Deca marketing vocab

Product Life cycle

the stage a product goes through its life: Introduction, growth, maturity, decline

Public relations

promotional activities to create a good image to the public

Data collection Instrument

To gather information marketers can use surveys, interviews, observations, federal and state government agencies, research companies, and trade associations publications.

Statistics

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

communication channels

the path a message travels

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.

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

Demand oriented pricing

A pricing method in which the price of a product is changed according to its demand; a product will have higher price when the demand is strong and a lower price when it is weak.

Product bundling

Technique of offering two or more complementary goods or services together as a package deal. Bundled items are sold at a price attractively lower than the total of thier individual selling prices.

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.

Market research

The process of gathering information, conducting analysis and presenting findings for a product or service to make marketing decisions.

Standard

Used generally as an example or model to compare or measure the quality or performance of a practice or procedure.

selling process

The step by step process in which a salesperson advices a customer about products that suit his/her needs, leading through the decision to make a purchase.

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

Market

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

closing the sale

when a salesperson gains an agreement to purchase from a consumer

feature

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

Product service management

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

Non-response error

Occurs when selected subjects fail to respond to a questionnaire. This can happen due to defective format, interviewer errors and/or inputting errors.

Promotional mix

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

Promotion

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

Sampling plans

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

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 themselves in a favorable light

suggestion selling

Selling additional goods or services to a customer

Customer “Buzz”

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

Advertising elements

The items found in an advertisement include Headline, Copy, Illustration and Signage.

Direct marketing channels

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

Pre-approach

Observing a consumer prior to interaction

Error

A wrong action that can not be attributed to a lack of knowledge.

Marketing

The process of creating, communicating, delivering and exchanging offerings that have value for customers to generate profits for a business

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

Personal selling

Any form of direct contact between a salesperson and customer to fulfill their wants and needs

Channel member relationships

Refers to the interconnectedness of members within a channel of distribution

Advertising

A form of paid, non personal promotion in which a company promotes an idea, good or service through a variety of media

Data collection method

The systematic process of gathering information

Marketing information management

The process and methods that generates, stores, analyzes and distributes information to promote good decision making for a business

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

Trial close

An initial effort by a salesperson to close a sale

Market planning

The market planning process typically result in a marketing strategy that can be used to enhance sales for the business producing it

Emotional motive

A feeling expressed by a consumer through association with a product

Channel management

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

service close

When a salesperson encourages a consumer to purchase utilizing information regarding services available

Pricing

The value placed on a good or service

Primary research

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

Warranty

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

Feature Benefit selling

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

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

Distribution

The function of moving a selling goods from producer to consumer

Marketing strategies

Identifies a target market and coordinated marketing mix selections to create sales.

sales promotion

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

Copy

The selling message in a promotional message

Selling proposition

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

Clientele

All of the clients of a business

Illustration

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

Service approach

When a salesperson first interacts with a consumer by offering assistance, often in the form of an open-ended question like "How may I help you?"

Affinity partner Relationships

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

ROMI(Return on Marketing Investment)

A financial calculation to determine the profitability returned to the business based on funds spent on communicating with potential customers

Selling

When a buyer exchanges cash for a seller's good or service, or the activity of trying to bring this about

Greeting Approach

When a salesperson first interacts with a consumer by welcoming a customer to the store and states they are available for questions

Marketing Plan

A formal document that specifies a company's activities for a determined amount of time

Business Image

The public perception of a business

Channel of Distribution

Refers to the path a product takes from producer to the final consumer.

Product Mix

All of the different products and/or services a company makes or sells

Data

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

Interviewer Error

Occurs when mistakes are made by the interviewer. These may include influencing the respondent in some way, asking 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

External Audience

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

Which close

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

Secondart Research

Data that has been previously collected for non-marketing activity and is available for a business' use

Product Knowledge

Information about a good or service that can include its application, function, features, and use.

Sample Design

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

Sales Forecast

The projection of future sales

Professional Development

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

Behavior Intention scale

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

Advertising Media

The physical means of carrying a promotional message in words, speech and/or pictures; for example billboards, radio, newspapers, TV, magazines and the internet

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

Selling Policy

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

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

Trade show

Exhibit of products or services of interest to a specific industry

Semantic Differential scale

A method used to measure satisfaction on a scale and the responent is asked to circle a number where 0 is neutral and one moves outwards from it towards the extremes of goodness and badness

Customer Service

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

Objections

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

Direct close

When a salesperson specifically asks for the purchase

Situation Analysis

The study of internal and external factors that affect marketing strategy.

Likert scale

A method developed by Dr. Rensis Likert that attributes quantitative value to qualitative data, to make it easier to analyze. Anumber is assigned to each potential choice and a mean figure for all the responses is computed at the end of the evaluation or survey. Likert scales usually have five potential choices (strongly agree, agree, neutral, disagree, strongly disagree)

Buying signals

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

Slogan

A catchy phrase or words that identify a product or business

Marketing Research Brief

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

Exploratory Research study

A study into a problem that provides details where a small amount of information exists. It may use a variety of methods such as trial studies, interviews, group discussions, experiments, or other tactics for the purpose of gaining information

Internal audience

Individuals or groups within an organization.

Target Marketing

The process of communicating with a particular group who is most likely to become customers. A target market is usually defined by demographic, geographic and psychographic characteristics

Signature

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

Open-ended Questions

A question that encourages the consumer to respond with more than a "Yes" or "No" answer

Marketing Tactics

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

Mark up pricing

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

Casual Research Study

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

Word of mouth channels

Oral or written recommendation by a satisfies customer to the prospective customers of a good or service

Descriptive Research study

A statistical study to identify patterns or trends in a marketing situation.

Promotional plan

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

Headline

A phrase in an advertisement that grabs the consumer's attention, creates interest and encourages them to read a promotional message