Marketing Review - DECA

Retailers

sell directly to consumers

Wholesalers

sell to retailers

Agents

individuals responsible for specifying, marketing, obtaining final agreements of sales of more complicated product-service combinations

Industrial Distributors

sell to wholesalers

channel management

process where the company develops various marketing techniques as well as sales strategies to reach the widest possible customer base

channel

way in which products/services are made available to customers

channels of distribution

chains of businesses through which a service must pass to reach a customer

direct channels

allow customers to buy goods from manufacturers, while indirect channels allow product to be bought from a wholesaler

SWOT analysis

chart that businesses use to analyze/plan their companies by identifying strengths, weaknesses, opportunities, and threats

product life cycle

period of time over which an item is developed, brought to market, and eventually removed from the market

affinity partnership

strategy in which an organization solicits responses from a group that shares a common interest or activity

price deflator

economic metric that converts prices to a base dollar value and allows GDP to be accurately compared over time

double counting

when production is counted more than once

balance of trade

difference between imports and exports

nominal GDP

GDP that hasn’t been adjusted to account for the effects of inflation

law of diminishing returns

if one input increases while others are constant, at some point the increases in output will decline

tight money supply

if the money is low/tight, there is less money available to lend, causes interest rates to rise

tolerance for ambiguity

the willingness to take action despite having incomplete information or lacking clear direction

fiat money

physical money (paper/coins) that is backed/valued by the government

representative money

check or other form of currency that can be exchanged for physical money in stated amt, backed by a physical commodity

store of value

money saved rather than spent, retains value for future purchasing power

transit media

form of out-of-home media found in locations of mass transportation

financial ethics

making sure the business makes a profit and serves the best interest of its stakeholders (honest communication, transparent financial reporting, etc)

forecasting methods

making business projections via qualitative surveys, historical research, cause and effect analysis

judgement (expert) sampling

requires researchers to handpick respondents based on their knowledge or expertise

probability sampling

cluster sampling, stratified random sampling, and systematic random sampling

sugging

unethical practice in which a marketer pretends to conduct research but is actually trying to sell a good/service to a customer

secondary marketing info

information collected by others for purposes other than the project at hand

design software

applies graphic design principles to goals of marketing effort

intranet retrieval

private network that only employees can use

simpson’s paradox

occurs when a trend that appears in diff groups of data disappear when the groups are combined

routing production process

determines sequence for the steps in the production process

continuous production

involves turning out products without stopping, used when products have steady demand

unit production

producing one item at a time in small quantities

quality culture

working in teams, involving employees and allowing them to make decisions, seeking customer output

resistant culture

where employees are resistant to change and new ideas

executive culture

not a culture

oligopoly

competition is more likely to be based on style/brand than on price

monopoly

no competition because there is only one seller/provider of a good/service

monopolistic competition

many buyers and sellers offering different types of products at different prices

price fixing

illegal business arrangement in which businesses agree on prices of their goods or services, resulting in little choice for the consumer

planned obsolescence

practice of designing a product to become obsolete/outdated/useless before it should need replacement

touchpoint

all opportunities that businesses have to connect with customers and reinforce their brand

institutional advertising

created certain image in the eyes of the customers

testimonial

someone’s personal statement about the benefits of the product

terms of sales policies

focus on aspect of a sale with which customers are most concerned, like discount, pricing, and credit policies

selling activity policies

focus on providing salespeople with guidelines for interacting with customers or potential customers

service policies

designed to govern that support a company provides to customers after the sale

installation policy

type of service policy

major functions of management

planning, organizing, staffing, directing, controlling

4 P’s of marketing

promotion, product, place, and price

market segmentation

dividing a broad target market into subsets of customers/businesses/countries that are perceived to have common needs/interests/priorities then designing/implementing strategies to target them

internal environment

factors/events/conditions within a business that influence its choices, activities, & employee behavior

external (operating) environment

factors/events/conditions surrounding a business that influence its actions/choices & determines opportunities/risks