DECA58

DECA Marketing 58

Explain the nature of effective written communications (CS)

Written communication is the most common form of business communication and therefore requires employees to write frequently and rapidly. "The words we write are very real representations of our companies and ourselves." Janis Fisher Chan. Written communications allow an employee to receive instructions or information upon which the base decision or take a specific action. Effective communication should answer questions, be relevant, focus on the end user, be specific, include examples, be tactful and accurate.

Maintain appropriate personal appearance (PQ)

Maintaining your personal appearance is necessary as employees represent the business in which he/she is employed. Personal appearance includes facial expressions, body language, as well as clothes and grooming.

Demonstrate ethical work habits (PQ)

To exhibit ethical work habits, an employee will be punctual, flexible, creative, attentive, complete objectives on time, deliver quality products, face challenges in a positive manner, manage their time, show respect by interacting in a positive manner with co-workers, and demonstrate leadership by solving problems, resolving conflicts effectively and encouraging mentorship.

Orient New Employees (CS)

Providing an orientation is a process that allows an organization to integrate a new employee and enable him/her to contribute to the team quickly. At this time, an employee will learn about personnel policies, company safety programs, and details about his/her position. Possible actions can include providing a mentor, providing work samples, and providing a Frequently Asked Questions document.

Explain the importance of coordinating elements in advertisements (SP)

In order for an advertisement to be effective the primary message must be clear. To achieve this goal, each element (headline, copy, illustration, and signature) must work together to cut through the clutter. The advertisement should be clean and use white space effectively. The copy should be easy to read and the signature should be distinctive.

Explain the concept of marketing strategies (CS)

Marketing strategies identify a target market and marketing mix choices that a business will use. To do this, a business must understand the wants and needs of the consumer and objectives of the overall marketing plan for the product or service. The position that the business and/or product holds in the marketplace will determine the marketing strategy and focus on the advantages that the business and/or product has over the competition.

Explain the concept of management (CS)

Management is the coordination of activities a business uses to achieve results. According to management expert Peter Drucker, this includes both marketing and innovations.

Explain types of business ownership (CS)

There are three types of business ownership: sole proprietorship, partnership and corporation. A sole proprietor owns and operates a business by oneself. A partnership is owned and operated by two or more people and is jointly responsible for the businesses outcomes. A corporation is operated by several people and owned by stockholders.

Explain the role of finance in business (CS)

The role of finance in business is to help capital move from investors to businesses. Businesses need finance to assist with operations. This is possible through financial markets and various investment vehicles including loans, and short and long term financing,. Finance can also include roles in business development and corporate governance.

Explain the role fo situation analysis in the marketing planning process (SP)

Situation analysis identifies internal and external factors affecting marketing strategy often through the use of a SWOT and/or PEST analysis. Situation analysis can be completed on an entire business, business unit, product line, and/or individual product. Simply stated, this research shows where an entity was, is, and will be going.

Discuss the nature of information management (CS)

Information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business. This can support a variety of business functions including developing customer databases, managing electronic purchasing decisions and monitoring competitor information.

Identify sources that provide relevant, valid written material (PQ)

When evaluating material, determine if content is fact, opinion, or marketing information. Other factors can include validity of research, relevance, timeliness, authority of the author, and evidence offered to support a claim. If you are validating written material, ensure that you have cross-checked information that is provided by the source.

Describe health and safety regulations in business (PQ)

In 1970, the Occupational Safety and Health Administration (OSHA). A business is responsible for protecting th saftey, health, and welfare of all employees. Therefore, a business must create procedures to manage risks that could cause injury and/or damage to employees, property, and the environment.

Explain the legal considerations for pricing (SP)

Several federal laws affect pricing decisions. The Sherman Antitrust Act establishes legislation against price fixing which involves competitors agreeing on a price range for a product. The Clayton Antitrust Act legislates against price discrimination that leads to unfair competition and monopolies. The Robinson-Patman Act states that a retailer can't sell a product to a consumer for one price and charge another consumer a different price in the same situation. The Consumer Goods Pricing Act oversees manufacturers resale price policies.

Explain the nature of channels of distributions (CS)

A channel of distribution is the journey a product takes from producer/manufacturer to end user. A product can take a variety of paths to an end user, depending on how many chnnale members are involved. The channel of distribution can include manufacturers, wholesalers, retailers, agents and users (consumer and industrial).

