DECA Marketing KMS

Data mining

the process of searching computer databases to look for patterns and relationships among information

Data processing

the process of taking raw data and transforming it into meaningful marketing info

Decision problem

states the purpose or need for the marketing research

Strategy-oriented decision problem

involves answering the questions how? or which?

Discovery-oriented decision problem

what? or why?

Situation analysis

clarifies decision problem, analyzes current conditions that affect the business

Research analysis

carried out after pinpointing decision problem

Causal research

focuses on cause and effect and tests 'what if?' scenarios

Exploratory research

used to help define a concern, often conducted by using existing data such as sales invoices

Focus group

one method used to conduct exploratory research

Descriptive research

involves gathering specific information related to the identified issue; suggestion cards and surveys are examples

Systematic random sampling

probability sampling method that involves placing sampling units into a random list and drawing a sample using a skip interval

Skip interval

number of spaces between each sampling unit drawn

Cluster/Stratum

dividing the target population into non-overlapping groups

Quota sampling

non-probability sampling method, ensures specific groups are represented

Likert

scale that measures respondents' level of agreement w/ a statement

Semantic differential scale

provides 7 spaces w/ descriptive antonyms at each end (i.e. durable-fragile), respondent places a point on where their feelings are best described

Paired comparison

respondents make comparisons based on criteria

Retention

not a rating scale

Product diary

requires participants to log various types of data (where, why items were purchased)

Tabulation

counting the number of participants who answered each question with one of the possible answers. After tabulating data, data can be formatted for a sample plan and later analyzing; assigning values during sample plan

Mode

answer most often given by respondents to a question

Mean

average of all responses

Median

middle value of sample criteria

Scope

not a measure of central tendency

Range

not a measure of central tendency

Response error

occurs when a respondent provides an incorrect answer or response

Non-response error

occurs when a respondent does not answer all questions in a survey

4 P's of Marketing (Marketing Mix)

Product, Place, Price, Promotion

Product

idea

Place

accessibility

Price

self-explanatory

Promotion

communication

Geographic

location

Psychographic

behavioral

Demographic

physical and social characteristics

Rate of usage

behavioral segmentation that involves dividing customers into groups according to their response to a product

Intranet

a company's private internet network, accessible only to authorized personnel, often contains internal databases

Quotation

in this case it provides the reader w/ info abt the product's purpose

Testimonial

statement by an identified user of the product proclaiming the benefits received from the use of said product

Intellectual property

business's intangible assets that result from thinking processes (Mickey Mouse, Star Wars, etc.) Can be legally protected by registering it w/ the appropriate govt.

Copyright

legally protects artistic works

Patent

protects manufacturing processes and inventions

Trademark

legally protects symbols, designs, and words used by producers to identify their products

Trade-secret laws

protect property such as customer lists and recipes

Dynamic

always changing

Business environment

not necessarily hard to understand or inflexible; always full of competition

Partnership

involves an agreement between two or more parties wherein they agree to share the profits as well as any loss incurred(Long term Agreement)

Joint Venture

A joint venture can be described as a contractual arrangement between two or more entities that aims to undertake a specific task(Short Term Agreement)

Cash flow

the exact amount of a cash inflow and outflow over a set period of time, analyzed by managers, analysts and investors to assess the performance of the company.

Income Statement

Most common type of financial statement, presents the companies revenue and total expenses, including non-cash accounting which can show appreciation or depreciation of money, provides an overview of the financial performance of the company

Balance sheet

Shows what a business or agency owns at a specific date including assets, liabilities and cash on hand, summarizes the financial position of the company at the specific point

Order cycle

the average time between when you receive an order and when you hand it to a carrier for delivery to the customer, excluding the actual shipping period, assess efficiency of supply chain operations.

Professional organization

A group that seeks to advance a particular profession, the interest of those involved in the profession and the public interest. Ex: American Bar Association

Test-marketing process

a method that aims to explore consumer response to a product or marketing campaign by making it available on a limited basis to test markets before a wider release

Competent parties

parties who are themselves legally capable of entering into agreements and contracts

Contract consideration

The "consideration" is what both parties agree to give up in a contract(typically money for a good or service), this is the main element of a contract

Debtor-creditor

a financial arrangement between two parties where one party, known as the debtor, owes money or owes a favor to the other party, known as the creditor.

Form Utility

A product becoming more useful or desirable through its physical characteristics or design

Place Utility

Making a product available where customer need and want it, making it convenient for customers

Time Utility

Making a product available when customer want it, ex: 24/7

Possession Utility

Making the product easy for customers to own and use, this includes methods such as financing and strong customer service

Situation Analysis

Follows the 5 c's: company, customers, competitors, collaborators, climate. It analyzes a business/company's status in a given moment

Gray Market

Legal but not officially authorized by the manufacturer. Products are authentic, not counterfeit. Often involves imported goods sold without the manufacturer's permission. Can lead to lower prices but may lack warranties or official support.

Work Team

A group of employees responsible for carrying out an entire work process. Example: A team on an assembly line that produces a finished product from start to finish.

Coding

Process of assigning answers a numerical value or assigning numerical values to categories

Tabulating

Process of organizing data into tables of some sort of grouping for statistical analysis

Expert System

Software that uses artificial intelligence to make decisions, often used for trading or medical analysis

Quality Circle

A problem-solving group of coworkers who study work situations or problems and discuss solutions to recommend to management. Example: A group of factory workers who meet weekly to analyze production issues and suggest improvements.

