DECA CRUNCH TIME

Business Administration

Business Law:

https://quizlet.com/869200007/instructional-area-business-laws-principles-of-marketing-flash-cards/?funnelUUID=7b85ba51-3635-4320-b0e5-9b4e59feca88

Standard: Understands business's responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions

Performance Element: Acquire foundational knowledge of business laws and regulations to understand their nature and scope.

Performance Indicators:

• Comply with the spirit and intent of laws and regulations (BL:163) (CS)

• Discuss the nature of law and sources of law in the United States (BL:067) (SP)

• Describe the United States' judicial system (BL:068) (SP)

• Describe methods used to protect intellectual property (BL:051) (SP)

• Describe legal issues affecting businesses (BL:001) (SP)

Performance Element: Understand the civil foundations of the legal environment of business to demonstrate knowledge of contracts.

Performance Indicators:

• Identify the basic torts relating to business enterprises (BL:069) (SP)

• Describe the nature of legally binding contracts (BL:002) (SP)

Performance Element: Explore the regulatory environment of United States' businesses to understand the diversity of regulations.

Performance Indicators:

• Describe the nature of legal procedure (BL:070) (SP)

• Discuss the nature of debtor-creditor relationships (BL:071) (SP)

• Explain the nature of agency relationships (BL:072) (SP)

• Discuss the nature of environmental law (BL:073) (SP)

• Discuss the role of administrative law (BL:074) (SP)

Performance Element: Apply knowledge of business ownership to establish and continue business operations.

Performance Indicators: Explain types of business ownership (BL:003) (CS)

Performance Element: Acquire knowledge of commerce laws and regulations to continue business operations.

Performance Indicators:

• Explain the nature of import/export law (BL:145) (SP)

• Describe the nature of customs regulations (BL:126) (SP)

Communication Skills

https://quizlet.com/629630904/instructional-area-communication-skills-co-flash-cards

https://quizlet.com/263126745/deca-communication-skills-performance-indicators-flash-cards/

Standard: Understands the concepts, strategies, and systems used to obtain and convey ideas and information

Performance Element: Read to acquire meaning from written material and to apply the information to a task.

Performance Indicators:

• Identify sources that provide relevant, valid written material (CO:054) (PQ)

• Extract relevant information from written materials (CO:055) (PQ)

• Apply written directions to achieve tasks (CO:056) (PQ)

• Analyze company resources to ascertain policies and procedures (CO:057) (CS)

Performance Element: Apply active listening skills to demonstrate understanding of what is being said.

Performance Indicators:

• Explain communication techniques that support and encourage a speaker (CO:082) (PQ)

  • Active listening: Paying full attention to the speaker, maintaining eye contact, and nodding or providing verbal cues to show understanding.

  • Non-verbal encouragement: Using positive body language, such as smiling, nodding, and leaning forward, to show interest and engagement.

  • Asking open-ended questions: Encouraging the speaker to elaborate and share more information by asking questions that require more than a simple "yes" or "no" answer.

  • Reflective listening: Paraphrasing or summarizing the speaker's main points to show understanding and validate their thoughts and feelings.

  • Providing feedback: Offering constructive feedback and praise to motivate and support the speaker's efforts.

  • Creating a safe and supportive environment: Establishing a non-judgmental and respectful atmosphere where the speaker feels comfortable expressing themselves.

• Follow oral directions (CO:119) (PQ)

• Demonstrate active listening skills (CO:017) (PQ)

• Performance Element: Apply verbal skills to obtain and convey information.

• Performance Indicators: Explain the nature of effective verbal communications (CO:147) (PQ)

• Ask relevant questions (CO:058) (PQ)

• Interpret others' nonverbal cues (CO:059) (PQ)

• Provide legitimate responses to inquiries (CO:060) (PQ)

• Give verbal directions (CO:083) (PQ)

• Employ communication styles appropriate to target audience (CO:084) (CS)

• Defend ideas objectively (CO:061) (CS)

• Handle telephone calls in a businesslike manner (CO:114) (CS)

• Participate in group discussions (CO:053) (CS)

• Facilitate (lead) group discussions (CO:201) (SP)

• Make oral presentations (CO:025) (SP)

• Performance Element: Record information to maintain and present a report of business activity.

• Performance Indicators: Utilize note-taking strategies (CO:085) (CS)

• Organize information (CO:086) (CS)

• Select and use appropriate graphic aids (CO:087) (CS)

Performance Element: Write internal and external business correspondence to convey and obtain information effectively.

Performance Indicators:

• Explain the nature of effective written communications (CO:016) (CS)

• Select and utilize appropriate formats for professional writing (CO:088) (CS)

• Edit and revise written work consistent with professional standards (CO:089) (CS)

• Write professional emails (CO:090) (CS) Write business letters (CO:133) (CS)

• Write informational messages (CO:039) (CS)

• Write inquiries (CO:040) (CS)

• Write persuasive messages (CO:031) (SP)

• Write executive summaries (CO:091) (SP)

• Prepare simple written reports (CO:094) (SP)

• Explain how digital communications (e.g., email, text messages, chats) exposes business to risk (CO:202) (SP)

• Adapt written correspondence to targeted audiences (CO:203) (SP)

• Use data visualization techniques (e.g., infographics, heat-maps, dynamic model outputs) (CO:204) (SP)

Performance Element: Use social media to communicate with a business's stakeholders.

Performance Indicators:

• Describe the impact of a person's social media brand on the achievement of organizational objectives (CO:205) (CS)

• Distinguish between using social media for business and personal purposes (CO:206) (CS)

Performance Element: Communicate with staff to clarify workplace objectives.

Performance Indicators:

• Explain the nature of staff communication (CO:014) (CS)

• Choose and use appropriate channel for workplace communication (CO:092) (CS)

• Participate in a staff meeting (CO:063) (CS)

• Participate in problem-solving groups (CO:067) (CS)

Customer Relations (CR)

https://quizlet.com/71878658/deca-competitive-events-customer-relations-flash-cards/

Standard: Understands the techniques and strategies used to foster positive, ongoing relationships with customers

Performance Element: Foster positive relationships with customers to enhance company image.

Performance Indicators:

• Explain the nature of positive customer relations (CR:003) (CS)

• Demonstrate a customer service mindset (CR:004) (CS)

• Develop rapport with customers (CR:029) (CS)

• Reinforce service orientation through communication (CR:005) (CS)

• Respond to customer inquiries (CR:006) (CS)

• Adapt communication to the cultural and social differences among clients (CR:019) (CS)

• Interpret business policies to customers/clients (CR:007) (CS)

• Build and maintain relationships with customers (CR:030) (SP)

Performance Element: Resolve conflicts with/for customers to encourage repeat business.

