Deca marketing management team decision making

good luck man

Product knowledge

Info about a good/service that can include its use functions features and application

Data collection instruments

to gather info marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications.

Marketing strategies

Identifies a target market/niche and coordinated marketing selections to create sales

Non response error

This occurs when someone asks a question and the subject fails to respond this can happen because of defective questionnaire wording/format interview errors or/and inputting errors

External Audience

People/groups outside an organization at whom it is communication and promotional efforts are aimed at

Clientle

All of the businesses clients

Behavior intention scale

measures how likely a person is to do something, like buy a product or recommend a company.

Interviewer error

Mistakes by interviewers. Includes influencing the respondent in some way asking question in the wrong order, using slightly different phrasing than other interviewers. It can also include intention errors (e.g Cheating, Fraudulent data entry).

Trial Close

An inital effort by a salesperson to close a sale

Benefit

What a customer thinks they will obtain from buying a product or a service

Service close

When a salesperson encourages a consumer to purchase utilizing info regarding services avaliable.

Standing room only close

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

Product mix

All products/services a company makes, offers, or sells

Sellin gprocess

Step by step process by which a salesperson advises a customer about products that suit their needs leading through the decision to make a purchase

Product life cycle

Stages of a products life, Intro, Growth, Maturity, and decline

Trade show

an event where businesses display and promote their products or services to potential buyers and partners.

Target Marketing

Process of communicating with a certain group who is most likely to become customers, A target market is usually defined by demographic, geographic, and psychographic characteristics.

Marketing Tactics

Strategy to promote products for a company in order to increase sales

Product bundling

Selling two/more products in a bundle, price is lower then their individual prices.

Feature benefit selling

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

Marketing research bbrief

written doc that includes a market, strategic overview, background info, role of research, objectives, suggested approach and research target, reporting requirements, timing, budget, and existing research or other info related to the study.

Market

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

Signature

Name of the advertiser/logo that is the identification for a business in a promotion message

Suggestion selling

Selling extra goods/services to a customer

Semantic differential scale

Method used to measure satisfaction on a scale where the respondent circle bad neutral or good.

Business image

The public perception of a business

Warranty

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

Public Relations

Promotional activities designed to create a good image with the general public/managing how the public views a company or organization. PR lamine yamal

Open ended questions

A question that encourages consumer to respond with more tan just a yes or no to a question

Advertising

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

Error

A wrong action that cant be attributed to a lack of knowledge

Affinity Partner Relationships

Marketing relationships that occur when two compatible companies work together to increase brand awareness for one another.

Illustration

Photo, Drawing, Or other graphic that is used in a promotion message

Advertising elements

Items found in an ad include headline, copy, illustration, and signage

Selling policy

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

Romi

A financial calculation used to determine amount of profitability returned to the business based on the amount spent on marketing.

Likert Scale

Example; You would buy from this company again: Strongly disagree disagree neither agree strongly agree

Promotional mix

Combo of ads, personal selling, sales promotion, and public relations used to accomplish an overall marketing strategy

Greeting Approach

When a sales person first interacts with a customer by welcoming them and stating they are available for any questions

Descriptive research study

Statistical study used to identify patterns/trends in a marketing situation/ used to describe characteristics or behaviors of a group, without trying to explain why they occur.

Markup Pricing

Practice of adding a constant percentage to the price of an item to determine its selling price

Selling proposition

Benefit of a good/service that differentiates it from other products/the main reason a customer should buy a product or service.

Secondary research

Data collected for non marketing activity and is available for a businesses use./using existing information collected by others, such as reports, articles, or online data.

Pre Approach

Observing a consumer prior to approach

Product Service Management

The process of creating/changing the info about a companies catalog or offerings/ managing a product or service

Market plan

A formal doc that specifies a companies marketing activities and strategies for a determined amount of time

Marketing planning

Results in a marketing strategy that can enhance sales for the business producing it

Cost plus pricing

setting a price by adding a set profit amount or percentage to the cost of producing a product or service.

Copy

The selling message in a promotional message

Advertising media

Physical means of carrying a promotional message in words, speech, or pictures for example billboards, radio, newspaper, tv, magazines, an the internet/the channels a business uses to deliver advertising messages to an audience.

Merchandise approach

When a salesperson first interacts with the consumer by making a comment or asking a question about a product that the consumer is showing interest in/is the way products are presented and displayed to attract customers and encourage purchases

Primary research

gathering data for the first time for a specific product/service/business

Promotiion

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

Word of mouth channels

Ways people share recommendations about a product/business with others usually through personal conversations `or social sharing’s

Direct close

when a sales person specifically asks for the purchase, ask for sale immediatly.

Channel member relationships

The working relationships between producers, wholesalers, and retailer that affect how products move to the customer

Customer relationship management

the process of managing interactions with customers to build loyalty, improve satisfaction, and increase repeat business, data base of customer contacts purchase history and tech support.

Corporate branding

Strategy that encourages a new product to be associated with a well establish company name. Using a well known company to help a new product gain trust and recognition.

Situation analysis

study of internal and external factors that affect marketing strategy

Product positioning

How a product is seen in customers minds compared to competitors.

Sampling plans

An action that obtains data or observations from a group

Casual research study/Expiramental

Expensive, tests cause and affect

Bias

Errors in data caused by how it is collected, handled, or sampled, leading to inaccurate results.

Sales promotion

short-term incentives used to encourage customers to buy a product or service immediately, usually things like coupons, sales, loyalty rewards not ads or personal selling

Headline

A phrase in the ad hat catches the viewers attention making them read the whole message

Emotional motive

A feeling expressed by a consumer through association with a product.

Service approach

When a salesperson first interacts with ha consumer by offering assistance for example how may i help you usually in the form of an open ended question.

Personal selling

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

Customer buzz

Develops from a viral marketing technique used to get customers to talk about a product

Exploratory research study

Used to gather basis info when little is known also cheap and fast

Market identification

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

Demand oriented pricing

High demand = High price Low demand = low price

Marketing information management

The process and methods that generates, stores, analyzes and distributes info to promote good decision making for a business

Response error

occurs when a survey respondent provides inaccurate, misleading, or incorrect information, either on purpose or by accident

Sample design

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

Direct marketing channels

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

Market research

Gathering and studying info to help make marketing decisions

Professional development

Learning new skills/knowledge to improve ur performance at work or to advance your career.

Statistics

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

Which close

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

Time utility

Value created when a product is available at the time it is needed for exam Christmas tree needed before Christmas not after.

Form utility

Value created by changing the products form

Intellectual property

Business assets such as trademark/copyright

Gray market

Sale of goods through unauthorized but legal distribution channels.

Letter of inquirey

Business letter written to request info or action

Brand Promise

Commitment a company makes about the value customers will receive

Demographic segmentation

Dividing the market based on who the customer is (Age, Gender, Income, Occupation, Family size)

Geographic segmentation

Dividing the market based on where the customer lives

Psychographic segmentation

Dividing the market based on how the customer thinks and lives

Behavioral segmentation

Dividing the market based on how they act toward a product

Vertical conflict

Conflict between producers, wholesalers, and retailers

Specialization

Splitting work into smaller tasks so workers focus and improve efficiency

Focus group

Guided discussion with a small group to gather opinions

Broadcast advertising

Ads delivered through radio or tv

Ambitious situations

Situation that is unclear or uncertain

Non economic wants

free goods

Economic wants

Desire for goods/services that cost money

Unlimited want

Describes wants in general

Marketing mix

combination of key elements a business uses to market a product or service. Product, Price, Place, Promotion

Puffery

Exaggerated claims used to persuade, often misleading