Project Team

A group of employees from different parts of the company assigned to work together on a specific project. Example: A team made up of members from marketing, engineering, and sales collaborating to launch a new product.

Short-term Committee

A temporary group formed with an immediate goal. Example: A committee set up to secure speakers and organize logistics for an upcoming conference.

Product Line

A group of related product items offered by a company. Example: A car manufacturer offering a range of vehicles from sedans to SUVs under one brand.

Product Items

Individual goods or services that a business offers for sale. Example: A specific model of smartphone or a particular flavor of soft drink.

Product Mix

The assortment or variety of products that a business offers to meet market needs and company goals. Example: A retail store offering electronics, clothing, and home appliances to cater to diverse customer needs.

Push Promotional Strategy

A marketing approach where producers promote their products to intermediaries (like retailers) who then promote them to consumers. Example: A beverage company offering incentives to supermarkets to feature and sell its drinks prominently.

Pull Promotional Strategy

A marketing approach where producers promote their products directly to the ultimate consumer to generate demand. Example: A fashion brand running social media campaigns to encourage consumers to request its products at local stores.

Express Warranty

A warranty provided in writing or verbally that explicitly assures the product's quality or performance. Example: A car dealership offering a 5-year warranty on a vehicle as stated in the sales contract.

Implied Warranty

An unwritten, unspoken assurance understood by both the seller and the customer that the product will perform as expected. Example: When buying a household appliance, there is an inherent expectation that it will work properly, even if no warranty is mentioned.

Guarantee (Money-back Guarantee)

A promise that the purchase price will be refunded if the product does not meet certain conditions. Example: A retailer offering a 30-day money-back guarantee on a new electronic gadget if it malfunctions.

Classified Advertising

A low-cost advertising method placed in specific categories, often with minimal or no illustrations. Example: An ad in the newspaper's 'Used Equipment' section to sell office furniture.

Display Advertising

A form of advertising that uses visual elements such as images, headlines, and varied typography to attract attention. Example: A full-page magazine ad for a luxury watch brand featuring high-quality photos and creative design.

Classified Display Advertising

A combination of classified and display advertising that includes visual elements in a categorized ad format. Example: An online classified ad for a used car that includes photos and a highlighted headline.

Special Advertising

Advertisements that consist of notices such as public or legal announcements. Example: A public notice in a local newspaper about a city council meeting or legal proceedings.

Predatory Pricing

A tactic where a business sets prices very low to drive competitors out of the market, potentially creating a monopoly. Example: A large retail chain temporarily slashing prices on common goods to force smaller stores to close.

Monopoly

A market condition where one supplier controls the entire market with no readily available substitutes. Example: A single water utility company serving an entire city with no competition.

Price Lining

The practice of selling products at a limited number of predetermined price points. Example: A clothing store pricing shirts at $20, $40, or $60 to simplify the pricing structure for customers.

Captive Pricing

A pricing strategy where the primary product is sold at a low price, but accessories or supplementary products are sold at high prices. Example: A printer sold cheaply while replacement ink cartridges are priced significantly higher.

Bait-and-Switch

An advertising tactic where a low-priced item is promoted to attract customers, who are then persuaded to buy a more expensive alternative. Example: An ad for a discounted laptop that is not available in stock, with sales staff pushing a higher-priced model instead.

Data Warehouse

A data warehouse is a large, centralized system that stores data from multiple sources across an entire organization. It is designed for enterprise-wide data analysis and decision-making.

Data Mart

A data mart is a subset of a data warehouse, designed for a specific department or business unit (e.g., sales, marketing, finance). It focuses on narrower, faster data analysis.

Channel Length

The total number of members in a distribution channel (e.g., manufacturer → wholesaler → retailer gives a channel length of 3).

Distribution Intensity

Refers to how widely a product is distributed—ranging from intensive (available everywhere) to selective (available through chosen outlets) to exclusive (available through very few outlets). Example: A soft drink using intensive distribution is sold in almost every convenience store, while a luxury watch brand might use exclusive distribution through high-end retailers.

Channel Width

The number of middlemen operating at the same level within a distribution channel. Example: A manufacturer might have several wholesalers at the same tier supplying different regions.

Exclusive Dealing

A practice where a manufacturer restricts dealers from selling competing products, which can be illegal if it stifles competition. Example: A dominant electronics brand forbidding its dealers from carrying any rival products.

Tying Agreements

Illegal arrangements that require customers to purchase additional products to obtain the desired good or service. Example: A software provider forcing customers to buy an extra program as a condition for purchasing the main application.

Selective Distribution

A strategy where a producer chooses to sell products through selected wholesalers or retailers rather than all available ones. Example: A premium cosmetics brand opting to distribute only through upscale department stores.

Channel Control

The degree of authority or influence each member of the distribution channel has over the operations and standards of the channel. Example: A manufacturer imposing strict merchandising and pricing rules on its retail partners to maintain brand consistency.

Vertical Channel Conflict

A conflict among members on different levels of a distribution channel. Example: A manufacturer that starts selling directly to retailers, bypassing its traditional wholesalers and causing them to lose revenue.

Reverse Distribution

The process of recycling or reclaiming an existing product by moving it backward through the distribution channel. Example: Collecting used electronics from consumers to refurbish or recycle them.

Horizontal Conflict

A conflict among members at the same level in a distribution channel. Example: Two retailers in the same market competing aggressively for the same customer base.