deca marketing vocab

data

information in an unorganized form that have a relationship with current conditions ideas or knowledge

sales forecast

the projection of future sales

open ending questions

a question that encourages the consumer to respond with more than a yes or no answer

product life cycle

the stages a product does through in its life: introduction growth maturity and decline

buying signals

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

data collection method

the systemic process of gathering info

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 moves outwards from it towards the extremes of goodness and badness

professional development

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

primary research

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

customer service

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

direct marketing channels

advertising that sends a promotional message to a targeted group of prospects and customer rather that a mass audience

emotional motive

a feeling expressed by a consumer through association with a product

mark up pricing

the practice of adding a constant percentage to the price of an item to determine its selling price

target marketing

the process of communicating with a particular group who is most likely to become customers

a target market is usually defined by a demographic geographic and psychographic characteristics

product mix

all of the different products and or services a company makes or sells

advertising elements

the items in an advertisement include headline copy illustration and signage

feature

a feature is a distinctive characteristic of a good or service that sets it apart from similar items

public relations

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

selling proposition

a benefit of a good or service that differentiates it from other products

error

a wrong action that cannot be attributed to a lack of knowledge

secondary research

data that has been previously collected for non marketing activity and is available for a businesses use

selling process

the step by step process in which a salesperson advises a customer about products that suit their needs leading through the decision to make a purchase

marketing information management

the process and methods that generates stores analyzes and distributes info to promote good deduction making for a business

pricing

the value placed on a good or service

trade show

exhibit of products or services of interest to a specific industry

trial close

an initial effort made by a salesperson to close a sale

market planning

typically results in a marketing startup that can be used to engage sales for the business producing it

demand orientated pricing

a pricing method in which the price of a product is changed according to its demand

a pricier will have a higher price when the demand is strong and lower price when it is weak

channels of distribution

refers to the path a product takes from producer to the final consumer

direct close

when a salesperson specifically asks for the purchase

sample design

the part of the research plan that specifies how many respondents will be selected for a study

promotional mix

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

likert scale

a method developed by dr rensis likert that attributes quantitative value to qualitative data to make it easier to analyze

a number is assigned to each potential choice and a mean figure for all the responses is computed at the end of the evaluation or survey

these scales usually have five potential choices: strongly agree agree neutral disagree strongly disagree

signature

name of advertiser and/or logo that is the identification for a business in a promotional message

sales promotion

all marketing activities other that advertising public relations and personal selling that are directed at a customer to increase sales

non response error

occurs when selected subjects fail to respond to a questionnaire

this can happen due to defective questionnaire wording and format interviewer errors and/or inputting errors

customer relationship management

at a minimum this is a database of customer contacts purchase history and technical support

additional elements can include profiles of potential clients understanding and leveraging the needs of current customers and enhanced customer service based on data analysis

slogan

a catchy phrase or words that indenify a product or business

merchandise approach

when a salesperson first interacts with a consumer by making a comment or asks a question about a product that a consumer is showing interest in

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

market

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

promotional plan

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

cost plus pricing

this type of pricing includes the variable costs associated with goods as well as portion of the fixed costs of operating the business

customer buzz

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

product service management

the process of creating and changing the info about a company’s catalog of offerings

promotion

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

greeting approach

when a sales person first interacts with a consumer by welcoming a customer to the store and states they are available for questions

market research

the process of gathering information marketers conducting analysis and presenting findings for a product or service to make marketing decisions

internal audience

individuals or groups within a organization

channel management

a process that involves selecting and evaluating channel members to monitor the movement of a product from producer or manufacturer to end user

pre approach

observing a consumer prior to interactions

warranty

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

product bundling

technique of offering two or more complementary goods or services togther as a package deal

these items are sold at a price attractively lower than the total of their individual selling prices

market identification

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

benefit

desirable attribute of a good or service which a customer perceives he or she will get from purchasing

descriptive research study

a statistical study to identify patterns or trends in a marketing situations

marketing tactics

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

advertising

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

distribution

the function of moving a selling goods from producer to consumer

channel member relationships

refers to the interconnectedness of members within a channel of distribution

advertising media

the physical means of carrying a promotional message in words or speech or pictures

for example billboards newspaper tv magazines and the internet

standing room only close

when a salesperson encourages a consumer to make a purchase because the product is in short supply or a price change may occur

selling policy

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

service close

when a sales person encourages a consumer to purchase utilizing info regarding services available

marketing strategies

identifys a target market and coordinated marketing mix selections to create sales

response error

occurs when respondents do not reveal their true opinions on a subject

they may misunderstand the question fail to understand their opinions lie or try to present them selves in a favorable light

can be bc of bias

casual research study

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

corporate branding

strategy that encourages a new product to be associated with a well established company name

can be used with any product that a business sells or a brand that represents the entire business

situation analysis

the study of internal and external factors that affect marketing strategy

statistics

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

communication channels

the path a message travels

external audience

individuals or groups outside of an organization at whom its communications and promotional efforts are aimed

selling

when a buyer exchanges cash for a sellers good or service or the activity of trying to bring this about

market research brief

a written document that includes a market and strategic overview background info role of research objectives suggested approach and research target reporting requirements timing budget and existing research or other info related to the study

illustration

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

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

marketing plan

a formal document that specificities a company’s activities for a determined amount of time

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

suggestion selling

selling additional goods or services to a customer

clientele

all of the clients of a business

affinity partner relationships

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

behavior intention scale

a method used to collect info on the likelihood that people will demonstrate some type of predictable behavior regarding the purchase of a product or service

which close

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

feature benefit selling

selling technique in which the seller matched a feature with an advantage or benefit that the customer wants or thinks is desirable

word of mouth channels

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

copy

the selling message in a promotional message

headline

a phrase in an advertisement that graphs the consumers 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 sales person first interacts with a consumer by offering assistance often in the form of an open ended question

ex “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 into a problem that provides details where a small amount of info exists

it may use a variety of methods such as trial studies interviews group discussions experiments or other tactics for the purpose of gaining info

product knowledge

info abt a good or service that can include its application function features and use

product positioning

a strategy that either emphasizes features or image to make a brand occupy a distinct position relative to competing brands in the mind of a consumer

objections

a concern or doubt that a consumer has for not making a purchase

sampling plans

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

interviewer error

occurs when mistakes are made by the interviewer

these may include influencing the respondent in someway asking the 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

return on marketing investment (ROMI)

a financial calculation to determine the profitability returned to the businesses based on funds spent on communicating with potential customers

business image

the public perception of a business