Flashcards DECA Principles of Marketing Cluster Vocab

advertising

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

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

closing the sale

occurs when a salesperson gains an agreement to produce from a consumer

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 costumer demand

cost-plus pricing

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

customer service

the process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made

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

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

direct marketing channels

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

distribution

the function of moving and selling goods from producer to consumer

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

greeting approach

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

guarantee

a promise that a product has a certain quality or will provide satisfaction

headline

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

illustration

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

market identification

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

marketing

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

marketing information management

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

marketing plan

a formal document that specifies a companies activities for a determined amount of time

marketing research

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

mark-up pricing

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

objections

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

open-ended questions

a question that encourages the consumer to respond with more that a "yes" or "no" answer

personal selling

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

pricing

the value placed on a good or service

primary research

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

product knowledge

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

product life cycle

the stages that a product goes through in its life: introduction, growth, maturity and decline

product mix

all of the different products and/or services a company makes or sells

product service management

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

promotion

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

promotional mix

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

promotional plan

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

public relations

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

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

sales promotion

all marketing activities other than advertising, public relations, and personal selling that are directed at a customer in order to increase sales

secondary research

data that has been previously collected for nonmarketing activity and is available for a business' use

selling

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

selling policy

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

service close

when a salesperson encourages a consumer to purchase with information regarding services available

situation analysis

the study of internal and external factors that affect marketing strategy

slogan

a catchy phrase or words that identify a product or business

statistics

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

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

warranty

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