Describe the role of business ethics in pricing (SP)

In pricing, one of the primary roles of business ethics is to avoid price gouging. Price gouging happens when a price is set higher than normal from a sudden increase in demand.

Explain factors affecting pricing decisions (SP)

Factors that can affect pricing decisions can include the company's goals, cost of materials, labor to produce a product, expenses, estimated demand, competition and consumer's perception.

Explain the types of promotion (CS)

The types of promotion include advertising, personal selling, sales promotion and public relations. Some marketing professionals will also include direct marketing as a type while others still consider this a form of advertising. Advertising is a form of paid, nonpersonal promotion in which a company promotes an idea, good or service through a variety of media. Personal selling is any form of direct contact between a salesperson and customer to fulfill a customer's wants and needs. Sales Promotion includes all marketing activities other than advertising, public relations, and personal selling that are directed at a customer in an effort to increase sales. Public relations are promotional activities that are designed to create a good image with the public.

Explain the nature and scope of channel management (CS)

The nature of channel management is understanding how products end up in consumers (or end users) hands. This can include identifying methods of transportation a business can use, deciding to use a warehouse for inventory control, and understanding each member in the distribution channel for your business and/or products.

Explain factors that influence customer/client/business buying behavior (SP)

Buying behavior explains the purchase decisions that consumers make on a daily basis. As a business function, this means understanding what consumers buy, why a consumer has decided to make that purchase, when the purchase was made and from what distribution channel and how often the product or service is used. Buying behavior can be influenced by a variety of internal and external factors including perception of brand, competition, society and consumer research.

Explain the nature of direct marketing channels (SP)

Traditionally, direct marketing is an advertisement that is sent through the mail to a home or business. Telemarketing is an another channel used via phone call to ask for a direct purchase. E-marketing is a channel considered for any promotion conducted via the internet including search engine marketing, web site optimization, e-mail, applications (Apps) and social media. Direct mail is effective is it generate sales and provides consumers with an incentive to respond.

Describe the nature of legally binding contracts (SP)

A contract that is legally binding is considered valid and enforceable in a court of law. A contract is a clear outline of an agreement between at least two parties. Usually contracts define each party involved and any terms used within the agreement, the duration and/or timelines of the contract, payment terms and provisions that protect each party. Legally binding contracts are required to have "consideration" which means both parties are willingly entering into the agreement and are not being coerced.

Describe the concept of insurance (CS)

Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment (premium). This protects the financial standing of an individual or company in the case of unexpected loss. A policy holder can be responsible for paying part of a loss (a deductible) and the insurer pays the rest.

Exhibit cultural sensitivity (CS)

A cultural sensitive employee will value diversity, be willing to adapt communication and behavior to be compatible with another's cultural norms and be willing to learn traditions and characteristics of other cultures.

Explain the nature and scope of the pricing function (SP)

The function of pricing is to place a value on a good or service to produce a profit. The pricing function looks at costs, competition and how much customers are willing to pay for a product or service.

Explain the concept of market and market identification (CS)

A market is a group of people who share the same wants and who have the ability to purchase a specific product or service. Market identification is the process of a marketer in identifying the most profitable areas to offer a new product or service. To determine these groups, a marketer uses three forms of data: demographic, geographic and psychographic. Demographic data defines a population in quantitative terms like age, gender, education or occupation. Geographic data identifies where potential consumers live. Psychographic data identifies common interests, attitudes and lifestyles of potential consumers.

Handle difficult customers (CS)

There are a variety of difficult customers including those who are angry, impatient, demanding and indecisive. To handle these, first maintain control over your personal emotions and behavior by staying calm and listening closely to the customer. Acknowledge their concerns, maintain eye contact and demonstrate compassion for the situation. Try to solve the problem or identify someone who can act on the customer's behalf. Whenever possible, offer choices.

Describe the nature of budgets (SP)

A budget is an itemized forecast of an individual or company's income and expenses for a designated period of time. This allows the entity to evaluate how to use funds in fixed and discretionary categories as well as provides focus to achieve financial goals and avoid debt.

Identify consumer protection provisions of appropriate agencies (SP)

The Consumer Product Safety Commission (CPSC) sets standards for products and has the authority to issue recalls for products that are proven to be unsafe. The Food and Drug Administration (FDA) has the authority to approve new products, oversee labeling and safety regulations and can issue consumer alerts for products.