Performance Indicators:

• Handle difficult customers (CR:009) (CS)

• Handle customer/client complaints (CR:010) (CS)

Performance Element: Reinforce company's image to exhibit the company's brand promise.

Performance Indicators:

• Identify company's brand promise (CR:001) (CS)

• Determine ways of reinforcing the company's image through employee performance (CR:002) (CS)

Performance Element: Understand the nature of customer relationship management to show its contributions to a company.

Performance Indicators:

• Discuss the nature of customer relationship management (CR:016) (SP)

• Explain the role of ethics in customer relationship management (CR:017) (SP)

• Describe the use of technology in customer relationship management (CR:018) (SP)

Economics (EC)

https://quizlet.com/71879183/deca-competitive-events-economics-flash-cards

Standard: Understands the economic principles and concepts fundamental to business operations

Performance Element: Understand fundamental economic concepts to obtain a foundation for employment in business.

Performance Indicators:

• Distinguish between economic goods and services (EC:002) (CS)

• Explain the concept of economic resources (EC:003) (CS)

• Describe the concepts of economics and economic activities (EC:001) (CS)

• Determine economic utilities created by business activities (EC:004) (CS)

• Explain the principles of supply and demand (EC:005) (CS)

• Describe the functions of prices in markets (EC:006) (CS)

• Performance Element: Understand the nature of business to show its contributions to society.

• Performance Indicators:

• Explain the role of business in society (EC:070) (CS)

• Describe types of business activities (EC:071) (CS)

• Describe types of business models (EC:138) (SP)

• Explain the organizational design of businesses (EC:103) (SP)

• Discuss the global environment in which businesses operate (EC:104) (SP)

• Describe factors that affect the business environment (EC:105) (SP)

• Explain the nature of business ethics (EC:106) (SP)

• Explain how organizations adapt to today's markets (EC:107) (SP)

• Performance Element: Understand economic systems to be able to recognize the environments in which businesses function.

• Performance Indicators:

• Explain the types of economic systems (EC:007) (CS)

• Identify the impact of small business/entrepreneurship on market economies (EC:065) (CS)

• Explain the concept of private enterprise (EC:009) (CS)

• Identify factors affecting a business's profit (EC:010) (CS)

• Determine factors affecting business risk (EC:011) (CS)

  • Market Conditions:

    • Demand Volatility: Fluctuations in consumer demand for products or services can expose businesses to uncertainty and risk.

    • Competitive Pressure: Intense competition can lead to price wars, reduced profit margins, and challenges in maintaining market share.

  • Supply Chain Disruptions: Issues in the supply chain, such as disruptions in the availability of raw materials or components, can impact production and delivery.

  • Talent Management: Skill shortages, employee turnover, or labor disputes can impact operational efficiency and innovation.

• Explain the concept of competition (EC:012) (CS)

Performance Element: Acquire knowledge of the impact of government on business activities to make informed economic decisions.

Performance Indicators:

• Determine the relationship between government and business (EC:008) (CS)

• Describe the nature of taxes (EC:072) (SP)

• Performance Element: Analyze cost/profit relationships to guide business decision-making.

• Performance Indicators:

• Explain the concept of productivity (EC:013) (CS)

• Analyze impact of specialization/division of labor on productivity (EC:014) (SP)

• Explain the concept of organized labor and business (EC:015) (SP)

• Explain the impact of the law of diminishing returns (EC:023) (SP)

Performance Element: Understand economic indicators to recognize economic trends and conditions.

Performance Indicators:

• Discuss the measure of consumer spending as an economic indicator (EC:081) (SP)

• Describe the economic impact of inflation on business (EC:083) (SP)

• Explain the concept of Gross Domestic Product (GDP) (EC:017) (SP)

• Discuss the impact of a nation's unemployment rates (EC:082) (SP)

• Explain the economic impact of interest-rate fluctuations (EC:084) (SP)

• Determine the impact of business cycles on business activities (EC:018) (SP)

• Performance Element: Understand global trade's impact to aid business decision-making.

• Performance Indicators:

• Explain the nature of global trade (EC:016) (SP)

• Discuss the impact of globalization on business (EC:109) (SP)

• Describe the determinants of exchange rates and their effects on the domestic economy (EC:100) (SP)

• Explain cultural considerations that impact global business relations (EC:110) (SP)

• Discuss the impact of cultural and social environments on global trade (EC:045) (SP)

• Describe the impact of electronic communication tools (e.g., Internet, video- and computer conferencing, webcasts, email) on global business activities (EC:111) (SP)

• Explain the impact of major trade alliances on business activities (EC:112) (SP)

• Describe the impact of the political environment on world trade (EC:113) (SP)

• Explain the impact of geography on world trade (EC:114) (SP)

• Describe the impact of a country's history on world trade (EC:115) (SP)

• Explain the impact of a country's economic development on world trade (EC:116) (SP)

• Discuss the impact of bribery and foreign monetary payments on business (EC:140) (SP)

• Identify requirements for international business travel (e.g., passport, visa, proof of citizenship, immunizations, and sponsorship letters) (EC:141) (SP)

Emotional Intelligence (EI) (Mostly Common Sense)

https://quizlet.com/637999351/instructional-area-emotional-intelligence-ei-flash-cards/

Standard: Understands techniques, strategies, and systems used to foster self-understanding and enhance relationships with others

Performance Element: Foster self-understanding to recognize the impact of personal feelings on others.

Performance Indicators: Describe the nature of emotional intelligence (EI:001) (PQ)

• Explain the concept of self-esteem (EI:016) (PQ)

• Recognize and overcome personal biases and stereotypes (EI:017) (PQ)

• Assess personal strengths and weaknesses (EI:002) (PQ)

• Assess personal behavior and values (EI:126) (PQ)

• Performance Element: Develop personal traits to foster career advancement.

• Performance Indicators:

• Identify desirable personality traits important to business (EI:018) (PQ)

• Exhibit self-confidence (EI:023) (PQ)

• Demonstrate interest and enthusiasm (EI:020) (PQ)

• Demonstrate initiative (EI:024) (PQ)

• Performance Element:

• Apply ethics to demonstrate trustworthiness.

