DECA test second half

https://cdn.prod.website-files.com/635c470cc81318fc3e9c1e0e/69a1eeab6e1e15a9025b6321_Marketing-District%20Exam.pdf

planned obsolescence

a marketing strategy that makes a product feel useless or outdated after a set period, increasing consumer demands for “newer” replacements

can be achieved by releasing a better designed model, typically seen in tech and fashion

Brand cues

cues/signals that helps consumers remember, recognize, or associate the brand with certain emotions/impressions

e.g. auditory (distinct jingles, brand audios, etc.) visual (logos, color palettes, packaging, etc), written/verbal(taglines, brand names, distinct descriptions), sensory/emotional (weight of packaging, tactile textures, feelings of nostalgia/warmth)

brand touchpoints

point of contact, interaction, exposure where a customer encounters your brand

brand promise

commitment that tells customers what value, quality, or experience they can consistently expect every time they interact with the business

brand identity

the collection of visible, verbal, and sensory elements—such as logos, colors, and tone of voice—that a company uses to intentionally represent itself and shape how it is perceived in the market

distribution channels

network a product or service travels through to get from producer to ultimate customer

direct channel (level 0):The manufacturer sells straight to the consumer without any intermediaries, using company-owned stores, e-commerce websites, or direct sales teams

indirect channel: : The product moves through one or more intermediaries before reaching the buyer

hybrid/dual channel: combines both direct and indirect methods to reach different market segments or sell through multiple avenues simultaneously (e.g., Nike selling via its own app and through sporting goods stores)

Agents/brokers

Connect buyers and sellers to facilitate transactions without taking direct ownership or title of the goods.

Value-Added Resellers (VARs)

modify or bundle a product with extra features before selling it

arbitration

when an impartial third party intervenes a dispute between two sides and the arbitrator determines an appropriate solution

attrition

the rate at which customers stop doing business with a company or cancel a subscription over time (also known as churn, turnover, or defection)

industrialization

transforming an economy focused on agriculture and manual labor into industries that are machine-driven and large-scale production

cannibalization

occurs when a company introduces a new product or service that steals sales, revenue, or market share from its own existing products rather than attracting new buyers

liquidation

converting assets to cash (e.g. having a sale of a discontinued product to get rid of remaining inventory)

foreclosure

when a person or business can no longer make payments on a piece of property

penetration pricing

at an introductory stage of a business, products may be priced lower to achieve rapid market acceptance

qualitative marketing data

non-numerical insights that indicate user experience, feelings, or motivations, sample size is usually small

forms of promotional media

PESO model:

Paid media: billboards, advertisements, sponsored posts, paid promotions

Earned media: news coverage, press releases, organic publicity

Social/shared media: user-generated content, community sharing, social interactions

Owned media: newsletters, blogs, company websites, directly controlled by the brand

warranties and guarantees

warranties: binding contract, business promises to replace or repair product if it fails or is defective in a set amount of time

Guarantees: more general, informal promise of customer satisfaction or product performance

purpose: reduces purchase risk, builds trust and drives sales

environmental monitoring in marketing

continuous monitoring of factors that can affect a brand’s strategy, customer base, or market position, acts as a warning sign or indicator of possible opportunities in changing environment

e.g. decreased milk consumption, business creates new drinks and targets customers who have stopped drinking milk

4Ps marketing mix

Product: actual goods/service the business provides—> includes design, branding, features, which brands to use, packaging, etc.

Price: amount of money consumers pay for the product/service, must balance out costs, competitor pricing, and perceived customer value, how to raise product value

Place: distribution and location channels where customers buy your product (brick-and-mortar stores, e-commerce stores), how much of each product should be ordered

Promotion: communication to raise awareness of product (advertising, social media, sales promotion, public relations), what messages want to be delivered about the product

USP (unique selling proposition)

clear statement that explains what makes the product desireable or superior to competitors

short, concise, highlights specific feature of benefit of the product

Six Thinking Hats

decision making and communication strategy that emphasizes parallel thinking. Six people are separated to consider different aspects of the same situation to minimize conflicting debates and ego defenses (e.g. black hat examines risks/ disadvantages, yellow hat thinks about benefits, value, green hat works with