DECA Marketing Vocabulary

Marketing

the processes of communicating the value of and connecting a product or service to customers/clients/partners and society

SWOT analysis

A chart that businesses use to analyze and plan their companies by identifying their Strengths, Weaknesses, Opportunities, and Threats.

Marketing Mix (4 P's of Marketing)

Price, Place (distribution), Promotion, Product. These are parameters the marketer controls to best appeal to the target market.

Overhead

operating expenses of a business (excludes labor & materials; includes rent, utilities, taxes, etc.)

professional development

acquiring skills and knowledge to not only advance your career, but also for your own personal growth. (ex: college degrees, coursework, etc.)

Channel management

process where a company creates special programs for selling/servicing customers within a specific channel

Channel

set of activities needed to transfer the ownership of/move goods from the producer to the consumer

ex: links producers to potential buyers; influences pricing strategy; allows better sales & promotion

Simpler example: apple orchard-transporthttps://quizlet.com/create-set#add-row-processing factory-packaging-final product sold-final product consumed

Channels of Distribution

Chains of businesses through which a service must pass in order to reach the consumer. Includes wholesalers, retailers, distributors, the internet, etc. Direct channels (shorter) allow consumers to buy goods from manufacturers, while indirect channels allow product to be bought from a wholesaler. The longer the dist. channel, the less effective for product manufacturer (aka less profit)

Internal Environment

factors, events, and conditions within a business that influence its choices and activities, and the employees behavior

External (operating) Environment

Factors, events, and conditions surrounding a business (not w/i) that influence it's actions and choices and determines opportunities and risks

Target Market

specific group of people that a marketing campaign is focused on attracting

Pricing/cost function

function of input prices and output quantity. basically calculates the cost of making a certain output given input prices idk

Product Mix

various products offered by a seller that can yield greater revenue when marketed together rather than be sold individually

Promotional Mix

special combination of promotional methods used to advertise product(s); includes advertising, direct selling, etc. basically ways to help market to target audience best

advertisement

marketing used to encourage/persuade/manipulate audience

Branding

marketing practice of creating a name,symbol, or design that sets apart and identifies a product

customer service

assistance a company provides to a customer

income

amount of money a person receives in exchange for labor/service in a fixed timeframe

credit

money that a bank or business will allow a person to use and then pay back in the future

financial needs

amount of money available to spend on something

liability

any debt owed to someone else

tax liability

amount of money a person owes to the gov't in a year in terms of tax.

contract

a legal agreement with specific terms between two parties (usually written)

guarantee

a pledge, usually in writing, given by a company to customers that states a product will provide satisfaction/perform or produce in a specific manner. Also says what will happen if customer isn't satisfied with purchase

warranty

sellers assure the purchaser that goods/service being purchased will work as expected and if not, it shall be replaced/repaired

debt

obligation to pay money, deliver goods, or perform a service under an express/implied agreement. Two sides: debtor (owes) and debtee (being owed)

business law

deals with the law governing contracts, sales, employment, insurance, wills, etc. Also includes issues such as starting, selling, or buying a business, dealing w/ employees or contracts, etc.

Types of Business ownership

Sole Proprietorship, Partnership, Corporation, NonProfit, Not for Profit

Sole Proprietorship

One person owns everything

Partnership

two or more owners. Not a separate legal entity from business. Each partner is liable for acts of other partners.

Corporation

Legal structure that allows people to contribute and combine resources such as capital and labor to generate a profit

Non vs Not for profit

NP: conducts business for benefit of general public w/o shareholders and a profit drive. Not For: same as non profit, but legally recognized

communication

IN BUSINESS, it is a key function of management. It happens between levels, departments, and employees. 2 way Process of reaching mutual understanding and exchanging info, news, ideas, etc.

Channels of Communication

Mediums used to transfer message from 1 party to another. Includes print media, internet, phones, broadcast media, etc.

customer service mindset

Belief that giving customers good service should be a top priority of business

customer relationship management

allows businesses to manage business relationships and data and info assests. Includes customer/prospect contact info, accounts, and opportunities in a central location

customer relations

the way a company communicates and deals with customers

price

quantity of payment someone gives in return for a good or service

seriously why did i even make this a flashcard

supply and demand

relationship between the amount of a product and the desire of the buyers to buy a product. Typically, low supply and high demand= higher prices and vice versa

economic goods and services

objects/service that has value to people and can be sold for a a profit in the marketplace

business activities

any activity engaged to make a profit. includes: operations, marketing, production, administration

business environment

combination of internal/external factors what influence a company's operating situation. Includes: client, suppliers, competition, technological improvements, laws, market, economy

ethics

concern an individual's moral judgements about right or wrong. important because it attracts investors and employees, stay away from legal trouble, maintain a good reputation, etc.

private enterprise

business activities unregulated by government; esp. found under a laissez-faire capitalism

economic systems

system of producing/distributing goods and services and allocating resources in a community. includes capitalism, communism, etc. http://maaw.info/images/Exhibit1-6.gif

business risk

possibility that a company will have lower profit than anticipated, or will face a loss rather than a profit. Influenced by many factors including: sales volume, per-unit price, input costs, competition, overall economic climate and government regulations

tax

4 general types:

Income tax ( pay the tax as you earn or receive income during the year; income tax withheld from employee's pay.)