• Performance Indicators:

• Demonstrate honesty and integrity (EI:022) (PQ)

• Demonstrate responsible behavior (EI:021) (PQ)

• Demonstrate fairness (EI:127) (PQ)

• Assess risks of personal decisions (EI:091) (PQ)

• Demonstrate ethical work habits (EI:004) (PQ)

• Take responsibility for decisions and actions (EI:075) (PQ)

• Build trust in relationships (EI:128) (CS)

• Describe the nature of ethics (EI:123) (CS)

• Explain reasons for ethical dilemmas (EI:124) (CS)

• Recognize and respond to ethical dilemmas (EI:125) (CS)

• Manage commitments in a timely manner (EI:077) (CS)

• Develop tolerance for ambiguity (EI:092) (CS)

Performance Element: Exhibit techniques to manage emotional reactions to people and situations.

Performance Indicators:

• Exhibit a positive attitude (EI:019) (PQ)

• Demonstrate self-control (EI:025) (PQ)

• Explain the use of feedback for personal growth (EI:003) (PQ)

• Adjust to change (EI:026) (PQ)

Performance Element: Identify with others' feelings, needs, and concerns to enhance interpersonal relations.

Performance Indicators:

• Respect the privacy of others (EI:029) (PQ)

• Show empathy for others (EI:030) (PQ)

• Maintain the confidentiality of others (EI:103) (CS)

• Exhibit cultural sensitivity (EI:033) (CS)

• Leverage personality types in business situations (EI:104) (SP)

Performance Element: Use communication skills to foster open, honest communications.

Performance Indicators:

• Explain the nature of effective communications (EI:007) (PQ)

• Explain ethical considerations in providing information (EI:038) (SP)

• Foster open, honest communication (EI:129) (SP)

• Collaborate with others (EI:130) (SP)

• Solicit feedback (EI:106) (SP)

• Use social media to solicit new ideas and solutions (EI:107) (SP)

Performance Element: Use communication skills to influence others.

• Performance Indicators:

• "Sell" ideas to others (EI:108) (SP)

• Persuade others (EI:012) (SP)

• Demonstrate negotiation skills (EI:062) (SP)

• Performance Element: Manage stressful situations to minimize potential negative impact.

• Performance Indicators:

• Use appropriate assertiveness (EI:008) (PQ)

• Use conflict-resolution skills (EI:015) (CS)

• Explain the nature of office politics (EI:109) (CS)

• Overcome problems and difficulties associated with office politics/turf wars (EI:095) (CS)

• Explain the nature of stress management (EI:028) (SP)

• Performance Element: Implement teamwork techniques to accomplish goals.

• Performance Indicators:

• Participate as a team member (EI:045) (CS)

• Use consensus-building skills (EI:011) (SP)

• Motivate team members (EI:059) (SP)

Performance Element: Employ leadership skills to achieve workplace objectives.

Performance Indicators:

• Explain the concept of leadership (EI:009) (CS)

• Explain the nature of ethical leadership (EI:131) (CS)

• Model ethical behavior (EI:132) (CS)

• Determine personal vision (EI:063) (CS)

• Inspire others (EI:133) (CS)

• Demonstrate adaptability (EI:006) (CS)

• Develop an achievement orientation (EI:027) (CS)

• Challenge the status quo (EI:134) (CS)

• Lead change (EI:005) (CS)

• Enlist others in working toward a shared vision (EI:060) (CS)

• Coach others (EI:041) (CS)

• Use power appropriately (EI:135) (SP)

• Recognize/Reward others for their efforts and contributions (EI:014) (SP)

Performance Element: Manage internal and external business relationships to foster positive interactions.

Performance Indicators:

• Treat others with dignity and respect (EI:036) (PQ)

• Foster positive working relationships (EI:037) (CS)

• Consider conflicting viewpoints (EI:136) (CS)

• Assess long-term value and impact of actions on others (EI:137) (SP)

• Maintain collaborative partnerships with colleagues (EI:061) (SP)

• Explain the impact of political relationships within an organization (EI:034) (SP)

• Explain the nature of organizational culture (EI:064) (SP)

• Interpret and adapt to a business's culture (EI:112) (SP)

Entrepreneurship (EN)

Standard: Understands the concepts, processes, and skills associated with identifying new ideas, opportunities, and methods and with creating or starting a new project or venture

Performance Element: Understand fundamental factors about entrepreneurship to recognize its role and importance in the economy

Performance Indicators:

• Describe the nature of entrepreneurship (EN:039) (SP)

• Explain the role requirements of entrepreneurs and owners (EN:040) (SP)

• Describe the use of business ethics in entrepreneurship (EN:044) (SP)

• Describe small-business opportunities in international trade (EN:041) (SP)

Financial Analysis (FI)

https://quizlet.com/469058439/deca-financial-analysis-flash-cards/

https://quizlet.com/668485051/financial-analysis-fi-flash-cards/

Standard: Understands tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources

Performance Element: Understand the fundamental principles of money needed to make financial exchanges.

Performance Indicators:

• Explain forms of financial exchange (cash, credit, debit, electronic funds transfer, etc.) (FI:058) (PQ

  1. Cash:

     - Description: Physical currency notes and coins. Uses: Direct, immediate payment for goods and services. Cash is widely accepted and doesn't require electronic infrastructure. It's also useful for transactions where anonymity is desired.

     2. Credit:

     - Description: A contractual agreement where a borrower receives something of value (like goods or services) now and agrees to repay the lender at a later date, often with interest. Uses: Allows consumers and businesses to make purchases without immediate cash. Credit cards, loans, and lines of credit are common examples.

     3. Debit:

     - Description: Allows users to deduct money directly from their bank account to pay for purchases. Uses: Direct access to funds available in a checking or savings account. Often used for everyday transactions like groceries, bills, and online purchases.

     4. Electronic Funds Transfer (EFT):

     - Description: The electronic movement of money from one bank account to another, typically initiated through online banking, mobile apps, or other electronic means. Uses: Used for various purposes such as salary deposits, bill payments, transferring money between accounts, and making online purchases.

     5. Wire Transfer:

     - Description: A method of electronic funds transfer from one person or entity to another, often across different banks or countries. Uses: Typically used for large transactions or international transfers. It's fast and secure but may involve fees.

     6. Mobile Payments:

     - Description: Payments made using mobile devices, often through apps or digital wallets. Uses: Convenient for consumers to make payments using smartphones for goods, services, or peer-to-peer transfers. Examples include Apple Pay, Google Pay, and Samsung Pay.

