deca exam combined quizlets

marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

goods

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

services

intangible items that have monetary value and satisfy your needs and wants

channel management

deciding how goods get into customers hands (transportation)

market

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

market share

percentage of total sales generated by competing companies in a given market

industrial/organizational market

(business to business) includes all businesses that buy products for use in their operations

customer profile

To develop a clear picture of their target market, buisnesses create a specific picture that is called a what?

utility

added value of a product in economic terms

marketing concept

the idea that an organization should strive to satisfy the needs and wants of consumers while generating a profit for the firm

target market

the group that is identified for a specific marketing program

1. new and improved products because of competition fostering new ideas 2. lower prices lead to increased demand 3. utilities add value

what are the 3 economic benefits of marketing?

marketing information management

Gathering and using information about customer trends and competition to improve business decision making

market planning

Targets specific marketing strategies

pricing

process of determining the best price at which to sell a product based on what competitors charge and how much customers are willing to pay

product/service management

Obtaining, developing, maintaining, and improving a product or a product based on trends in the market

promotion

Informs current and potential customers about a business's products or services

selling

customers receive goods they want

customer relationship management

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

form utility

Changing raw materials into useable goods 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 (apple pay venmo etc.)

information utility

communication with the consumer; providing information to customers to explain features/benefits of a product

consumer market

consumers who purchase goods and services for personal use

market segmentation

the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

marketing mix

the 4 basic marketing strategies (product, price, place and promotion ; people is the "5th P")

product (P)

choosing what products to make and sell (brand name, packaging etc.)

price (P)

what is exchanged for a product (should reflect what the customer is willing to pay)

place (P)

the means of getting the product into the customers hands (knowing where customers shop)

promotion (P)

the activities related to advertising

swot analysis

an assesment that lists and analyzes the companys strengths and weaknesses

pest analysis

the scanning of outside influences on an organization

marketing plan

a formal written document that directs a companys activies for a specific period of a time

executive summary

a brief overview of the entire marketing plan

situation analysis

the study of the internal and external factors that affect marketing strategies

marketing strategy

identifies target markets and sets marketing mix choices that focus on those markets

sales forecasts

the projection of probable, future sales in units or dollars

performance standard

an expectation for performance that reflects the plans objectives

market segmentation

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

demographics

statistics that describe a population in terms of personal charicteristics

disposable income

the money left after taking out taxes

discretionary income

the money left after paying for basic living necessities such as food, shelter, and clothing

geographics

the segmentation of the market based on where people live

psychographics

Grouping people with similar attitudes, interests, and opinions, as well as lifestyles and shared values

mass marketing

using a single marketing strategy to reach all customers

market segmentation

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

sales forecast

the projection of probable, future sales in units or dollars

marketing strategy

identifies target markets and sets marketing mix choices that focus on those markets

disposable income

money left after taking out taxes

discresionary income

the money left after paying for basic living necessities such as food, shelter, and clothing

environmental scan

an analysis of outside influences that may have an impact on an organization

marketing plan

formal written document that directs a companies activities activities for a specific period of time

geographics

people's needs vary depending on where they live (loal, state, regional etc.)

phsycographics

lifestyle has an impact on how money is spent (what you think ; interests and opinions)

GI generation

1900-1924 veterans who fought in ww2, lived through 2 world wars and the great depression, hard working, patriotic, savers and respect authority

silent generation

1925-1945 known as the lucky few, conservative, rational savers, hard working and patriotic

baby boomers

1946-1964 76 million babies were born during these 18 years, target of technology and luxury products, civil rights movement and cultural development, lived through vietnam war and mlk assasination coming of age in the hippie movement, drugs were more distributed, start to see more political division

generation x

1965- 1980 known as the latchkey kids (exposed to family instability and daycare) first generation to be defined by marketers, fall of berlin wall, 9-11, raised by the television, a lot of debt, became pessemistic and negative

generation y

1981-1996 known as millennials, rise of mass communication due to technelogical advancements, more education than prior generations, have ambition and desire to make a change, all about themselves

generation z

1997-2012 most multicultural generation, known as igeneration or gen next, live in a world where anything is possible and main communication is the internet, an environment of terror threats

generation alpha

born after 2012 current youngest generation

1 year

how long would a marketing plan for a small buisness last?

PEST analysis

political, economic, socio-cultural, technological (scanning of outside influences on an organization) used for external factors of a SWOT analysis

SWOT analysis

an assesment of a companys strengths and weaknesses and the opportunities and threats that surround it ( strengths, weaknesses, opportunities, threats)

political (PEST)

government affects buisness operations

economic (PEST)

recession, unemployment, import pricing, trade restrictions, currency rates, inflation

socio-cultural (PEST)

changes in attitudes, lifestyles, and opinions provide opportunities and threats

technological (PEST)

companies must embracetechnology and innovate to stay competitive

to prepare to handle threats such as competition or a changing marketplace and to provide guidance and direction for future marketing strategies

what is the purpose of a SWOT analysis?

customers, company, competition

what are the 3 cs?

internal

are the 3 cs internal or external?

external

is the PEST analysis internal or external?

objectives

what in the marketing plan must be specific, realistic, single minded, measureable, and have a time frame?

benefits desired, shopping patterns, and usage rates

what does segmenting a marketbased on product related behavior look at?

executive summary

the portion of the marketing plan that outlines the whole plan

marketing mix

the 4 ps of marketing

product, place, price, promotion

what are the 4 ps of marketing?

80/20 rule

80% of sales come from 20% of customers

niche marketing

the process of finding small but profitable market segments and designing or finding products for them

mass marketing

using a single marketing strategy to reach all customers

productivity

the output of a worker

situation analysis

provides an examination of factors and trends that affect marketing strategies (SWOT)

objectives

describes what the plan will accomplish (purpose of the plan) 1-3

marketing strategies

identifies target markets and marketing mix choices focused on those markets (4 ps)

implementation examples

schedule of activities, job assignments, sales forecasts, who is responsible for each activity etc.

evaluation and control

explains how objectives will be measured and who will evaluate

goal is broad, objective is specific

goal vs. objective

implementation

the process that turns a marketing plan into action assignments (schedule of activities, job assignments, details of each activity, who is responsible for each activity)

1. marketing objectives 2. financial objectives 3. marketing mix strategies

what are the 3 measurements of performance standards?

demographics

people with different personal charactersitics have different needs and interests (age, gender, income etc.)

behavioral characteristics

your actions influence shopping patterns

3 cs

used for conducting the internal part of the SWOT analysis

economy

the way a nation provides the needs and wants of its people

resources

all things used in producing goods and services

factors of production

compromised of land, labor, capital, and entrepreneureurship

infrastructure

the physical development of a country (roads, ports, etc.)

entrepreneurship

the skills of people who are willing to invest their time and money to run a buisness

scarcity

the difference between wants and needs and available recources

traditional economy

habits, traditions, and rituals answer the basic questions of what, how, and for whom