Estimated Tax,

self-employment tax (social security and medicare tax for people who are self employed);

employment tax (employer pays social security and medicare tax of employees),

excise tax (tax people pay who manufacture, operate certain companies, receive payment for services, etc)

business productivity

ability of an organization to utilize its available resources in order to produce profitable goods or services as desired by customers or clients; also measures the performance of an organization

specialized labor

Someone or something that is specialized is trained or developed for a particular purpose or area of knowledge.

unions

consist of workers in many industries in the United States. focus on collective bargaining over wages, benefits, and working conditions for their membership, and on representing their members in disputes with management over violations of contract provisions.

Forms of financial exchange

Barter, cash, check, money order, electronic transfer and bonds, etc.

credit statement

form used to supply the finance sources with the customer's personal and credit history, and details of the proposed transaction and insurance information.

Financial Service Providers

individuals and organizations either provide the services and/or products or monitor the individuals and organizations by helping out with managing money matters, credit, etc and supplying money, credit or capital.

accounting

measures the results of an organization's economic activities and conveys this information to a variety of users including investors, creditors, management, and regulators

cash flow

the movement of money into or out of a business, project, or financial product in a specific time

human resource management

responsible for hiring and developing employees so that they become more valuable to the organization. conduct job analyses,recruiting the right people for the job, orienting and training, managing wages and salaries, providing benefits and incentives, evaluating performance, resolving disputes, and communicating with all employees at all levels

information management

collection and management of information from one or more sources and the distribution of that information to one or more audiences

business records

document that records a business dealing. (ex: meeting minutes, memoranda, employment contracts, and accounting source documents.)

not only must the record be accurate and easily retrieved, but also easily understood and accurate for customers and other businesses to undertstand

marketing functions

1.Product/Service Management

2.Distribution

3.Selling

4.Marketing-Information Management 5.Financing

6.Pricing

7.Promotion

operations

Jobs or tasks consisting of one or more elements or subtasks, performed typically in one location; transform resource or data inputs into desired goods, services, or results, and create and deliver value to the customers.

project management

discipline of planning, organizing, motivating, and controlling resources to achieve specific goals; biggest concern: achieve all of the project goals and objectives while honoring the preconceived constraints.

purchasing

The activity of acquiring goods or services to accomplish the goals of an organization.

major objectives of purchasing are to (1) maintain the quality and value of a company's products, (2) minimize cash tied-up in inventory, (3) maintain the flow of inputs to maintain the flow of outputs, and (4) strengthen the organization's competitive position.

bidding process

1. come up with job specifications

2. request for bids (send out invitations, call people)

3. actual process-sealed bids will be submitted and the customer will evaluate them or contractors simply give a total amount that they can do the job for.

4. bids are reviewed

5. contract is awarded to bidder

vendor

seller that contributes goods or services in a supply chain; generally manufactures inventory/stock items and sells them to the next link in the chain.

manufacturing

production of goods for use or sale using labor and machines, tools, chemical and biological processing, or formulation.

wholesale

the business of selling things in large amounts to other businesses rather than to individual customers (ayy costco)

retail

The sale of goods or commodities in small quantities directly to consumers (ayy not costco)

Quality Assurance

a program for the systematic monitoring and evaluation of the various aspects of a project, service, or facility to ensure that standards of quality are being met

direct marketing

company's message is provided directly to a potential customer( typically used by companies with smaller advertising budgets, since they cannot afford to pay for advertisements on TV); ex: catalogs, mailers and fliers.

internet

Is now the World Wide Web (WWW) network of computers that is dispersedly managed with minimal restriction.

intranet

Operates much the same as the Internet but is restricted to a single corporate entity that has full control and management over it. Able to maximize restrictions over users.

ethernet

standard cable for computers to hook up to the network. It is also used for network devices (Routers, modems & switches) to interface with each other.

specialty media

Relatively permanent promotional message printed on small, handy items such as bags, calendars, cups, diaries, etc., given away as gifts to serve as reminders.

trademark

a symbol, word, or words legally registered or established by use as representing a company or product.

quota

A government-imposed trade restriction that limits the number or value of goods and services that can be imported or exported during a particular time period. used in international trade to help regulate the volume of trade between countries.

publicity

Type of promotion where information is disseminated through various media to attract public notice.

NAFTA

The North American Free Trade Agreement is an agreement signed by Canada, Mexico, and the US. decreased and eventually eliminated tariffs to encourage economic activity between these 3 countries

OSHA

Occupational Safety and Health Act. help businesses protect their workers and reduce the number of workplace deaths, injuries and illnesses

bundling

A marketing strategy that joins products or services together in order to sell them as a single combined unit. Bundling allows the convenient purchase of several products and/or services from one company.

broadcast/print media

radio, magazines, newspapers, etc.