     7. Checks:

     - Description: Written orders to a bank to pay a specific amount from one person's account to another. Uses: Used for payments where electronic means are not feasible or desired. Checks can be mailed, handed over in person, or deposited remotely using mobile banking apps.

• Identify types of currency (paper money, coins, banknotes, government bonds, treasury notes, etc. ) (FI:059) (PQ)

• Describe functions of money (medium of exchange, unit of measure, store of value) (FI:060) (PQ)

• Describe sources of income (wages/salaries, interest, rent, dividends, transfer payments, etc.) (FI:061) (PQ)

• Explain the time value of money (FI:062) (CS)

• Explain the purposes and importance of credit (FI:002) (CS)

• Explain legal responsibilities associated with financial exchanges (FI:063) (CS)

Performance Element: Analyze financial needs and goals to determine financial requirements.

Performance Indicators:

Explain the need to save and invest (FI:270) (CS)

Set financial goals (FI:065) (CS)

Develop personal budget (FI:066) (CS)

Determine personal net worth (FI:562) (CS)

Performance Element: Manage personal finances to achieve financial goals.

Performance Indicators:

• Explain the nature of tax liabilities (FI:067) (PQ)

• Interpret a pay stub (FI:068) (PQ)

• Prepare bank account documents (e.g., checks, deposit/withdrawal slips, endorsements, etc.) (FI:560) (PQ)

• Maintain financial records (FI:069) (PQ)

• Read and reconcile bank statements (FI:070) (PQ)

• Calculate the cost of credit (FI:782) (CS)

• Demonstrate the wise use of credit (FI:071) (CS)

• Validate credit history (FI:072) (CS)

• Make responsible financial decisions (FI:783) (CS)

• Protect against identity theft (FI:073) (CS)

• Pay bills (FI:565) (CS)

• Apply for a consumer loan (FI:625) (SP)

• Control debt (FI:568) (CS)

• Prepare personal income tax forms (FI:074) (CS)

• Discuss the nature of retirement planning (FI:569) (CS)

• Explain the nature of estate planning (FI:572) (CS)

Performance Element: Understand the use of financial-services providers to aid in financial-goal achievement.

Performance Indicators:

• Describe types of financial-services providers (FI:075) (CS)

• Discuss considerations in selecting a financial-services provider (FI:076) (CS)

Performance Element: Use investment strategies to ensure financial well-being.

Performance Indicators: Explain types of investments (FI:077) (CS)

Performance Element: Use risk management products to protect a business’s financial well-being.

Performance Indicators: Describe the concept of insurance (FI:081) (CS)

Performance Element: Acquire a foundational knowledge of accounting to understand its nature and scope.

Performance Indicators:

• Describe the need for financial information (FI:579) (CS)

• Explain the concept of accounting (FI:085) (CS)

• Discuss the role of ethics in accounting (FI:351) (SP)

• Explain the use of technology in accounting (FI:352) (SP)

• Explain legal considerations for accounting (FI:353) (SP)

Performance Element: Implement accounting procedures to track money flow and to determine financial status.

Performance Indicators:

• Describe the nature of cash flow statements (FI:091) (SP)

• Explain the nature of balance sheets (FI:093) (SP)

• Describe the nature of income statements (FI:094) (SP)

Performance Element: Acquire a foundational knowledge of finance to understand its nature and scope.

Performance Indicators:

Explain the role of finance in business (FI:354) (CS)

Discuss the role of ethics in finance (FI:355) (SP)

Explain legal considerations for finance (FI:356) (SP)

Performance Element: Manage financial resources to ensure solvency.

Performance Indicators: Describe the nature of budgets (FI:106) (SP)

Human Resources Management (HR)

https://quizlet.com/71880559/deca-competitive-events-human-resource-management-flash-cards/

Standard: Understands the tools, techniques, and systems that businesses use to plan, staff, lead, and organize its human resources

Performance Element: Understand the role and function of human resources management to obtain a foundational knowledge of its nature and scope.

Performance Indicators:

• Discuss the nature of human resources management (HR:410) (CS)

• Explain the role of ethics in human resources management (HR:411) (SP)

• Describe the use of technology in human resources management (HR:412) (SP)

• Performance Element: Manage staff growth and development to increase productivity and employee satisfaction.

• Performance Indicators: Orient new employees (HR:360) (CS)

Marketing (MK)

https://quizlet.com/71881058/deca-competitive-events-marketing-operations-flash-cards/?funnelUUID=f4f9bba9-06ed-448a-b1a3-83265d71c013

Standard: Understands the tools, techniques, and systems that businesses use to create exchanges and satisfy organizational objectives

Performance Element: Understand marketing's role and function in business to facilitate economic exchanges with customers.

Performance Indicators:

• Explain marketing and its importance in a global economy (MK:001) (CS)

• Describe marketing functions and related activities (MK:002) (CS)

Performance Element: Acquire foundational knowledge of customer/client/business behavior to understand what motivates decision-making.

Performance Indicators:

• Explain factors that influence customer/client/business buying behavior (MK:014) (SP)

• Discuss actions employees can take to achieve the company's desired results (MK:015) (SP)

• Demonstrate connections between company actions and results (e.g., influencing consumer buying behavior, gaining market share, etc.) (MK:019) (SP)

Information Management (NF)

https://quizlet.com/550570887/instructional-area-information-management-flash-cards/

Standard: Understands tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making Performance Element: Use information literacy skills to increase workplace efficiency and effectiveness. Performance Indicators: Assess information needs (NF:077) (CS) Obtain needed information efficiently (NF:078) (CS) Evaluate quality and source of information (NF:079) (CS) Draw conclusions based on information analysis (NF:278) (CS) Apply information to accomplish a task (NF:080) (CS) Store information for future use (NF:081) (CS) Performance Element: Acquire a foundational knowledge of information management to understand its nature and scope. Performance Indicators: Discuss the nature of information management (NF:110) (CS) Explain the role of ethics in information management (NF:111) (SP) Explain legal issues associated with information management (NF:076) (SP) Performance Element: Utilize information-technology tools to manage and perform work responsibilities. Performance Indicators: Identify ways that technology impacts business (NF:003) (PQ) Explain the role of information systems (NF:083) (PQ) Discuss principles of computer systems (NF:084) (PQ) Use basic operating systems (NF:085) (PQ) Describe the scope of the Internet (NF:086) (PQ) Demonstrate basic e-mail functions (NF:004) (PQ) Demonstrate personal information management/productivity applications (NF:005) (PQ) Demonstrate basic web-search skills (NF:006) (PQ) Demonstrate basic word processing skills (NF:007) (PQ) Demonstrate basic presentation applications (NF:008) (PQ) Demonstrate basic database applications (NF:009) (PQ) Demonstrate basic spreadsheet applications (NF:010) (PQ) Use an integrated business software application package (NF:088) (CS) Demonstrate collaborative/groupware applications (NF:011) (CS) Create and post basic web page (NF:042) (CS) Collaborate on and aggregate complex internal documents to create a common voice (NF:215) (SP)

