DECA Marketing Cluster Exam

SET 3 (51-75)

WHICH CLOSE: When a salesperson encourages a customer to choose between 2 products to close a sale.

ADVERTISING MEDIA: The means of carrying a promotional message in words/speech/pictures (i.e. billboards, radio, TV, internet).

SAMPLE DESIGN: Part of the research plan specifying how + how many respondents will be selected for a study.

PRIMARY RESEARCH: Gathering data for a specific product/service/business for the very first time.

FEATURE: A distinct characteristic of a good/service that distinguishes it from similar items.

DIRECT CLOSE: When a salesperson specifically asks for a purchase.

MARKET PLANNING: Process of organizing + defining the marketing aims of a company & gathering the tactics and strategies needed to achieve them. Typically results in a MARKETING STRATEGY that can be used to enhance the business’s sales.

STATISTICS: Numbers reflecting a fact, representing a view on a situation.

MARK-UP PRICING: Practice of adding a constant percentage to the price of an item to determine its selling price.

PROMOTIONAL MIX: Combo of advertising, personal selling, sales promotion, and public relations used to achieve an overall marketing strategy.

DIRECT MARKETING CHANNELS: Advertising that sends a promo message to a targeted group of potential customers rather than a mass audience.

COST-PLUS PRICING: Pricing type that includes the variable costs associated with goods PLUS a fixed cost portion for business operations.

SECONDARY RESEARCH: Data previously collected for non-marketing activity and available for business use.

SELLING: Process of getting buyers to exchange cash for a seller’s good/service.

CLOSING A SALE: When a salesperson gains the customer’s agreement to purchase.

“STANDING ROOM ONLY” CLOSE: When a salesperson encourages a consumer to make the purchase due to product’s short supply or potential price changes.

MARKETING TACTICS: Strategies used to promote a company’s products in order to increase sales.

SALES FORECAST: Projection of future sales.

MARKET RESEARCH: Process of gathering info, conducting analysis, and presenting findings for a product/service in order to make marketing decisions.

COMMUNICATION CHANNELS: The path a message travels.

LIKERT SCALE: A rating system that allows respondents to express a range of opinions with five response options – from strong agreement to strong disagreement, including a neutral option, enabling nuanced feedback for surveyors.

BENEFIT: Desirable attribute from good/service, which customer feels they will gain from purchasing.

WARRANTY: Promise given to customers that product meets certain standards.

TRADE SHOW: Exhibit of products/services of interest to a specific industry.

76-100

AFFINITY-PARTNER RELATIONSHIPS: Marketing relationships occurring when two compatible companies work together to create more brand awareness for each other

SERVICE CLOSE: When the salesperson emphasizes added benefits/services that come with a product in order to persuade the customer to purchase.

PROMOTION: Choices made about advertising, personal selling, sales promotions, and public relations in order to communicate, inform + persuade potential customers

PUBLIC RELATIONS: Promo activities designed to create positive public image.

RESPONSE ERROR: Occurs when respondents do not reveal their true opinions on a subject. May misunderstand question, fail to understand their own opinion, lie, or try to present themselves favorably.

CUSTOMER SERVICE: Process of assisting customers purchasing a product, or providing further help after a purchase was made.

COMPETITION-ORIENTED PRICING: Pricing method in which seller uses competing prices as a benchmark instead of considering own costs or customer demand

CHANNEL MGMNT: Process involving the selection and evaluation of channel members to monitor the mvmnt of a product from producer/manufacturer → end user.

ROMI: Financial calculation to determine profitability returned to business based on funds spent communicating with potential customers

MARKET: People with same wants and ability to purchase product/service

CORPORATE BRANDING: Strategy encouraging new product to be associated with well-known company name. Can be used with any product that a business sells or brand representing whole business

DATA: Unorganized info with relationship to current conditions, ideas or knowledge

BUSINESS IMAGE: Public perception of a business

DEMAND-ORIENTED PRICING: Pricing method in which price is adjusted to demand; higher price = stronger demand, lower price = weaker demand

INTERVIEWER ERROR: Occurs when interviewer makes mistakes, such as influencing the respondent, asking questions in wrong order, using slightly different tone than other interviewers, fraudulent data entry

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: Process of marketing to a particular group most likely to become customers; usually defined by demographics, geographic and physiographics

COPY: The selling message in a promotional message

SALES PROMOTION: All marketing activities other than advertising, personal selling, public relations directed at a customer to increase sales.

SITUATION ANALYSIS: Study of internal + external factors affecting marketing strategy

PRODUCT POSITIONING: Marketing strategy that emphasizes product features or image in order to make a brand occupy a distinct position relative to competing brands inside customers’ minds.

BEHAVIOR INTENTION SCALE: Method used to collect info on likelihood that people will demonstrate some type of predictable behavior regarding purchase of product/service

DESCRIPTIVE RESEARCH STUDY: Statistical study used to identify patterns/trends in marketing situation

CUSTOMER RELATIONSHIP MGMNT: Managing customer relations by collecting info on them, minimally their contact, purchase history + tech support yet can expand to profiles of potential clients, needs of current customers and data analysis to enhance customer service.