Buying and Merchandising DECA KPI

Explain the nature of market planning

Process of organizing and defining the marketing aims of the company and gathering strategies and tactics to achieve them

Explain the concept of market and market identification

Market Identification - finding the right target audience

Market - group of consumers who have a common interest, need or want, of a given food or service. The group must be able to purchase the product

Explain the concept of marketing strategies

A company’s comprehensive plan to reach and attract potential customers, outlining how they position their product or service stand out in the market for consumers to buy them

Explain the role of situational analysis in the marketing planning process

Providing a comprehensive understanding of a company’s current market position, including strengths, weaknesses, opportunities, and threats

Explain the nature of product service branding

Process of creating a unique and recognizable identity for a product or service

Identify communication channels used in sales promotions

• printed materials

• Radio and television

• Digital media (text messages)

• Emails

• Websites

• Social media

• Coupons

• Posters

Explain the nature and scope of the selling function

Marker research, customer segmentation, product development, pricing, promotion, sales force management, and customer service

Explain key factors in building clientele

• understanding your target market

• Providing excellent customer service

• Actively seeking referrals

• Building strong relationships with clients

• Leveraging online marketing

• Consistently delivering quality work

• Actively networking

• Establishing a reputation for expertise within your field

Discuss motivational theories that impact buying behavior

Explain the role of customer service as a component of selling relationships

building trust and loyalty with customers through proactive problem-solving, addressing concerns, and ensuring a positive experience post-sale

Determine factors affecting business risks

consumer preferences, market demand, competition levels, input costs, economic climate, government regulations, technological changes, operational efficiency, financial leverage, credit risk, interest rate fluctuations, natural disasters, and strategic decision-making;

Explain the concept of product mix

• Width: The number of different product lines a company offers. 

• Length: The total number of individual items within all product lines. 

• Depth: The number of variations or options available within a single product line (like different sizes, colors, flavors). 

• Consistency: How closely related the different product lines are in terms of usage, production, and distribution channels. 

Explain the nature of corporate branding

the practice of creating and promoting a company's overall identity, encompassing its values, mission, and image, to differentiate itself from competitors and build a strong reputation with customers, stakeholders, and the general public, going beyond just individual products or services by presenting a consistent message across all touchpoints like marketing materials, customer interactions, and employee behavior;

Explain the role of promotion as a marketing function

communicating a company's product or service to its target audience, aiming to raise awareness, generate interest, and ultimately persuade them to purchase by informing them about the benefits and unique selling points of the product, effectively creating a positive brand image and establishing a market position for the offering;

Identify the elements of the promotional mix

advertising, personal selling, sales promotion, public relations, and direct marketing

Identify communication channels used in sales promotion

• Emaul

• Social Media

• Advertising

• Content marketing

• Radio ads

Describe word of mouth channels used in communication with target audience

communication pathways where customers organically share their experiences about a product or service with friends, family, and peers, often through casual conversations, social media posts, online reviews, and personal recommendations

Describe factors used by businesses to position corporate brands

When positioning a corporate brand, businesses consider factors like target market, unique selling proposition (USP), product quality, price, benefits offered, customer experience, brand personality, competitive landscape, company values, innovation, and perception of the brand relative to competitors to differentiate themselves and occupy a specific space in the market, all while communicating a clear and consistent message to their target audience. 

Identify a company’s brand promise

statement that describes the value a brand delivers to its customers, essentially outlining the unique experience and benefits they can expect to receive when interacting with that company, often reflecting the company's core values and positioning in the market. 