Operations (OP)

https://quizlet.com/547412684/deca-operations-pis-rfsm-flash-cards

Professional Development (PD)

https://quizlet.com/480699808/deca-professional-development-flash-cards

https://quizlet.com/71881535/deca-competitive-events-professional-development-flash-cards/?funnelUUID=a65a1091-f69f-4dba-befb-4c89a240838d

Strategic Management (SM)

Marketing Core

https://quizlet.com/778337166/tier-2-btdm-pis-flash-cards/

https://quizlet.com/469742150/marketing-cluster-pi-flash-cards/

Professional Development (PD)

Standard: Understands concepts, tools, and strategies used to explore, obtain, and develop in a business career

Performance Element: Understand responsibilities in marketing to demonstrate ethical/legal behavior.

Performance Indicators: Explain the need for professional and ethical standards in marketing (PD:137) (SP)

Performance Element: Participate in career planning to enhance job-success potential.

Performance Indicators:

• Explain employment opportunities in marketing (PD:024) (CS)

  • Advertising Manager, oversees advertising campaigns, collaborating with creative teams, managing budgets, and ensuring effective outreach to target audiences. Similarly, Brand Managers focus on developing and maintaining brand identity, formulating strategies for brand promotion, product positioning, and conducting market research to ensure brand relevance and growth.

  • For those inclined towards data analysis, Market Research Analysts collect and analyze data on consumer preferences, market trends, and competitor activities to inform strategic marketing decisions. Digital Marketing Specialists/Managers have emerged, emphasizing expertise in online marketing campaigns across platforms like social media, email, search engines, and websites.

  • Public relations (PR) specialists or managers play a pivotal role in managing a company's public image, handling media relations, crafting press releases, organizing events, and addressing public concerns or crises.

  • Content Marketing Managers or Writers crucial for creating valuable content like blogs, videos, and infographics to attract and engage audiences, drive website traffic, and support overarching marketing objectives.

  • At a strategic level, Sales and Marketing Directors oversee an organization's comprehensive marketing and sales efforts, developing strategies, managing teams, and ensuring alignment with business goals.

  • Other specialized roles within marketing include Product Marketing Managers, focusing on promoting specific products or services; Event Coordinators/Managers, organizing events such as trade shows and product launches

Product/Service Management (PM)

Standard: Understands the concepts and processes needed to obtain, develop, maintain, and improve a product or service mix in response to market opportunities and to build brand for the organization

Performance Element: Acquire a foundational knowledge of product/service management to understand its nature and scope.

Performance Indicators:

• Explain the nature and scope of the product/service management function (PM:001) (SP)

• Identify the impact of product life cycles on marketing decisions (PM:024) (SP)

  • Introduction Stage:

    • Impact on Marketing Decisions: During this stage, the primary goal is to create awareness and stimulate demand for the new product. Marketing efforts focus on building product awareness, educating consumers, and establishing a market presence.

    • Decisions: Pricing strategies may involve penetration pricing to attract early adopters. Promotional activities emphasize product features, benefits, and differentiation. Distribution channels are selected to ensure widespread availability.

  • Growth Stage:

    • Impact on Marketing Decisions: As sales and market acceptance increase, marketing strategies shift towards building brand preference, expanding market share, and maximizing profitability.

    • Decisions: Pricing may be adjusted based on competition and market demand. Advertising focuses on brand building and differentiation. Distribution channels are expanded, and promotional efforts aim to retain loyal customers and attract new segments.

  • Maturity Stage:

    • Impact on Marketing Decisions: Sales growth slows, competition intensifies, and market saturation becomes evident. The focus shifts to maintaining market share, optimizing profitability, and extending product life cycle.

    • Decisions: Pricing strategies may involve cost reductions, discounts, or value-added offers to maintain competitiveness. Marketing efforts emphasize product differentiation, brand loyalty, and customer retention. Product improvements, diversification, or line extensions may be explored to reinvigorate interest.

  • Decline Stage:

    • Impact on Marketing Decisions: Sales decline, customer interest wanes, and profitability diminishes. The primary objective is to manage product discontinuation, minimize losses, and transition resources to other products or innovations.

    • Decisions: Marketing strategies may involve phasing out promotional efforts, reducing inventory, and discontinuing unprofitable variants. Pricing may be adjusted to liquidate remaining stock or target niche markets. Resources are reallocated to support new product development or alternative growth opportunities.

• Describe the use of technology in the product/service management function (PM:039) (SP)

• Explain business ethics in product/service management (PM:040) (SP)

Performance Element: Generate product ideas to contribute to ongoing business success.

Performance Indicators:

• Identify product opportunities (PM:134) (SP)

• Identify methods/techniques to generate a product idea (PM:127) (SP)

• Generate product ideas (PM:128) (SP)

Performance Element: Apply quality assurances to enhance product/service offerings.

Performance Indicators:

• Describe the uses of grades and standards in marketing (PM:019) (CS)

• Explain warranties and guarantees (PM:020) (CS)

• Identify consumer protection provisions of appropriate agencies (PM:017) (SP)

Performance Element: Employ product-mix strategies to meet customer expectations.

Performance Indicators:

• Explain the concept of product mix (PM:003) (SP)

  Product Lines: These are groups of related products that serve a similar market segment or fulfill a specific customer need. For example, a clothing company might have product lines for men's wear, women's wear, and children's wear.

  Product Width: Refers to the number of different product lines that a company offers. A broader product width means offering a variety of product lines, while a narrower width focuses on fewer lines.

  Product Depth: Indicates the variety of products within each product line. It includes different variations, sizes, flavors, or models of a particular product. For instance, a smartphone company might offer various models with different features and specifications within its product line.

  Product Length: Represents the total number of products within a company's entire product mix, considering all product lines and variations. It reflects the company's range and diversity in terms of offerings.

• Describe the nature of product bundling (PM:041) (SP)

Performance Element: Position company to acquire desired business image.

Performance Indicators:

Explain the nature of corporate branding (PM:206) (SP)

• Describe factors used by businesses to position corporate brands (PM:207) (SP)

• Identify customer touch points (PM:277) (SP)

• Performance Element: Position products/services to acquire desired business image.

