DECA Marketing Cluster

Options businesses use to obtain marketing-research data

Options businesses use to obtain marketing-research data

Product, service and/or business.

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

Additionally, a company can use data gathered from customer loyalty plans, cookies in an online environment and data mining software.

Explain the nature and scope of the Marketing Information Management Function

Generates, stores, analyzes and distributes information to promote good decision making for a business.

This information is essential for creating an effective marketing plan. The business has a responsibility to protect the data collected.

Coordinate channel management with other marketing activities

Channel members can assist by making sure it is easy to place an order and deliver products quickly.

As a distribution plan is developed for a product, other marketing activities are included.

Promotion of a product is launched so that consumers are aware of the product and know where to find it and retailers set prices for what is available.

Role of business in society

Conduct operations so that they are performed profitability and accepted by society."

In summary, "it is a coherent way of thinking about a company's impact and interaction with society."

Nature of Operations

Include the activities involved in the DAILY functions of the business to generate revenue (facility management, logistics, scheduling, information management, and safety)

Types of business ownership

proprietorship, partnership and corporation.

• Proprietorship: A sole proprietor owns and operates a business by oneself.

• Partnership: owned and operated by two or more people and is jointly responsible for the businesses outcomes.

• Corporation: operated by several people and owned by stockholders

Types of promotion

Advertising nonpersonal promotion in which a company promotes an idea, good or service through a variety of media.

Personal selling direct contact between a salesperson and customer.

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

Sales Promotion includes all marketing activities other than advertising, public relations, and personal selling that are directed at a customer in an effort to increase sales.

https://quizlet.com/ca/170511714/deca-promotion-flash-cards/

Role of ethics in Human Resources management

Promote workplace cohesion, establishing standards and procedures that assures in all situations that individuals are treated equally.

Ethics policies in HR can include discrimination, sexual harassment and treatment of employees. Ethical breaches in this area can damage a company's reputation, reduce employee loyalty and create litigation.

Health and safety regulations in business

Occupational Safety and Health Administration (OSHA): Legislation that business is responsible for protecting the safety, health and welfare of all employees. Therefore, a business must create procedures to manage risks that could cause injury and/or damage to employees, property and the environment.

Impact of product life cycles on marketing decisions

• Introduction: resources dedicated to promotion and production to building product and brand awareness

• Growth: resources continue to be spent on branding and addressing price competition that will occur.

• Maturity: marketing strategy will shift to emphasizing competitive advantage

• Decline: marketing decisions are formed around what will ultimately happen with the product. These include deleting the product from the marketplace, licensing, updating, discounting and regionalizing.

Identify personality traits important to business

Professionalism, teamwork, communication, being "high-energy", confidence, the ability to work independently and intellectual curiosity.

Marketing’s importance in a global economy

As the global economy has expanded, brands must use technology and communication to establish themselves in a variety of markets

Marketing is a tool that is used to persuade customers and must be employed in order for businesses to sell their products.

Nature of direct marketing channels

• Marketing relying on direct communication/distribution to consumers. Traditionally, direct marketing is an advertisement that is sent through the mail to a home or business.

• Telemarketing is an another channel used via phone call to ask for a direct purchase.

• E-marketing is a channel considered for any promotion conducted via the internet including search engine marketing, web site optimization, e-mail, text messaging, applications and social media.

• Direct mail is effective is it generate sales and provides consumers with an incentive to respond.

Nature of channels of distribution

The journey a product takes from producer/manufacturer to end user.

A product can take a variety of paths to an end user, depending on how many channel members are involved. The channel of distribution can include manufacturers, wholesalers, retailers, agents and users (consumer and industrial).

Nature of positive customer relations

Positive customer relations can include showing appreciation, delivering timely service, training employees effectively to interact with clients, and appeasing any concerns brought forward.

Maintain appropriate personal appearance

Maintaining your personal appearance is necessary as employees represent the business in which he/she is employed. Personal appearance includes facial expressions, body language, as well as clothes and grooming.

Handle difficult customers

There are a variety of difficult customers including those who are angry, impatient, demanding and indecisive.

First maintain control over your personal emotions and behavior by staying calm and listening closely to the customer.

Acknowledge their concerns, maintain eye contact and demonstrate compassion for the situation.

Try to solve the problem or identify someone who can act on the customer's behalf. Whenever possible, offer choices.

Explain the need for innovation skills

Innovation is necessary for an organization to continue to move forward in the marketplace and meet customer needs.