Identify factors affecting a businesses profit

pricing strategies, production costs, operational efficiency, product quality, market demand, competition, economic conditions, government regulations, technological advancements, marketing effectiveness, sales volume, and customer acquisition costs

Determining factors affecting business risks

economic conditions, competition, market fluctuations, government regulations, operational inefficiencies, technological changes, customer behavior, supply chain disruptions, financial leverage, employee turnover, natural disasters, reputational issues, and strategic decisions

Describe the function of price in markets

In markets, price acts as a signal, informing both producers and consumers about the relative value of goods and services, thereby guiding production decisions, resource allocation, and ultimately determining how much of a good is produced and who gets it, essentially acting as a mechanism to balance supply and demand through its fluctuations based on scarcity and demand levels; in simpler terms, price tells producers what to make and consumers what to buy, based on their perceived value. 

Explain the concept of competition

situation where two or more parties actively strive for the same limited goal, essentially creating a rivalry where one party's gain can only come at the expense of the other, leading to efforts to outperform or outmaneuver each other to achieve success

How do you build and maintain a relationship with customers

prioritize excellent customer service, actively seek customer feedback, respond promptly to concerns, personalize communication, reward loyalty with programs or incentives, and consistently demonstrate a genuine interest in understanding their needs and exceeding their expectations

Explain the concept of product mix

the complete range of products that a company offers for sale, encompassing all variations, sizes, and types of products within their different product lines

• length

• Width

• Depth

• Consistency

Describe the factors used by marketers to position products/services

price, quality, features, benefits, target audience, competition, product use and application, distribution channels, and perceived value to establish a distinct image for their product in the minds of consumers, differentiating it from competitors and appealing to the desired market segment. 

Explain the nature of marketing planning

systematic process where a business defines its marketing goals, identifies its target market, and develops strategies and tactics to effectively promote its products or services, aiming to achieve specific objectives within a set timeframe, ultimately aligning marketing efforts with the overall business goals and maximizing market opportunities

Explain the concept of market and market identification

• Understanding customer needs:

  This involves researching and analyzing what problems or desires your potential customers have that your product or service can address. 

• Market segmentation:

  Dividing the broader market into smaller groups based on shared characteristics like age, income, location, or lifestyle to better target specific customer segments. 

• Competitive analysis:

  Assessing the current market landscape to understand your competitors, their strengths and weaknesses, and how to differentiate your offering. 

• Market size and potential:

  Evaluating the overall size of the target market and its potential for growth. 

Explain the concept of marketing strategies

a comprehensive plan a business creates to reach and persuade potential customers to buy their products or services, outlining how they will communicate their brand message, identify their target audience, and utilize various marketing tactics to achieve their business goals; essentially, it's a roadmap for how a company will market itself to successfully sell its offerings. 

Explain the role of situational analysis in the marketing planning process

A situational analysis plays a crucial role in the marketing planning process by providing a comprehensive understanding of both internal and external factors impacting a business, allowing marketers to identify strengths, weaknesses, opportunities, and threats (SWOT) to develop informed and strategic marketing plans based on their current market position and competitive landscape. 

Explain the nature and scope of the product/service management function

marketing function that encompasses the entire lifecycle of a product or service, from its initial conception and development to its eventual market launch, maintenance, and eventual phase-out, with the primary goal of ensuring it consistently meets customer needs and adapts to market changes by managing its features, pricing, positioning, and overall brand image throughout its lifespan;

• Product development:

  Identifying market gaps, generating new product ideas, designing and prototyping products, and testing their viability. 

• Product positioning:

  Defining the unique selling proposition of a product, determining its target market, and how it will be perceived compared to competitors. 

• Product lifecycle management:

  Monitoring the different stages of a product's life (introduction, growth, maturity, decline) and adjusting marketing strategies accordingly. 

• Brand management:

  Maintaining a consistent brand identity across all product touchpoints, including packaging, messaging, and customer service. 

• Market research:

  Gathering data on customer needs, competitor activity, and market trends to inform product development and marketing decisions. 

• Pricing strategy:

  Determining the optimal price point for a product based on its value proposition, market competition, and cost structure. 

• Product improvement and innovation:

  Continuously evaluating existing products and identifying opportunities for enhancement or new features to stay relevant in the market. 