Explain the need for innovation skills (CS)

Innovation is necessary for an organization to continue to move forward in the marketplace and meet customer needs. Innovation includes the ability to think critically, be creative, an ability to solve problems, manage risk, conduct research, coordinate project management, use information technology as well as the basic tasks of reading, writing and mathematics.

Explain the nature and scope of the marketing information management function (SP)

The marketing information management function is the process and methods that generates, stores, analyzes and distributes information to promote good decision making for a business. This information is essential for creating an effective marketing plan. The business has a responsibility to protect the data collected.

Describe the regulation of marketing-information management (SP)

Businesses have a responsibility to manage information that they have collected regarding their customers, trends and competition. Recent legislation including the Identity Theft and Assumption Deterrence Act of 1998 and the Gramm-Leach-Bliley Act of 1999 provide legal ramifications if a consumer's privacy is not maintained as specified by federal law. To accomplish these goals from a business perspective, an Enterprise Information System (EIS) can be used to provide a central database

Handle telephone calls in a business-like manner (CS)

A businesslike manner on the telephone includes a formal greeting including "Good Morning/Afternoon", name of business and name of department or person answering the call. Calls should be answered promptly, take messages as needed and use the hold button if needed.

Identify the impact of product life cycles on marketing decisions (SP)

The stage a product is in the product life cycle will often affect the marketing resources dedicated to its promotion. In the Introduction stage, a significant budget is allocated to educate consumers about the product and develop its branding. In the Growth stage, resources continue to be spent on branding and addressing price competition that will occur. In the Maturity stage, marketing strategy will shift to emphasizing competitive advantages and in the Decline stage, marketing decisions are formed around what will ultimately happen with the product. These include deleting the product from the marketplace, licensing, updating, discounting and regionalizing.

Explain the nature of positive customer relations (CS)

Customers are the life of any business; any interaction should be positive, courteous, and respectful. Positive customer relations can include showing appreciation, delivering timely service, training employees effectively to interact with clients, and appeasing any concerns brought forward.

Analyze employer expectations in the business environment (PQ)

When employed in an organization, an employee should understand what management requires of him/her within his/her position, thus allowing an employee to meet and/or exceed those demands.

Describe the nature of product bundling (SP)

Product bundling is a 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 their individual selling prices.

Explain the role of business in society (CS)

The role of business in society is "to innovate and deliver products and services, to use resources efficiently so that the value is created and to conduct operations so that they are performed profitability and accepted by society." In summary, "the role of business in society is a coherent way of thinking about a company's impact and interaction with society." Niall Fitzgerald KBE and Mandy Cormack, The Role of Business in Society: An Agenda for Action; Harvard John F. Kennedy School of Government.

Explain the nature and scope of the selling function (CS)

The selling function provides consumers with goods and services they want and/or need. Selling occurs at multiple levels in marketing including the retail store to a consumer and business-to-business (B2B). Selling is interacting with a customer or client with a planned and personalized form of communication that influences purchasing decisions. Explain key factors in building a clientele (SP) To build a clientele, a salesperson should concentrate on customer service and after-sale activities including order processing, departure, order fulfillment and follow up. Order processing should be quick and efficient; as a customer departs, a salesperson should reassure and educate the consumer as needed. Lastly, a salesperson should make sure the customer is satisfied during follow up.

Evaluate quality and source of information (CS)

Information is widely accessible in today's market so evaluation tools can be used to determine validity. A reader should determine who the intended audience is, if the data provided is fact or opinion and if a credible author is attached to the information. Further, factual documents should be supported with evidence including primary and secondary information. Quality information should be timely.

Identify types of public relations activities (SP)

First, public relations activities can be proactive and reactive. Proactive public relations initiates image building while reactive public relations is responding to negative or damaging information in the media. Public relations activities can include writing press releases to announce product/service information, holding press conferences, using social media, and generating publicity. Public relations can also come in the form of charitable events and/or community involvement.

Explain characteristics of effective data-collection instruments (SP)

Two main characteristics of effective data collection are validity and reliability. Validity means that the research questions measure the intended subject area. Reliability means that the respondents to the questions should interpret the questions in the same way. Data collection instruments should be clear and easy to understand and properly administered to develop valid and reliable data.

