DECA Marketing Communications

Marketing

process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers

utility

The added value in economic terms

market share

percentage of the total sales volume generated by all companies that compete in a given market.

industrial market

business-to-business (B-to-B) market includes all businesses that buy products for use in their operations.

target market

The group that is identified for a specific marketing program

Goods

tangible items that have monitory value and satisfy your needs and wants

Services

intangible items that have monitory value

market place

commercial environment in which trade happens

business law (marketing core function)

Understand business's responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions

communications (marketing core functions)

Understand the concepts, strategies, and systems used to obtain and convey ideas and information

customer relations (marketing core functions)

Understand the various techniques and strategies used to foster positive, ongoing relationships with

economics (marketing core functions)

Understand the economic principles and concepts fundamental to business operations

emotional intelligence (marketing core functions)

Understand techniques, strategies, and systems used to foster self-understanding and enhance

entrepeneurship (marketing core functions)

Understand theconcepts, processes, and skills associated with identifying new ideas, opportunities, and methods and with creating or starting a new project or venture

financial analysis (marketing core functions)

Understand tools,strategies, and systems used to maintain,

monitor, control, and plan the use of financial resources

human resouce managment (marketing core functions)

Understand the tools techniques, and systems that businesses use to plan, staff, lead, and organize its human resources

Information Management (marketing core functions)

Understand tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business`

marketing (marketing core functions)

Understand the tools, techniques, and systems that businesses use to create exchanges and satisfy organizational objectives

operations

Understand the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning

professional development

Understand concepts, tools, and strategies used to explore, obtain, and develop in a busi-

ness career

strategic management

Understand tools, techniques, and systems that affect a business's ability to plan, control, and organize an organization/department

channel management

is the process of deciding how to get goods into customer's hands. Physically moving and stor-

ing goods is part of distribution planning.

market planning

involves understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience.

marketing information management

rely on good information about customers, trends, and competing products. Gathering this information, storing it, and analyzing it are all part of marketing information management.

pricing

dictate how much to charge for goods and services in order to make a profit.

product/service management

obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities.

promotion

the effort to inform, persuade, or remind potential customers about a business's products or services.

selling

provides customers with the goods and services they want. This includes selling

in the retail market to you, the customer, and

selling in the business-to-business market to

wholesalers, retailers, or manufacturers.

marketing concept

the idea that a business should strive to satisfy customers' needs and wants while generating a profit for

the firm. The focus is on the customer. For an

organization to be successful, all seven marketing core functions need to support this idea.

customer relationship management

an aspect of marketing that combines customer information (through database and computer

technology) with customer service and marketing communications.

form utility

involves changing raw materials or putting parts together to make them more useful.

place utility

having a product where customers can buy it.

time utility

having a product available at a certain time of year or a convenient time of day.

possession utility

The exchange of a product for money

information utility

involves communication with the consumer.

market

All people who

share similar needs and wants and who have

the ability to purchase a given product are

called a

consumer market

consists of consumers who purchase goods and services for personal use. Consumers' needs and wants

generally fall into a few categories that address

their lifestyles.

customer profile

To develop a clear picture of their target market, businesses create a

place

The means of getting the product into the consumer's hands is the place factor of the marketing mix.

people

yolosweg human beings who are targeted in a certain market

Account Conflict

exists when an advertising agency handles two different client's brands of similar or competing products

Account Manager

Oversee the design, implementation, maintenance, and follow-up of all activities and programs involved with a customer business

Across-the-Board

A radio or television ad that is aired at the same time everday

Action Advertising

Advertising meant to invoke a quick response and action from a target audience

Audience Delivery Data

Estimates the number of individuals reached by an advertising media

Backlit

In outdoor advertising, a structure such as a billboard is lighted for the purpose of higher visibility

Broadcast Media

Electronic media such as television and radio

Bulk Plan

Committing to purchasing multiple radio ad slots over an extended period of time

Bursting

Scheduling the same commercial to run multiple times in a short period of time on the same station

Canned Presentation

A standard, all-purpose, and memorized sales pitch

5 product utilities

Form, place, time, posession, information

Push vs. pull poliy

Push~ busiess hinks product will sell

Pull~ cusomers are attracted o product on the market already

GDP

Gross Domestic Product: Ouput of goods and services produced by labor and property

Methods of distibution:

Truck, Plane, ship (exclusive, selective, and inensive)

3 economic questions

Which goods?

For whom?

How sould they be produced?

4 Factors of production

Land, labor, capital, entrepenuership

What are the economic philosophies?

Capialism, communism, socialism

4 P's of marketing?

Poduct, Place, price and pomotion

7 functions of marketing:

Channel Marketing, Marketing Planing, marketing info. management, pricing, poduct service manaement, promotion and selling

What is a comsumermarket?

People who purchase goods and services for their personal use

What is a targetmaket?

people that are most likel to buy product

What is an inustrial market?

Businesses that buy products to use in their operations

What is the Channel of Distributin?

Path a product takes from manufacturer to final user

Consumer Pomotions:

Sales strategy

Sales promotion:

incentive that encourage buying (rade and Consumer)

Segmentation:

Classifying people who form a given market into smaller groups

Marketing Concept:

Customers choose what is sold on the market

Trade Promo

Design to get support for a poduc fom manufacturers, wholesalers, and retail

Visual Merchandising:

Physical elements that mechandises use to poject an image tocustomers

advergaming:

advertisments in web-based videogamesto promote product etc.

adverising:

impersonal one way mass communicaion abou a product: paid for by a marketer

advertising appeal:

a reason fo a peson to buy a product

advetising campaign:

related adveisiments focusing on a common theme, slogan, and set of advertising appeals

advertising objective:

specific communication task that a campaign should accomplish for audience

adverising response funcion:

promotion ad advertising increase sales o market sare up to a certain limit an ten produces diminishing returns

Advocacy Advertising:

advertising in which an organization expresses its viesws on a controversial issue

audience selecivity:

the abiliy of an advertising medium to reach a precisely defined market

Cause-related marketing:

promotes a product for a non-profit o a for-profit organization through a sponsorship or raises money for a cause (nonprofit)

Comparitive advertising:

compares two o more specifically named o shown competing brands on one or more specific atributtes

competitive advertising:

influences demand for a specific demand

Continuous media schedule:

scheduling strategy in which advetising is run steadily for a peiod of time

cooperative advetising:

an arrangement in which manufacturer and retailer spli he costs of adverising

cost per contact:

cost of reachin one member of thetarget market

flighted media schedule:

ads are un heavily one month o every two weeks to acieve greater impact

frequency:

# of times an individual is exposed to a message

insiutional advertising:

form of advertising to increase a companies image rather than promote a poduct

media mix:

combination of media to be used fo a promotional campaign

medium:

channel used to cove a message to target market

Sponsorship:

a company spends money to support an issue cause or event that is consistent with corporate objectives (improving brand awareess o enhancing corporate image)