• Customer feedback management:

  Collecting and analyzing customer feedback to identify areas for product improvement and address customer concerns. 

Explain the impact of product life cycles on marketing decisions

dictating the appropriate marketing strategies and tactics for each stage of a product's lifespan,

Reference stages

Explain the concept of product mix

the total of products and services a company offers, including the number of product lines and the number of products in each line

• with

• Depth

• Length

• Consistency

Deserve factors used by businesses to position corporate brands

When positioning a corporate brand, businesses typically consider factors like price, quality, features and benefits, relationship to competition, target market, brand personality, company values, customer perception, unique selling proposition (USP), and market trends; essentially aiming to differentiate their brand by highlighting its unique strengths and appeal within the market landscape compared to competitors. 

Key factors to consider:

• Product/Service Attributes:

  • Quality level 

  • Functionality and features 

  • Design and aesthetics 

  • Innovation and technology 

Describe the functions of prices in markets

prices function as critical signals, informing both producers and consumers about the value of goods and services, thereby influencing production decisions, resource allocation, and ultimately determining who gets what goods based on their willingness and ability to pay, essentially acting as a mechanism to balance supply and demand through their "signaling" and "incentive" functions. 

Explain the concept of competition

situation where two or more parties actively strive to achieve the same goal, often limited in availability, resulting in a rivalry where one party's gain can only come at the expense of the other

Identity factors affecting a business’s profit

sales volume, pricing strategy, cost of goods sold, operational costs, market competition, customer demand, innovation, marketing effectiveness, business structure, leadership quality, technological advancements, and economic conditions;

• overall brand identity

Determine factors affecting business risk

market fluctuations, competition, economic climate, government regulations, consumer demand, input costs, operational processes, technological changes, natural disasters, management strategies, employee performance, strategic alliances, reputation, and financial stability;

Explain the role of customer service as a component of selling relationships

Explain the nature of product/service branding

Discuss motivational theories that impact buying behavior

Explain key factors in building clientele

Describe factors used by businesses to position corporate brands

Explain the nature and scope of the selling function

Explain the role of customer service as a component of selling relationships

Explain key factors in building a clientele

Discuss motivational theories that impact buying behavior

Explain the nature of channel distribution

Explain the concept of market and market identification

Determine factors affecting business risk

Explain the nature of market plans

Explain the concept of market strategies

Explain the concept of market and market identification

Explain the role of situation analysis in the marketing planning process

Determine factors affecting business risk

Explain the concept of competition

Explain the factors that influence customer/client/business buying behavior

Identify customer touch points

Explain the relationship between customer service and channel management

Explain the nature of channels of distribution

Explain the nature of channel-member relationships

Explain the relationship between customer service and channel management

Coordinate channel management with other marketing activities

Explain the nature and scope of channel management

Coordinate channel management with other marketing activities

Explain the nature and scope of channel management

Describe the use of technology in the channel management function

Identify a companies unique selling proposition

Conduct an environmental scan to obtain business information

Describe data-collection methods

Describe the need for marketing information

Identify information monitored for marketing decision making

Describe methods used to design marketing research studies

Explain the nature of marketing research

Describe the use of technology in the marketing information function

Describe techniques for processing marketing information

Describe the impact of loss leader pricing on promotional activities

Explain factors affecting pricing decisions

Describe the role of business ethics in pricing

Explain the effect of pricing on seasonal pricing activities

Evaluate pricing decisions

Explain the nature and scope of the pricing function

Describe pricing strategies

Identify the elements of the promotional mix

Explain the types of advertising media

Explain the nature of promotional plan

Describe the marketing mix

Describe the nature of a promotional plan

Describe referral programs that can be used to build brand/promote products

Describe word-of-mouth channels used to communicate with target audiences

Identify communication channels used in sales promotion

Explain the role of promotion as a marketing function

Identity product opportunities

analyzing competitors, understanding customers, and studying market trends