Explain key factors in building a clientele (SP)

To build a clientele, a salesperson should concentrate on customer service and after-sale activities including order processing, departure, order fulfillment and follow up. Order processing should be quick and efficient; as a customer departs, a salesperson should reassure and educate the consumer as needed. Lastly, a salesperson should make sure the customer is satisfied during follow up.

Explain the nature of project management (SP)

Project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently. There are five processes needed in project management: initiating, planning, executing, monitoring and controlling and closing.

Explain the role of ethics in human resources management (SP)

Ethics are standards set by organization that help ensure that people are treated fairly and honestly. In human resources management this includes making decisions that promote workplace cohesion, establishing standards and procedures that assures in all situations that individuals are treated equally. Ethics policies in the area of human resources can include discrimination, sexual harassment and treatment of employees. Ethical breaches in this area can damage a company's reputation, reduce employee loyalty and create litigation.

Explain the nature of marketing plans (SP)

The role of a marketing plan is to provide an overall view of a company's marketing actions for a period of time. This includes understanding the goals of the company, research of the product or service, how a product will be advertised and sold, responsibilities of the product team, budgets, and timelines so that performance can be managed over time.

Explain marketing and its importance in a global economy (CS)

As the global economy has expanded, brands must use technology and communication to establish themselves in a variety of markets.Marketing is a tool that is used to persuade customers and must be employed in order for businesses to sell their products.

Distinguish between economic goods and services (CS)

A good is something that you can use or consume. You buy a good with the idea that you will use it, either just once or over and over again. A service is something that someone does for you, like give you a haircut or fix you dinner. Another way to identify the difference is that a good is tangible and a service is intangible.

Discuss the nature of human resources management (CS)

Human resource management is a process of bringing people and organizations together so that the goals of each are met. This includes a focus on: results rather than on rules; helping employees develop his/her full potential; encouraging employees to give his/her best to the organization; assigning people to jobs in order to produce good results; helping the organization meet its goals in the future by providing for competent and well-motivated employees; building and maintaining positive relations between people working at various levels in the organization.

Explain the types of economic systems (CS)

There are four types of economic systems commonly studied. A traditional economy relies on custom and ritual to make its choices. A market economy relies on the consumption choice of consumers. A command economy relies on the government making all choices for consumers. A mixed economy relies on limited government involvement in a market based economy.

Describe options businesses use to obtain marketing-research data (SP)

To gather market research data, a business has a variety of options including primary and secondary data. Primary research gathers data for the first time for a specific product, service and/or business. Secondary research gathers data that has been previously collected for nonmarketing activity and is available for a business' use. Additionally, a company can use data gathered from customer loyalty plans, cookies in an online environment and data mining software.

Explain the nature of sales forecasts (SP)

A sales forecast is the projection of future sales and is included in a marketing plan.

Coordinate channel management with other marketing activities (SP)

Channel members have the common goal of satisfying the customer. To make this happen, channel members must work together. Channel members can assist by making sure it is easy to place an order and deliver products quickly. As a distribution plan is developed for a product, other marketing activities are included. Promotion of a product is launched so that consumers are aware of the product and know where to find it and retailers set prices for what is available.

Identify desirable personality traits important to business (PQ)

Your personality is a set of characteristics that relate to a person's emotions, motivations, interpersonal interactions and attitudes. Highly desired personality traits most often include professionalism, being "high-energy", confidence, the ability to work independently and intellectual curiousity.

Discuss the nature of customer relationship management (SP)

The goal of customer relationship management (CRM) is to maximize the value and effectiveness of all opportunities that businesses have to connect with customers; provide outstanding service to customers; maximize customer satisfaction; attract and retain loyal customers; cultivate and maintain positive, profitable relationships with customers and develop individualized relationships with customers.

Discuss actions employees can take to achieve the company's desired results (SP)

One of the most important tasks employees has is to work towards a company's goals in order to create a profit.

Explain the nature of product/service branding (SP)

Product/service branding is using a name, term, design, symbol or a combination of those elements to distinguish a product/service from a competing product. Branding should assist a consumer in answering the question "Why should I buy?" If a branding campaign is successful, it will build product recognition and customer loyalty.

Explain the nature of operations (CS)

Operations include the activities involved in the daily functions of the business to generate revenue.