Innovation includes the ability to think critically, be creative, an ability to solve problems, manage risk, conduct research, coordinate project management, use information technology as well as the basic tasks of reading, writing and mathematics.

Factors affecting pricing decisions

Company's goals, cost of materials, labor to produce a product, expenses, estimated demand, competition and consumer's perception.

Legal considerations for pricing

• The Sherman Antitrust Act establishes legislation against price fixing— competitors agreeing on a price range for a product reducing competition

• The Clayton Antitrust Act legislates against price discrimination that leads to unfair competition and monopolies.

• The Robinson-Patman Act* states that a retailer can't sell a product to a consumer for one price and charge another consumer a different price in the same situation.

• The Consumer Goods Pricing Act* oversees manufacturers resale price policies.

Evaluate quality and source of information

Determine who the intended audience is, if the data provided is fact or opinion and if a credible author is attached to the information.

Factual documents should be supported with evidence including primary and secondary information. Quality information should be timely.

Role of finance in business

Help capital move from investors to businesses—Businesses need finance to assist with operations.

Financial markets and various investment vehicles (loans, short and long term financing).

Finance can also include roles in business development and corporate governance.

Nature and scope of the selling function

• The selling function provides consumers with goods and services they want and/or need.

• Selling occurs at multiple levels in marketing including the retail store to a consumer and business-to-business (B2B).

• Selling is interacting with a customer with a planned and personalized form of communication that influences purchasing decisions.

Key factors in building a clientele

• To build a clientele, a salesperson should concentrate on customer service and after-sale activities including order processing, departure, order fulfillment and follow up.

• Order processing should be quick and efficient

• As a customer departs, a salesperson should reassure and educate the consumer as needed.

• Lastly, a salesperson should make sure the customer is satisfied during follow up.

Nature of effective written communications

Written communication is the most common form of business communication—requires employees to write frequently and rapidly. Written communications allow an employee to receive instructions or information upon which to base decision or take a specific action.

Effective communication should answer questions, be relevant, focus on the end user, be specific, include examples, be tactful and accurate.

Nature of product/service branding

Product/service: Using a name, term, design, symbol or a combination of those elements to distinguish a product/service from a competing product.

If a branding campaign is successful, it will build product recognition and customer loyalty.

Distinguish between economic goods/services

Good: something that you can use or consume. You buy a good with the idea that you will use it, either just once or over and over again.

Service: is something that someone does for you, like give you a haircut or fix you dinner.

Nature of information management

Information management: process of collecting and analyzing data that can be used in the strategic decision making process for a business.

Support a variety of business functions including developing customer databases, managing electronic purchasing decisions and monitoring competitor information.

Nature of customer relationship management

The goal of customer relationship management (CRM) is to maximize the value and effectiveness of all opportunities that businesses have to connect with customers

• Provide outstanding service to customers;

• maximize customer satisfaction;

• attract and retain loyal customers;

• cultivate and maintain positive, profitable relationships with customers and develop individualized relationships with customers.

Consumer protection provisions of appropriate agencies

• The Consumer Product Safety Commission (CPSC) sets standards for products and has the authority to issue recalls for products that are proven to be unsafe.

• The Food and Drug Administration (FDA) has the authority to approve new products, oversee labeling and safety regulations and can issue consumer alerts for products.

Coordinating elements in advertising

Primary message must be clear—each element (headline, copy, illustration and signature) must work together to cut through the clutter.

The advertisement should be clean and use white space effectively. The copy should be easy to read and the signature should be distinctive.

Types of public relations activities

• Proactive public relations: initiates image building

• Reactive public relations is responding to negative or damaging information in the media.

• Ex. Writing press releases to announce product/service information, holding press conferences, using social media, and generating publicity. Public relations can also come in the form of charitable events and/or community involvement.

Orient new employees

Providing an orientation is a process that allows an organization to integrate a new employee and enable him/her to contribute to the team quickly.

At this time, an employee will learn about personnel policies, company safety programs, and details about his/her position. Possible actions can include providing a mentor, providing work samples, and providing a Frequently Asked Questions document.

Analyze employer expectations in the business environment

When employed in an organization, an employee should understand what management requires of him/her within his/her position, thus allowing an employee to meet and/or exceed those demands.

Nature and scope of the pricing function

Place a value on a good or service to produce a profit. The pricing function looks at costs, competition and how much customers are willing to pay for a product or service.

