DECA marketing test

Marketing


MARKETING

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

MARKET

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

TARGET MARKETING

  • The process of communicating with a particular group who is most likely to become customers.

MARKETING STRATEGIES

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

MARKETING PLAN

  • A formal document that specifies a company's activities for a determined amount of time.

MARKETING TACTICS

  • Strategies used to promote a company's products in order to increase sales.

MARKET PLANNING

  • The market planning process typically results in a marketing strategy that can be used to enhance sales for the business producing it.

CLIENTELE 

  • All of the clients of a business

MARKET RESEARCH

  • The process of gathering information, conducting analysis, and presenting findings.

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

MARKETING INFORMATION MANAGEMENT

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

MARKET IDENTIFICATION

  • The process of identifying the most profitable areas.

SITUATION ANALYSIS

  • The study of internal and external factors that affect marketing strategy.

MARKET PLANNING

  • The market planning process typically results in a marketing strategy.

SALES RECORDS

  • Businesses maintain a variety of records about the quantities and types of products that customers are purchasing

SALES FORECAST

  • The projection of future sales


Pricing Terms


PRICING

  • The value placed on a good or service

MARK-UP PRICING

  • The practice of adding a constant percentage to the price of an item.

COST-PLUS PRICING

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

DEMAND ORIENTED PRICING

  • A pricing method in which the price of a product is changed according to its demand.

COMPETITION ORIENTED PRICING

  • A pricing method in which a seller uses prices of competing products as a benchmark.

RELATIVE PRICE

  • The ratio between two separate prices.


Error Terms


ERROR

  • A wrong action that cannot be attributed to a lack of knowledge.

BIAS

  • Inaccuracy in data due to the characteristics of the process.

NON-RESPONSE ERROR

  • Occurs when selected subjects fail to respond to a questionnaire.

RESPONSE ERROR

  • Occurs when respondents do not reveal their true opinions.

INTERVIEWER ERROR

  • Occurs when mistakes are made by the interviewer.


Research and Data



SAMPLING PLANS

  • A course of action that obtains data or observations from a group.

SAMPLE DESIGN

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

DATA

  • Information in an unorganized form.

STATISTICS

  • Numbers that represent a fact or present a view of a situation.

PRIMARY DATA/RESEARCH

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

SECONDARY DATA/RESEARCH

  • Data that has been previously collected for non-marketing activity and is available for a business' use

O-DATA

  • Operational data, derived from measurable processes, “what”

X-DATA

  • Experience data, derived from abstract stuff(emotions, feedback), “why”

DATA COLLECTION INSTRUMENT

  • To gather information, marketers can use surveys, interviews, etc.

DATA COLLECTION METHOD

  • The systematic process of gathering information.

SEMANTIC DIFFERENTIAL SCALE 

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

LIKERT SCALE 

  • A method developed by Dr. Rensis Likert that attributes quantitative value to qualitative data, to make it easier to analyze. A number 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)

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

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

DESCRIPTIVE RESEARCH STUDY

  • A statistical study to identify patterns or trends.

EXPLORATORY RESEARCH STUDY

  • A study into a problem that provides details.

CASUAL RESEARCH STUDY

  • A study into an issue or topic.

OPEN-ENDED QUESTIONS 

  • A question that encourages the consumer to respond with more than a "Yes" or "No" answer

CUSTOMER RELATIONSHIP MANAGEMENT

  • At a minimum, a database of customer contacts.

DATA INTEGRITY

  • Researchers can keep marketing information organized by interpreting it correctly

CENTRAL TENDENCY

  • A central or typical value, often measured using mean, median, and mode.

MULTIVARIATE STATISTICS

  • Statistics that compare more than two variables, like productivity in relation to time spent on social media

UNIVARIATE STATISTICS

  • Statistics that measure a single variable, like productivity

DESCRIPTIVE STATISTICS

  • A summary statistic that quantitatively describes or summarizes features from a collection of information. Includes variation, distribution, and central tendency

INFERENTIAL STATISTICS

  • Used to make predictions or inferences based on sample of data


Selling


SELLING

  • When a buyer exchanges cash for a seller's goods or service.

SELLING POLICY 

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

BUYING SIGNALS 

  • Actions that a consumer does to indicate that they are ready to purchase

OBJECTIONS 

  • A concern or doubt that a consumer has for not making a purchase.

CUSTOMER SERVICE

  • The process of helping a customer purchase a product or service.

SELLING PROCESS

  • The step-by-step process in which a salesperson advises a customer.

PRE-APPROACH

  • Observing a consumer prior to interaction

GREETING APPROACH

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

MERCHANDISE APPROACH 

  • When a salesperson first interacts with a consumer by making a comment or asks a question about a product that a consumer is showing interest in

SERVICE APPROACH

  • When a salesperson first interacts with a consumer by offering assistance, often in the form of an open-ended question like "How may I help you?"

