DECA: Hospitality Flashcards (States Prep) mine

Advergaming

Utilizing a video game to promote a product by integrating that product into the video game

Business Law

Laws that govern businesses and transactions between businesses

Advertising

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

banner ads

an advertisement that runs along the top, bottom or sides of a website

casual research

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

consumer protection

federal and state laws that regulate the sale and credit policies surrounding consumer sales

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

Continuing Education courses

a broad term for post-secondary training- including formal education, webinars, seminars, and other training opportunities

Branding

creating a unique image or reputation for a product or company through the development of a name, brand mark, and promotion

Correlations

refers to connections between two or more variables in a market research study; correlational analysis uses statistics to determine if a correlation, or connection, exists

Communication Skills

the ability to convey information to another effectively and efficiently

Data-Collection Instrument

to gather information, marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications

Competitive Advantage

a circumstance that puts a company in a favorable or superior business position

Display Ads

a large advertisement- typically in a magazine or newspaper, with large graphics. Also refers to online advertisements that may also include video and audio

Buzz Marketing

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

Emotional Intelligence

the ability to identify, assess and influence one's own feelings and those of others

Direct Marketing

advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience

Invoice

a document that lists goods purchased, price terms of sale, and total amount due

Distribution

the function of moving and selling goods from producer to consumer

Marketing

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

Economics

attempts to explain how wealth is created and distributed in communities and how people allocate their resources and any matter that deals with human wants and their satisfaction

Marketing Information Management

the process and methods that generates, stores, analyzes, and distributed information to promote good decisions for making a business

Expense Control

identifying and reducing business expenses in order to increase profits

Pop-Up Ads

an online form of advertising in which a new browser window opens to display an advertisement

Exploratory Research

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

Product Life Cycle

the stages that a product goes through in its life: introduction, growth, maturity, and decline

External Business Correspondence

communications and promotional efforts aimed at individuals or groups outside of an organization

Product Placement

a promotion that involved a brand or product being mentioned or shown in a media outlet- such as television, movies, or sporting events

Guarantees

a commitment from a company that their product will perform as described

Product/Service Management

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

Hospitality

a variety of businesses who serve people who are away from home

Promotion

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

Market

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

Public Relations

promotional activities that are designed to create a good image with the public

Market Planning

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

Questionnaire

writing questions, used in marketing research, to obtain information from respondents

Internal Business Correspondence

communication and promotional efforts aimed at individuals or groups within an organization

Warranties

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

Marketing Research

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

Trade Show

an event at which businesses within the same or similar industries promote their products

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

Terms

outlines the conditions of a sale, such as when payment is due or shipping method/cost

Mobile Marketing

promotional messages designed for cell phones, smart phones, tablets or other handheld devices

Sales Data

Usable information collected as part of a sales report- that could include such data as: sales by day, sales by product category, average items per transaction, etc...

Pay-Per-Click Ads

An online form of advertising, in which the advertiser pays every time a potential customer clicks on their advertisement

Security Policies and Procedures

Consists of rules or regulations that protect a business and its assets

Press Release

an announcement made by a business that is sent to the media

Social Platforms

consists of software or technology that allows one to develop, distribute and manage social media

Post-Sales Experience

includes activities directed toward the customer AFTER the customer has made the purchase- it may include a follow-up thank you, survey or other promotional activity to retain the customer

Standards

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

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 their individual selling prices

Business Image

the public perception of a business

product development

process of improving capabilities of staff through access to education and training opportunities in the workplace, through outside organizations or observing other perform the job

Cash Controls

procedures established by a business relating to credit, collection, cash allocation and disbursements, accounts payable and invoicing

Product Extensions

utilizing a current company's recognizable brand name to introduce a new or upgraded product

Cash Flow

refers to the amount of money coming into and going out of a business

Pricing

the value placed on a good or service

Channel Management

also known as distribution, channel management deals with getting goods to customers

Diaries

a qualitative marketing research technique where participants are asked to record activities, opinions, etc... in a journal or diary

Customer Relations

the way a business interacts with its customers in order to obtain new customers while maintaining the current customer base

Economic Impact

the cost or benefits that a particular event, policy change or situation has on the economy

Channels of Distribution

refers to the path a product takes from a producer to the final consumer

Market Size

refers to the number of buyers and sellers within a market

Descriptive Research

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

Operations

jobs or tasks consisting of one or more elements performed typically in one location

Customer Database

Customer information gathered by a business- such as name, address, phone, or purchase history

Press Kit

a package of promotional materials sent to the media to inform them about a product

Discussions

a qualitative marketing research technique in which data is gathered through individual or group conversations

Professional Development

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

Descriptive Statistics

Utilized in marketing research when mathematical quantities are used to interpret a set of data, providing a simple summary about the data

Promotional Mix

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

Error

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

Regulations

a rule, often created by a regulatory agency or government that can be reinforced by law

Grades

used to describe the quality of a product

safety procedures

processes implemented to ensure the safety of workers and customers to a business; including the process for handling on-the-job accidents/injuries

Information Management

information management is the process of collecting and analyzing data that can be useful in the strategic decision making process for a business

Special Events

a public event or activity, used in marketing to promote a business or product

Marketing Plan

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

Secondary information

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

Quality Assurance

includes the processes used to ensure .a product is free of defects and/or meets a desired level or service

Product Mix

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

Visual Merchandising

conveying a certain image to customers through the manipulation of physical elements within a business

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 customer

Sales Promotion

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

Vendor

an individual or organization with a product for sale

Clientele

all of the clients of a business

Word-of-Mouth Strategy

utilizing oral or written recommendation by a satisfied customer to the prospective customer of a good or service to obtain sales

Suggestion Selling

selling additional good or services to a customer

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

Tourism

traveling for leisure, recreation or pleasure

Sales Channel

the methods a company uses to market its products

Service Marketing

refers to the marketing of an intangible product (service)- including developing he service, identifying the target market, and determining price, promotion, and distribution of the service

Primary Information

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

Sales Forecast

the projection of future sales

Product Marketing

refers to the marketing of a tangible good or a service- including, developing the product, identifying the target market, and determining price, promotion, and distribution of the product

Petty-Cash Fund

a small amount of cash kept on hand by a business to cover incidental expenses

Executive Summary

a statement that outlines the key points of a larger document, such as a marketing plan

Observations

used in marketing research in which people's actions are watched and recorded

Financial Analysis

evaluating an organization's financial statements to determine the profitability of the organization, a division within the organization or a specific event or project

Market Identification

the process of a marketer in identifying the most profitable areas to offer a new product or service