• Performance Indicators:

• Describe factors used by marketers to position products/services (PM:042) (SP)

• Explain the nature of product/service branding (PM:021) (SP)

• Describe the role of customer voice in branding (PM:276) (SP)

Channel Management (CM)

Standard: Understands the concepts and processes needed to identify, select, monitor, and evaluate sales channels

Performance Element: Acquire foundational knowledge of channel management to understand its role in marketing.

Performance Indicators:

• Explain the nature and scope of channel management (CM:001) (CS)

  1. Channel Selection: Identifying and selecting the most appropriate channels based on the target audience's preferences, behaviors, and expectations. This may involve conducting market research, analyzing customer data, and evaluating channel effectiveness.

     Digital Channels:

     1. Websites: A primary platform where businesses provide information, sell products/services, and interact with customers.

     2. Social Media Platforms: Platforms like Facebook, Instagram, Twitter, LinkedIn, Pinterest, and TikTok where businesses engage with audiences through posts, ads, messages, and comments.

     3. Email: Sending newsletters, promotional offers, transactional emails, and personalized communication directly to customers' email addresses.

     4. Mobile Apps: Applications developed for smartphones and tablets that offer services, products, information, and customer support.

     5. Live Chat: Real-time communication on websites or apps allowing customers to interact with businesses instantly.

     Traditional Channels:

     1. Physical Stores: Brick-and-mortar locations where customers can purchase products, seek assistance, or engage with sales representatives in person.

     2. Direct Mail: Sending promotional materials, catalogs, brochures, and offers via postal mail to customers' addresses.

     3. Telephone: Providing customer support, sales, and assistance through phone calls.

     4. Print Media: Advertising in newspapers, magazines, brochures, flyers, and other printed materials.

     5. Television and Radio: Broadcasting advertisements, promotions, and content on television and radio stations to reach a broader audience.

  2. Channel Design: Developing and designing each channel to ensure it aligns with the organization's brand image, values, and customer service standards. This includes creating user-friendly interfaces, implementing relevant features, and ensuring accessibility across devices and platforms.

  3. Channel Integration: Establishing seamless integration between various channels to facilitate a consistent and unified customer experience. This involves synchronizing data, processes, and communication channels to ensure continuity and coherence throughout the customer journey.

  4. Performance Monitoring: Continuously monitoring and evaluating each channel's performance using relevant metrics and KPIs. This includes analyzing customer engagement, satisfaction levels, conversion rates, and other key indicators to identify areas for improvement and optimization.

  5. Feedback and Improvement: Collecting customer feedback and insights from various channels to identify opportunities for enhancement and improvement. This involves gathering customer opinions, preferences, and suggestions to inform strategic decisions and initiatives.

• Explain the nature of channels of distribution (CM:003) (CS)

  • Manufacturer:

    • Role: Produces goods or services, initiates the distribution process, and sells products to other channel members or directly to consumers.

    • Functions: Product development, production, quality control, pricing, branding, and initial marketing.

  • Vendor/Supplier:

    • Role: Supplies products, components, materials, or services to manufacturers, wholesalers, distributors, retailers, businesses, or other entities within the supply chain.

    • Functions: Manufacturing, sourcing, product supply, inventory management, order fulfillment, quality assurance, and collaborative partnerships.

  • Wholesaler/Distributor:

    • Role: Acts as an intermediary between manufacturers and retailers or other wholesalers, purchasing products in bulk and distributing them to downstream partners.

    • Functions: Bulk purchasing, inventory management, storage, transportation, order fulfillment, and supplying products to retailers or other businesses.

  • Retailer:

    • Role: Purchases products from wholesalers or directly from manufacturers and sells them to end consumers through physical stores, online platforms, or other sales channels.

    • Functions: Merchandising, customer service, sales, marketing, inventory management, and providing a point of purchase for consumers.

  • Agent/Broker:

    • Role: Represents manufacturers, wholesalers, or other entities by facilitating transactions, negotiations, and sales between producers and retailers or consumers without taking ownership of the products.

    • Functions: Market representation, sales negotiations, contract facilitation, customer relationship management, and commission-based transactions.

  • Businesses:

    • Role: Engage in B2B transactions by purchasing products or services from manufacturers, wholesalers, distributors, or vendors to support their operations, resell products, or integrate into their offerings.

    • Functions: Procurement, supply chain management, inventory stocking, business operations, product integration, and value-added services.

• Describe the use of technology in the channel management function (CM:004) (CS)

• Explain legal considerations in channel management (CM:005) (SP)

• Describe ethical considerations in channel management (CM:006) (SP)

Performance Element: Manage channel activities to minimize costs and to determine distribution strategies.

Performance Indicators:

• Coordinate channel management with other marketing activities (CM:007) (SP)

  1. Integrated Strategy Development:

  • Begin by developing an integrated marketing strategy that aligns with your overall business goals.

  • Ensure that channel management goals and strategies are consistent with the broader marketing plan.

  2. Unified Messaging:

  • Maintain a consistent and unified message across all channels. This includes advertising, social media, email, and other communication channels.

  • Ensure that the messaging supports the overall brand image and positioning.

  3. Cross-Channel Promotion:

  • Implement cross-channel promotions that leverage the strengths of each channel. For example, promote an online offer in-store and vice versa.

  • Use one channel to drive traffic to another, creating a cohesive customer journey.

  8. Performance Tracking:

  • Implement a robust analytics system to track the performance of different channels.

  • Use key performance indicators (KPIs) to evaluate the effectiveness of each channel and adjust strategies accordingly.

• Explain the nature of channel-member relationships (CM:008) (SP)

• Explain the nature of affinity partner relationships (CM:021) (SP)

Performance Element: Evaluate marketing research procedures and findings to assess their credibility.

Performance Indicators:

• Identify sources of error in a research project (e.g., response errors, interviewer errors, nonresponse errors, sample design) (IM:292) (SP)

• Evaluate questionnaire design (e.g., types of questions, question wording, routing, sequencing, length, layout) (IM:293) (SP)

• Assess appropriateness of marketing research for the problem/issue (e.g., research methods, sources of information, timeliness of information, etc.) (IM:428) (SP)

Marketing-Information Management (IM)

Standard: Understands the concepts, systems, and tools needed to gather, access, synthesize, evaluate, and disseminate information for use in making business decisions

Performance Element: Acquire foundational knowledge of marketing-information management to understand its nature and scope.