TRIAL CLOSE 

  • An initial effort by a salesperson to close a sale.

WHICH CLOSE

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

STANDING ROOM ONLY CLOSE

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

SERVICE CLOSE

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

CLOSING THE SALE

  • When a salesperson gains an agreement to purchase from a consumer

SELLING PROPOSITION

  • A benefit of a good or service that differentiates it from other products.

STANDARD 

  • Used generally as an example or model to compare or measure the quality or performance of a practice or procedure

PERSONAL SELLING

  • Any form of direct contact between a salesperson and customer.

FEATURE BENEFIT SELLING

  • Selling technique in which the seller matches a feature with an advantage.

SUGGESTION SELLING

  • Selling additional goods or services to a customer

SITUATIONAL INFLUENCE

  • Buying behavior impacted by external factors

EMOTIONAL MOTIVE 

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


Advertising and Promotion


ADVERTISING

  • A form of paid, non-personal promotion.

DIRECT MARKETING CHANNELS

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

PROMOTION

  • Choices made about advertising, personal selling, sales promotion, and public relations.

PROMOTIONAL MIX

  • The combination of advertising, personal selling, sales promotion, and public relations.

PROMOTIONAL PLAN

  • An outline of the marketing tools, strategies, and resources.

PUBLIC RELATIONS

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

SALES PROMOTION

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

EXTERNAL AUDIENCE 

  • Individuals or groups outside of an organization at whom its communications and promotional efforts are aimed

INTERNAL AUDIENCE

  • Individuals or groups within an organization.

WORD-OF-MOUTH PROMOTION(CUSTOMER "BUZZ")

  • Develops from a viral marketing technique. Organic word-of-mouth promotion Involves customers who tell others about their satisfaction with the business. Amplified word-of-mouth promotion involves the use of campaigns in which the business provides specific information to customers(activists) to pass along to their friends, family, etc.

ADVERTISING MEDIA

  • The physical means of carrying a promotional message in words, speech and/or pictures; for example billboards, radio, newspapers, TV, magazines and the internet

ADVERTISING ELEMENTS

  • The items found in an advertisement.

    • SIGNATURE 

      • Name of the advertiser and/or logo that is the identification for a business in a promotional message

    • SLOGAN 

  • A catchy phrase or words that identify a product or business

  • 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.

  • COPY

  • The selling message in a promotional message

BUSINESS IMAGE

  • The public perception of a business.

CORPORATE BRANDING

  • Strategy that encourages a new product to be associated with a well-established company name.

AFFINITY PARTNER RELATIONSHIPS

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

PUBLICITY

  • Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual which receives it.


Product and Distribution


PRODUCT LIFE CYCLE

  • The stages that a product goes through in its life.

PRODUCT MIX

  • All of the different products and/or services a company makes or sells.

PRODUCT POSITIONING

  • A strategy that emphasizes features or image.

PRODUCT SERVICE MANAGEMENT

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

TRADE SHOW

  • Exhibit of products or services of interest to a specific industry

PRODUCT BUNDLING

  • 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

PRODUCT KNOWLEDGE

  • Information about a good or service that can include its application, function, features, and use.

FEATURE 

  • A feature is a distinctive characteristic of a good or service that sets it apart from similar items

BENEFIT

  • Desirable attribute of a good or service, which a customer perceives he or she will get from purchasing

WARRANTY 

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

DISTRIBUTION

  • The function of moving goods from producer to consumer.

COMMUNICATION CHANNELS

  • The path a message travels

CHANNELS OF DISTRIBUTION

  • Refers to the path a product takes from producer to final consumer. Businesses negotiate who pays transportation charges with their suppliers. Whoever pays the charges owns the goods while they are in transit.

    • INDIRECT DISTRIBUTION CHANNELS

      • Wholesalers + Retailers are intermediaries

      • Producer → Wholesaler → Retailer → Consumer

      • Producer → Retailer → Consumer

    • DIRECT DISTRIBUTION CHANNELS

      • Producer → Consumer

CHANNEL-MEMBER RELATIONSHIPS 

  • Refers to the interconnectedness of members within a channel of distribution

SELECTIVE DISTRIBUTION: 

  • Selling products through a limited number of retailers, such as a sportswear company selling its products through only a couple sporting goods retailers in a specific region.

CHANNEL MANAGEMENT

  • A process that involves selecting and evaluating channel members.

SLOTTING ALLOWANCE(FEE) / PAY-TO-STAY/ FIXED TRADE SPENDING 

  • A payment to retailers/distributors in exchange for producers to have their products placed on the shelves or in the distributors supply chain.


Business Administration 




Economy