Role of situation analysis in the marketing planning process

Situation analysis identifies internal and external factors affecting marketing strategy often through the use of a SWOT (Strengths, weaknesses, opportunities, threats) and/or PEST (political, economic, social, technological) analysis.

Situation analysis can be completed on an entire business, business unit, product line and/or individual product. Simply stated, this research shows where an entity was, is and will be going.

Factors influencing buying behavior (client/customer/business)

Buying behavior explains the purchase decisions that consumers make on a daily basis.

As a business function, this means understanding what consumers buy, why a consumer has decided to make that purchase, when the purchase was made and from what distribution channel and how often the product or service is used.

Buying behavior can be influenced by a variety of internal and external factors including perception of brand, competition, society and consumer research.

Nature of legally binding contracts

Contract: a clear outline of an agreement between at least two parties. Legally binding: considered valid and enforceable in a court of law.

Usually contracts define each party involved and any terms used within the agreement, the duration/timelines of the contract, payment terms and provisions that protect each party. Legally binding contracts are required to have "consideration" which means both parties are willingly entering into the agreement and are not being coerced.

Handle telephone calls in a businesslike manner

A businesslike manner on the telephone includes a formal greeting, name of business and name of department or person answering the call. Calls should be answered promptly, take messages as needed and use the hold button if needed.

Nature of budgets

A budget is an itemized forecast of an individual/company's income and expenses for a designated period of time.

This allows the entity to evaluate how to use funds in fixed and discretionary categories as well as provides focus to achieve financial goals and avoid debt.

Concept of management

Management is the coordination of activities a business uses to achieve results.

Actions employees can take to achieve company’s desired results

To work towards a company's goals in order to create a profit.

Options businesses use to obtain marketing-research data

To gather market research data, a business has a variety of options including primary and secondary data.

• Primary research gathers data for the first time for a specific product, service and/or business.

• Secondary research gathers data that has been previously collected for nonmarketing activity and is available for a business' use.

• Additionally, a company can use data gathered from customer loyalty plans, cookies in an online environment and data mining software.

Types of economic systems

There are four types of economic systems commonly studied.

• A traditional economy relies on custom and ritual to make its choices (hunting, fishing, farming—trading)

• A market economy relies on the consumption choice of consumers.

• A command economy relies on the government making all choices for consumers.

• A mixed economy relies on limited government involvement in a market based economy.

Concept of marketing strategies

Marketing strategies identify a target market and marketing mix choices that a business will use.

To do this, a business must understand the wants/needs of the consumer and objectives of the marketing plan. The position that the business and/or product holds in the marketplace will determine the marketing strategy and focus on the advantages that the business/product has over the competition.

Nature of Human Resources Management

Human resource management is a process of bringing people and organizations together so that the goals of each are met.

• This includes a focus on: results rather than on rules; helping employees develop his/her full potential; encouraging employees to give his/her best to the organization; assigning people to jobs in order to produce good results; helping the organization meet its goals in the future by providing for competent and well-motivated employees; building and maintaining positive relations between people working at various levels in the organization.

Nature of sales forecasts

A sales forecast is the projection of future sales and is included in a marketing plan.

Role of business ethics in pricing

Avoid price gouging—when a price is set higher than normal from a sudden increase in demand.

Nature of product bundling

Product bundling a 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.

Regulation of marketing-information management

Identity Theft and Assumption Deterrence Act of 1998 and the Gramm-Leach-Bliley Act of 1999 provide legal ramifications if a consumer's privacy is not maintained as specified by federal law. To accomplish these goals from a business perspective, an Enterprise Information System (EIS) can be used to provide a central database.

Nature of project management

Using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently.

There are five processes needed in project management: initiating, planning, executing, monitoring and controlling and closing.

Ethical work habits

To exhibit ethical work habits, an employee will be punctual, flexible, creative, attentive, complete objectives on time, deliver quality products, face challenges in a positive manner, manage their time, show respect by interacting in a positive manner with co-workers, and demonstrate leadership by solving problems, resolving conflicts effectively and encouraging mentorship.

Concept of market and market identification

A market: is a group of people who share the same wants and who have the ability to purchase a specific product or service.

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

• To determine these groups, a marketer uses three forms of data: demographic, geographic and psychographic.

  • Demographic data defines a population in quantitative terms like age, gender, education or occupation.

  • Geographic data identifies where potential consumers live.

  • Psychographic data identifies common interests, attitudes and lifestyles of potential consumers.