Performance Indicators:

• Describe the need for marketing data (IM:012) (CS)

• Identify data monitored for marketing decision making (IM:184) (SP)

• Explain the nature and scope of the marketing-information management function (IM:001) (SP)

• Explain the role of ethics in marketing-information management (IM:025) (SP)

• Describe the use of technology in the marketing-information management function (IM:183) (SP)

  Data Analytics & Visualization:

  • Analytics Tools: Leverage advanced analytics, machine learning, artificial intelligence, predictive modeling, statistical analysis, data mining, and visualization tools to analyze large volumes of data, identify patterns, trends, correlations, insights, opportunities, and anomalies within marketing campaigns, customer segments, market dynamics, competitive landscapes, and industry trends.

  • Dashboards & Reporting: Develop customized dashboards, real-time reports, interactive visualizations, performance metrics, KPIs, benchmarks, and actionable insights to monitor, measure, evaluate, optimize, and report marketing performance, ROI, attribution, efficiency, effectiveness, and alignment with organizational goals.

  3. Market Research & Competitive Intelligence:

  • Research Platforms: Utilize online surveys, focus groups, panels, communities, sentiment analysis, social listening, web scraping, competitive analysis, industry reports, market trends, consumer insights, and third-party data sources to gather market intelligence, customer feedback, competitor strategies, innovation opportunities, emerging trends, and industry benchmarks.

  • Insights Generation: Apply technology-driven tools, algorithms, platforms, and methodologies to generate actionable insights, recommendations, strategies, forecasts, scenarios, and solutions based on market research, data analysis, consumer behavior, customer segmentation, and competitive dynamics.

• Describe the regulation of marketing-information management (IM:419) (SP)

Performance Element: Understand marketing-research activities to show command of their nature and scope.

Performance Indicators:

• Explain the nature of marketing research (IM:010) (SP)

• Discuss the nature of marketing research problems/issues (IM:282) (SP)

Performance Element: Understand marketing-research design considerations to evaluate their appropriateness for the research problem/issue.

Performance Indicators:

• Describe methods used to design marketing research studies (i.e., descriptive, exploratory, and causal) (IM:284) (SP)

• Describe options businesses use to obtain marketing research data (i.e., primary and secondary research) (IM:281) (SP)

• Discuss the nature of sampling plans (i.e., who, how many, how chosen) (IM:285) (SP)

Performance Element: Understand data-collection methods to evaluate their appropriateness for the research problem/issue.

Performance Indicators:

• Describe data-collection methods (e.g., observations, mail, diaries, telephone, Internet, discussion groups, interviews, scanners, tracking tools) (IM:289) (SP)

• Explain characteristics of effective data-collection instruments (IM:418) (SP)

Performance Element: Interpret marketing information to test hypotheses and/or to resolve issues.

Performance Indicators:

• Explain techniques for processing marketing data (IM:062) (SP)

• Monitor/measure customer “buzz” (IM:469) (SP)

• Explain the use of descriptive statistics in marketing decision making (IM:191) (SP)

Performance Element: Evaluate marketing research procedures and findings to assess their credibility.

Performance Indicators:

• Identify sources of error in a research project (e.g., response errors, interviewer errors, nonresponse errors, sample design) (IM:292) (SP)

• Evaluate questionnaire design (e.g., types of questions, question wording, routing, sequencing, length, layout) (IM:293) (SP)

• Assess appropriateness of marketing research for the problem/issue (e.g., research methods, sources of information, timeliness of information, etc.) (IM:428) (SP)

Market Planning (MP)

Standard: Understands the concepts and strategies utilized to determine and target marketing strategies to a select audience

Performance Element: Develop marketing strategies to guide marketing tactics.

Performance Indicators: Explain the concept of marketing strategies (MP:001) (CS)

• Marketing strategies encompass a range of activities aimed at promoting products or services, building brand awareness, attracting and retaining customers, and driving business growth.

  • Target Audience Identification: Define and understand the target audience's demographics, psychographics, behaviors, needs, and preferences to tailor marketing efforts effectively.

  • Market Analysis: Conduct thorough market research and analysis to identify market trends, competitors, opportunities, and threats. This involves assessing the competitive landscape, consumer demand, industry dynamics, and market segmentation.

  • Positioning and Branding: Establish a clear and compelling brand identity and positioning that differentiates your products or services from competitors. Develop branding elements such as logos, slogans, messaging, and visual aesthetics that resonate with the target audience.

  • Marketing Mix (4Ps):

    • Product: Define the product or service offerings, features, benefits, and value proposition that meet customer needs and expectations.

    • Price: Determine pricing strategies, discounts, promotions, and pricing models based on market dynamics, competition, cost structure, and perceived value.

    • Place: Select and optimize distribution channels, locations, and logistics to ensure products or services are readily available and accessible to customers.

    • Promotion: Develop promotional strategies and tactics such as advertising, public relations, sales promotions, content marketing, social media marketing, and influencer partnerships to raise awareness and generate demand.

Performance Element: Select target market appropriate for product/business to obtain the best return on marketing investment (ROMI).

Performance Indicators: Explain the concept of market and market identification (MP:003) (CS)

• Market Definition:

  • Define the specific market(s) in terms of geographical location, industry sector, product category, customer segment, or other relevant criteria.

  • Identify the size, scope, growth potential, and dynamics of the target market(s) to assess opportunities and challenges.

• Market Segmentation:

  • Segment the target market(s) into distinct groups based on shared characteristics, needs, behaviors, preferences, or demographics.

  • Develop customer profiles or personas for each segment to understand their unique requirements, expectations, motivations, and purchasing behavior.

• Market Analysis:

  • Conduct comprehensive market research and analysis to gather insights into customer needs, preferences, trends, competitors, industry dynamics, and market opportunities.

  • Evaluate market trends, competitive landscape, regulatory environment, economic factors, technological advancements, and other external influences affecting the target market(s).

• Customer Identification:

  • Identify and profile potential customers within the target market(s) who are most likely to purchase or engage with the products or services offered.

  • Analyze customer demographics, psychographics, behaviors, purchasing patterns, decision-making processes, and pain points to tailor marketing and customer service strategies effectively.

• Market Positioning:

  • Develop a clear and compelling market positioning strategy that differentiates the brand, products, or services from competitors within the target market(s).

  • Establish a unique value proposition, brand identity, messaging, and positioning that resonates with the identified market segments.

• Targeting Strategies:

  • Develop targeted marketing, sales, and customer service strategies tailored to address the specific needs, preferences, and expectations of each identified market segment.

