of time.

Niall Fitzgerald KBE and Mandy Cormack

Authors who defined the role of business in society as a way of thinking about a company's impact and interaction with society.

Product Bundling

A technique of offering two or more complementary goods or services together as a package at a price lower than their individual totals.

Sole Proprietorship

A business owned and operated by one person.

Partnership

A business owned and operated by two or more people who are jointly responsible for outcomes.

Corporation

A business operated by several people and owned by stockholders.

Marketing Plan

A document providing an overall view of a company's marketing actions, goals, advertising, budgets, and timelines.

Sales Forecast

A projection of future sales included in a marketing plan.

Advertising

A form of paid, nonpersonal promotion of an idea, good, or service.

Personal Selling

Direct contact between a salesperson and a customer to fulfill wants and needs.

Sales Promotion

Marketing activities other than advertising, public relations, and personal selling directed at increasing sales.

Public Relations

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

Primary Research

The gathering of data for the first time for a specific product, service, or business.

Secondary Research

The use of data previously collected for nonmarketing activities.

Occupational Safety and Health Act of $1970$

Federal law that created OSHA to ensure businesses protect the safety, health, and welfare of employees.

Price Gouging

An unethical pricing practice where a price is set higher than normal due to a sudden increase in demand.

Product Life Cycle: Introduction Stage

The stage where a significant budget is allocated to educate consumers and develop branding.

Product Life Cycle: Maturity Stage

The stage where marketing strategy shifts to emphasizing competitive advantages.

Cultural Sensitivity

Being a value-driven employee who values diversity and adapts behavior to cultural norms of others.