DECA Vocab

market

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

market share

A company’s % of the total sale volume generated by all companies that competein a given market (How much a company can grow) (measure of success)

industrial market

customer profile

channel management

Decided how to get goods to customers.

marketing

target market

The group of people most likely to become customers identified for a specific marketing program.

goods

Tangible items that have monetary value and satisfy one’s need and wants.

utility

Adds value

marketing concept

The idea that a business should strive to satisfy customers needs and wants while still making a profit.

information utility

Communication with consumer

form utility

Changing raw materials into usable goods or putting parts together to make them more useful.

place utility

Having a product were customers can buy it

time utility

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

Marketing Information Management

Market Planning

Selling

Customers recive goods they want

Promotion

Informs current and potential customers about business products or services.

Market segmentation

The process of classifying people who form a given market into even smaller groups.

Marketing mix

The 4 basic marketing strategies called the 4 p’s

Pricing

Based on costs and on what competition charges for the same product or service.