Nature and scope of channel management

Understanding how products end up in consumers (or end users) hands.

Includes identifying methods of transportation, deciding to use a warehouse for inventory control, and understanding each member in the distribution channel for your business and/ or products.

Characteristics of effective data-collection instruments

Two main characteristics of effective data collection are validity and reliability.

• Validity means that the research questions measure the intended subject area.

• Reliability means that the respondents to the questions should interpret the questions in the same way. Data collection instruments should be clear and easy to understand and properly administered to develop valid and reliable data.

Appropriation (Tort)

Involves a business or person who uses, without permission, another person's name, likeness, and other unique characteristics for the benefit or gain of the user

Torts

Civil wrongdoings that cause harm or injury to another party

Wrongful Interference (Tort)

Predatory behavior undertaken by a business to draw either customers or employees away from a competitor

Defamation (Tort)

Making false, malicious statements about a person or organization

Conversion (Tort)

When personal property is taken from the owner and given to someone else to use

Corporation

A type of business that is operated by several people and owned by stockholders

Partnership

A form of business ownership in which the business is owned by two or more persons

Sole Proprietorship

Form of business ownership in which the business is owned by one person

Cooperative

Owned and operated by its user-owners to supply goods and services to its members

OR Association of people who use the products and services a company has to offer own and operate the company democratically

Ex. A group of farms form one brand

Channel Management

Involves understanding the concepts and processes needed to identify, select, monitor, and evaluate sales channels

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

Promotion

Involves understanding the concepts and strategies needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome

Pricing

The marketing function that involves determining and adjusting prices to maximize returns and meet customers' perceptions of value

Product/Service Management

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

Intermediarires

Middlemen and include sales agents, wholesalers, and retailers who perform specific functions in the movement of goods from producers to consumers

Direct Channels of Distribution

Involve producers and either industrial or ultimate consumers

Green Marketing

Practice of pricing, promoting, and distributing products in such a way that they do not harm the natural environment

Consumer Protection

Deals with safety features and product labeling standards that protect the consumer

Social Awareness

The practice of enlightening the community of business actions to promote social welfare

International Marketing

Marketing goods and services in foreign countries

Hidden Complaint

Conceal the real complaint a customer has by stating another believable but secondary complaint for their dissatisfaction

Sincere Complaint

A complaint when the customer expresses an honest dissatisfaction

Service Complaint

A complaint which results from poor service

Business Complaint

A complaint in which the customer is dissatisfied with the business in general

Brand Promise

A business's agreement (spoken or unspoken) with customers that will consistently meet their expectations and deliver on its brand characteristics and values

Time Utility

When products are available at the time they are needed or wanted by customers

Form Utility

Usefulness created by altering or changing the form or shape of a good to make it more useful to customers

Place Utility

Usefulness created by making sure that goods and services are available at the place where they are needed or wanted by customers.

Possession Utility*

Usefulness created when ownership of a product is transferred from the seller to the user

Quality Control

Ensuring that products met predetermined standards for excellence; also part of operations

Purchasing

Acquiring necessary goods and services; part of operations

Inventory Management

Supervising inventory levels to make sure there is an appropriate balance; part of operations

Competition

Rivalry between two or more business to attract scarce (limited) customer dollars

Profit Motive

Desire to make profit, which moves people to invest in business

Inflation

Rapid rise in prices usually occurring when demand exceeds supply

Excise Tax

A special government tax on certain items, such as gasoline, certain businesses, cars, etc.

Subsidy

Government financial help given to a business

Bonds

A piece of paper (real or virtual) that says the governing body or corporation will borrow your money at a particular interest rate for a particular period of time; Interest-bearing certificates issued by the government that promise to pay bond owners a certain sum at a specified time

Discount

the amount by which the price of something is reduced

Union Stewards

Union members elected by their peers to handle any grievances or problems members (individuals) might have with management

Union President

Responsibilities include leading the union as a whole rather than assisting individuals

Mediator

Involved in union negotiations, clarifying issues, and making suggestions concerning the contract

Arbitrator

Assists with (union) negotiations; In binding arbitration, this person's decisions regarding the contract are final and cannot be changed

Empathy

The ability to put yourself in another person's place

Self-Understanding

Comprehending one's personal needs interests, values, and motives and recognizing their effects on one's behavior

Productivity

The amount and value of goods and services produced (outputs) from set amounts of resources (inputs)