DECA Marketing

Casual Research Study

Casual Research Study

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

Sample Design

The part of the research plan that specifies how and how many respondents will be selected for a study.

Error

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

Pricing

the value placed on a good or service

Corporate Branding

Strategy that encourages a new product to be associated with a well-established company name. Can be used with any product that a business sells or a brand that represents the entire business.

Primary Research

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

Promotion

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

Selling

When a buyer exchanges cash for a seller's good or service, or the activity of trying to bring this about

Demand Oriented Pricing

A pricing method in which the price of a product is changed according to its demand; a product will have a higher price when the demand is strong and a lower price when it is weak.

Trade Show

exhibit of products or services of interest to a specific industry

Promotional Plan

An outline of the marketing tools, strategies and resources that a company intends to use to promote a product or service.

Channel-Member Relationships

Refers to the interconnections of members within a channel of distribution

Channel Management

A process that involves selecting and evaluating channel members to monitor the movement of a product from producer or manufacturer to end user

Data

information in an unorganized form that have a relationship with current conditions, ideas, or knowledge

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.

Open-Ended Questions

A question that encourages the consumer to respond with more than a "Yes" or "No" answer

Interviewer Error

Occurs when mistakes are made by the interviewer. These may include influencing the respondent in some way, asking questions in the wrong order, or using slightly different phrasing (or tone of voice) than other interviewers. It can also include intentional errors such as cheating and fraudulent data entry.

Personal Selling

Any form of direct contact between a salesperson and a customer to fulfill their wants and needs

Suggestion Selling

selling additional goods or services to the customer

Market Research

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

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

Product Knowledge

Information about a good or service that can include its application, function, features, and use.

Feature Benefit Selling

Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable

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.

Headline

A phrase in an advertisement that grabs the consumer's attention, creates interest and encourages them to read a promotional message

Response Error

Occurs when respondents do not reveal their true opinions on a subject. They may misunderstand the question, fail to understand their opinions, lie, or try to present themselves in a favorable light.

Statistics

Numbers that represent a fact or presents a view of a situation

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.

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.

Marketing Strategies

Identifies a target market and coordinated marketing mix selections to create sales.

Closing the Sale

When a salesperson gains an agreement to purchase from a consumer.

Market

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

Distribution

The function of moving and selling goods from producer to consumer

External Audience

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

Standing Room Only Close

When a salesperson encourages a consumer to make a purchase because the product is in short supply or a price change may occur.

Data Collection Method

the systematic process of gathering information

Selling Process

The step-by-step process in which a salesperson advises a customer about products that suit his/her needs, leading through the decision to make a purchase.

Advertising

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

Cost-Plus Pricing

This type of pricing includes the variable costs associated with goods, as well as a portion of the fixed costs of operating the business

Exploratory Research Study

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.

Clientele

all of the clients of a business

ROMI (Return on Marketing Investment)

A financial calculation to determine the profitability returned to the business based on funds spent on communicating with potential customers

Which Close

When a salesperson encourages a consumer to select between two products to close a sale.

Advertising Elements

The items found in an advertisement include Headline, Copy, Illustration and Signage.

Response Error

Occurs when respondents do not reveal their true opinions on a subject. They may misunderstand the question, fail to understand their opinions, lie, or try to present themselves in a favorable light.

Objections

A concern or doubt that a consumer has for not making a purchase

Situation Analysis

the study of internal and external factors that affect marketing strategy

Benefit

desirable attribute of a good or service, which a customer perceives he or she will get from purchasing

Communication Channels

the path a message travels

Market Identification

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

Non-Response Error

Occurs when selected subjects fail to respond to a questionnaire. This can happen due to defective questionnaire wording and format, interviewer errors and/or inputting errors.

Secondary Research

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

Selling Policy

Decisions of a business regarding forms of payment, returns and exchanges, sales quotas, sales commission, and legal and ethical issues

Product Knowledge

Information about a good or service that can include its application, function, features, and use.

Customer "Buzz"

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

Marketing Plan

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

Advertising Media

The physical means of carrying a promotional message in words, speech and/ or pictures; for example billboards, radio, newspapers, Tv, magazines and the internet

Public Relations

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

Greeting Approach

When a salesperson first interacts with a consumer by welcoming a customer to the store and states they are available for questions

Customer Relationship Management

At a minimum, this is a database of customer contacts, purchase history and technical support. Additional elements can include profiles of potential clients, understanding and leveraging the needs of current customers, and enhanced customer service based on data analysis.

Marketing Planning

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

Closing the Sale

When a salesperson gains an agreement to purchase from a consumer.

Trial Close

An initial effort by a salesperson to close a sale.

Demand Oriented Pricing

A pricing method in which the price of a product is changed according to its demand; a product will have a higher price when the demand is strong and a lower price when it is weak.

Illustration

A photograph, drawing, or other graphic that is used in a promotional message

Warranty

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

Sampling Plans

A course of action that obtains data or observations from a group.

Competition Oriented Pricing

A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand

Promotional Mix

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

Standard

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

Direct Marketing Channels

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

Copy

The selling message in a promotional message

Feature

a distinctive characteristic of a good or service that sets it apart from similar items

Word-Of-Mouth Channels

Oral or written recommendation by a satisfied customer to the prospective customers of a good or service.

Channels of Distribution

Refers to the path a product takes from producer to the final consumer.

Buying Signals

actions that a consumer does to indicate that they are ready to purchase

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

Descriptive Research Study

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

401k

a defined contribution plan that involves people funding their retirement plan with their own money, sometimes with additional contributions from employers

Accounts Receivable

Monies owed to a business by its customers

Touchpoint

Any opportunity a company has to connect with its customers and potential customers. Ex: Customer watches company’s TV commercial

Data Mining

The practice of identifying patterns, anomalies, and correlations within a set of data to predict future outcomes

Sugging

Selling under the guise of research; occurs when organizations administer surveys to gain customers or make sales, not to conduct market research

Penetration Pricing

A method used during the introduction stage of a product’s life cycle to achieve rapid market development

Channel Length

The total number of members in a channel

Gray Market

Goods that are foreignmade products and imported into countries by suppliers that are not authorized by the manufacturers

Sales Forecast

A prediction of future sales over a specific period of time

Coding

The process of assigning a numeric value to the various responses on a marketing questionnaire or survey

Guarantee

A promise made by the seller to the consumer that the purchase price will be refunded if the product does not perform as expected

Warranty

A promise by the seller to repair or replace a product that is not performing as expected

Product/Service Management

A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

Relative Price

Refers to the ratio between two separate prices

Good Faith Money

Deposited by a buyer into an account to indicate their intention of completing a business deal

O-data

Operational Data, including accounting and sales numbers

X-data

Experience data, including insights and perspectives from people

Convenience Sampling

Strategy based on pure opportunity. Ex: asking someone random at the mall to try a new soda flavor

Trading Up

Strategy in which a business adds a higher-priced product or line to its product mix

Pure Bundling

Occurs when products are only available together and cannot be purchased separately

Press Kit

A set of articles and pictures provided to the media to obtain publicity

Corporate Social Responsibility

The duty of a business to contribute to the wellbeing of society