DECA BMTD Chill Study Guide

Product/Service Branding

Product/Service Branding

How a product interacts with its consumer audience through design logo, and messaging.

What differentiates the product/service from its competitors. Brands connote various benefits. Branding builds product recognition and customer loyalty.

Corporate Branding

Promoting the brand name of a corporate entity.

Different from product/service branding because the scope of corporate is much broader.

Business Ethics in Product/Service Management

Making customers aware of product information that can affect safety and health when the product is used.

Ex. recalling dangerous or unsafe products from the market. Not purposely making product life span short.

Quality Control Measures

Procedure to ensure that a manufactured product or service is of a certain quality and meets the requirements of the client or customer.

Ex. recalling dangerous or unsafe products from the market. Not purposely making product life span short.

Product Bundling

Marketers may use product bundling to package two or more complementary goods and services, usually for a lower price than had the products been purchased separately.

Ex. if customer goes to the spa for a manicure and pedicure the price may be lower than if that customer purchased a manicure and pedicure separately.

Factors Used by Businesses to Position Corporate Brands

Factors used to position corporate brands include price, quality, features and benefits and relationship to the competition.

Effective Communications

When information is accurately shared between two or more people or groups.

Important for businesses because obviously Sample Design

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

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

copy

The selling message in a promotional message

product service management

The process of creating and changing the information about a company's catalog of offerings

behavior intention scale

A method used to collect information on the likelihood that people will demonstrate some type of predictable behavior regarding the purchase of a product or service

sales promotion

All marketing activities other that advertising, public relations, and personal selling that are directed at a customer to increase sales

internal audience

Internal audience comprises of the people within or closely related to an organisation. Internal audience is an important concept in marketing & branding as it is argued that branding should start internally with the employees of the organisation being aware and proud of the organisation's top brands.

direct close

When a salesperson specifically asks for the purchase

headline

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

marketing

The process of creating, communicating, delivering and exchanging offerings that have value for customers to generate profits for a business

standing room only close

a closing technique in which the salesperson tries to get a quick commitment to a purchase by telling the buyer that the demand for the product is heavy and that only a limited quantity is left. When a salesperson encourages a consumer to make a purchase because the product is in short supply or a price change may occur

cost-plus pricing

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

Likert Scale

A method developed by Dr. Rensis Likert that attributes quantitative value to qualitative data, to make it easier to analyze. Anumber is assigned to each potential choice and a mean figure for all the responses is computed at the end of the evaluation or survey. Likert scales usually have five potential choices (strongly agree, agree, neutral, disagree, strongly disagree)

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

advertising elements

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

marketing information management

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

marketing strategies

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

merchandise approach

A merchandising strategy is a comprehensive plan that outlines how a business will present its products to consumers to enhance customer experience and maximize sales.

service close

When a salesperson encourages a consumer to purchase utilizing information regarding services available

semantic differential scale

A method used to measure satisfaction on a scale and the responent is asked to circle a number where 0 is neutral and one moves outwards from it towards the extremes of goodness and badness

emotional motive

These are psychological triggers that can be used to influence a person's behavior and decision-making.

Direct marketing

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

Product life cycle

The stages that a product goes through in its life: Introduction, Growth, Maturity and Decline

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

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

pull sales

The pull strategy is a marketing and promotional strategy that relies on the customer to "pull" the product from the marketer.

strategy vs. tactic

Strategy dictates the marketing activity needed to achieve your business goals and vision, whereas tactics, the 'detail of the strategy', answer how exactly that will happen.

channel width

the number of intermediaries in each level of the channel

Gray market

The gray market for financial securities refers to unofficial, over-the-counter (OTC) transactions in a security. Unlike typical OTC trading where securities never trade on an exchange, the gray market trades in securities that have been suspended from official trading, or which have not yet begun official trading on an exchange. The gray market also refers to products, often imports, that are sold through alternative retail channels. In either case, while not illegal, the unofficial status of the gray market increases its riskiness.

touchpoint

an occasion when a business or an organization is in contact (= communication) with its customers, etc.

externality

A liability that can't be quantified is known as an externality

Tariff

taxes on imported goods

taxes on imported goods

industry-specific publication that keeps readers up to date on what is happening in the field

judgement sampling

aka expert sampling or purposive sampling: non-probability sampling method, where researches handpick respondents based on their knowledge or expertise

signage

when signs are incorporated into a company's overall marketing strategy through design, location, and purpose