DECA texbook notes )Marketing and bid admin)

Vocabulary flashcards covering core marketing terminology, business orientations, societal product classifications, and marketing roles based on the lecture sources.

Need

A perceived lack of something.

Want

A specific satisfier for a need.

Demands

Wants that exist when a potential customer also has the means to pay for the product.

Product (Marketing Definition)

A bundle of benefits consisting of physical goods and services that consumers will buy only if they feel it will be of benefit.

Publics

Any organizations or individuals that have actual or potential influence on the marketing organization.

Markets

All the actual and potential buyers of the firm's products.

Segments

Groups of customers with similar needs and characteristics.

Niches

Very specific need and product categories.

Price

The amount of money a product is sold for.

Value

What the product is worth to the customer or consumer.

Product Orientation

The belief that an ideal product could be made that all or most customers would want, which tends to lead to complex products at increasing prices without accommodating different tastes.

Sales Orientation

The belief that enough salesmen can get rid of surplus products by selling anything to anybody, focusing on the seller's needs rather than the buyer's needs.

Practice of Selling

An approach involved with establishing long-term relationships with customers who will come back and buy more.

Consumer Orientation

The view that customers are intelligent enough to know what they need and recognize value for money, forming the basis of the marketing concept.

Customers

People who buy the product, including professional buyers purchasing for a company or parents buying toys for a child.

Consumers

People who consume or use the product.

Societal Marketing

An approach where marketers take responsibility for the needs of society at large and the sustainability of production activities, focusing on long-term societal effects.

Societal Classification of New Products

A matrix classifying products based on immediate satisfaction and long-run consumer benefits into salutary, desirable, deficient, and pleasing categories.

Salutary Products

Products that offer low immediate satisfaction but high long-run consumer benefits, such as smoke alarms.

Desirable Products

Products that offer high immediate satisfaction and high long-run consumer benefits, such as fruit juice.

Deficient Products

Products that offer low immediate satisfaction and low long-run consumer benefits, such as ineffective slimming products.

Pleasing Products

Products that offer high immediate satisfaction but low long-run consumer benefits, such as cigarettes.

Relationship Marketing

A strategy focusing on the lifetime value of the customer by establishing customer loyalty and mutually rewarding connections.

Evolving Role of Marketing Relative to Other Business Functions

The evolutionary stages of marketing in an organization, shifting from an equal function to making customer the controlling function and marketing the integrative function.

Marketing Mix (4 P's)

The foundational marketing tactical elements: Product, Place, Promotion, and Price.

People (Service Marketing Mix)

An extended marketing mix element for services, recognizing that virtually all services rely on personnel who interact directly with consumers.

Process (Service Marketing Mix)

An extended marketing mix element representing the procedure by which a service is delivered to the consumer.

Physical Evidence (Service Marketing Mix)

An extended marketing mix element encompassing tangible aspects of a service, such as décor, atmosphere, or completed service elements.

Brand Managers

Professionals responsible for all decisions concerning a particular brand.

Product Managers

Professionals responsible for all decisions around a group of similar products within a firm.

Sales Manager

Professional responsible for controlling, training, and motivating the sales force and back-up team, often playing a role in credit control.

Salesperson

Employee who finds out what each customer needs and tries to arrange for its delivery.

Advertising Manager

Professional who controls media purchases, deals with advertising agencies, and manages information flow to customers and consumers.

Public Relations Manager

Professional who monitors the company's public image, applies corrective measures, organizes public events, and ensures responsible behavior toward wider publics.

Market Research Manager

Professional who collects evidence regarding consumer needs, desires, and competitor activities.