  • Customize products, services, pricing, promotion, distribution channels, and customer experiences to align with the target market(s).

Performance Element: Employ marketing-information to plan marketing activities.

Performance Indicators:

• Explain the nature of marketing planning (MP:006) (SP)

  The nature of marketing planning (MP:006) involves a systematic process that outlines how a business will achieve its marketing objectives within a specific time frame. It encompasses market research, setting objectives, identifying target audiences, developing strategies and tactics, allocating resources, and evaluating performance. The goal is to align marketing efforts with overall business goals, anticipate market trends, allocate resources efficiently, and measure success through key performance indicators.

• Explain the nature of marketing plans (MP:007) (SP)

  A marketing plan is a written document that details the business' marketing and advertising goals and action plan for the coming year. The marketing plan typically includes a

  • situational SWOT analysis

  • a discussion of target markets and the positioning strategy

  • marketing objectives

  • marketing mix (product price place promotion)

  • budget

• Explain the role of situation analysis in the marketing planning process (MP:008) (SP)

  Components of SWOT Analysis:

  1. Strengths (Internal):

     • Definition: Strengths refer to factors that provide a competitive edge.

     • Examples: Strong brand reputation, proprietary technology, skilled workforce, robust financial resources, loyal customer base, innovative products/services, effective marketing strategies, operational efficiencies, and strategic partnerships.

  2. Weaknesses (Internal):

     • Examples: Limited financial resources, outdated technology, lack of expertise, inadequate infrastructure, poor brand awareness, inefficient processes, high costs, low profitability, weak market presence, and negative customer perceptions.

  3. Opportunities (External):

     • Definition: Opportunities are external trends, innovations, market dynamics, customer preferences, regulatory shifts, and conditions that organizations can capitalize on.

     • Examples: Emerging markets, technological advancements, changing consumer preferences, market trends, untapped customer segments, strategic partnerships, mergers and acquisitions, regulatory reforms, global expansion, and industry developments.

  4. Threats (External):

     • Definition: Threats are external challenges, risks, uncertainties, obstacles, disruptions, competitive pressures, market forces, trends, changes, and factors that may negatively impact performance, competitiveness, growth, profitability, sustainability, and success.

     • Examples: Intense competition, economic downturns, market saturation, regulatory changes, political instability, technological disruptions, supply chain disruptions, cybersecurity threats, changing consumer behavior, price wars, and industry challenges.

• Explain the nature of sales forecasts (MP:013) (SP)

Pricing (PI)

Standard: Understands concepts and strategies utilized in determining and adjusting prices to maximize return and meet customers' perceptions of value

Performance Element: Develop a foundational knowledge of pricing to understand its role.

Performance Indicators:

• Explain the nature and scope of the pricing function (PI:001) (SP)

  The nature and scope of the pricing function (PI:001) involve determining the appropriate price for products or services offered by a business. This function encompasses various elements such as cost analysis, competitor pricing analysis, customer demand, and perceived value. The scope includes setting initial prices, adjusting prices over time based on market conditions, implementing discount strategies, managing pricing tiers for different customer segments, and considering factors like promotional pricing and psychological pricing strategies. Effective pricing aims to maximize profits, maintain competitiveness, and ensure customer value perception.

• Describe the role of business ethics in pricing (PI:015) (SP)

• Explain the use of technology in the pricing function (PI:016) (SP)

• Explain legal considerations for pricing (PI:017) (SP)

• Explain factors affecting pricing decisions (PI:002) (SP)

Promotion (PR)

Standard: Understands the concepts and strategies needed to communicate information about products, services, images, and/or ideas to achieve a desired outcome

Performance Element: Acquire a foundational knowledge of promotion to understand its nature and scope.

Performance Indicators:

• Explain the role of promotion as a marketing function (PR:001) (CS)

• Explain the types of promotion (i.e., institutional, product) (PR:002) (CS)

  • Institutional Promotion:

    • Focus: Institutional promotion focuses on promoting the overall image, reputation, and identity of the company or organization itself rather than specific products or services.

    • Goals: The primary goals of institutional promotion include building brand awareness, establishing a positive corporate image, and fostering goodwill in the market.

    • Methods: Institutional promotion often involves advertising campaigns that highlight the company's values, mission, and contributions to society. It may also include public relations efforts, sponsorships, and corporate social responsibility (CSR) activities.

  • Product Promotion:

    • Focus: Product promotion centers around specific goods or services offered by a company. The goal is to increase sales, create demand, and differentiate the product from competitors in the market.

    • Types:

      • Advertising: Using paid media channels (TV, radio, print, online) to promote a product. It can include creative elements like visuals, jingles, and slogans.

      • Sales Promotion: Short-term incentives or discounts designed to encourage immediate purchases. This includes techniques like coupons, discounts, contests, and rebates.

      • Personal Selling: Direct interaction between a sales representative and potential buyers. This method is particularly effective for high-value or complex products.

      • Public Relations: Managing the relationship between the company and the public. This can involve press releases, events, and other efforts to generate positive media coverage.

      • Direct Marketing: Directly reaching out to individual customers through channels like email, direct mail, or telemarketing. This allows for personalized communication.

• Identify the elements of the promotional mix (PR:003) (SP)

• Describe the use of business ethics in promotion (PR:099) (SP)

• Describe the use of technology in the promotion function (PR:100) (SP)

• Describe the regulation of promotion (PR:101) (SP)

Performance Element: Understand promotional channels used to communicate with targeted audiences.

Performance Indicators:

• Explain types of advertising media (PR:007) (SP)

• Describe word-of-mouth channels used to communicate with targeted audiences (PR:247) (SP)

• Explain the nature of direct marketing channels (PR:089) (SP)

• Identify communications channels used in sales promotion (PR:249) (SP)

• Explain communications channels used in public-relations activities (PR:250) (SP)

Performance Element: Understand the use of an advertisement's components to communicate with targeted audiences.

Performance Indicators:

• Explain the components of advertisements (PR:014) (SP)

• Explain the importance of coordinating elements in advertisements (PR:251) (SP)

Performance Element: Understand the use of public-relations activities to communicate with targeted audiences.

Performance Indicators:

• Identify types of public-relations activities (PR:252) (SP)

• Discuss internal and external audiences for public-relations activities (PR:253) (SP)

Selling (SE)

Standard: Understands the concepts and actions needed to determine client needs and wants and respond through planned, personalized communication that influences purchase decisions and enhances future business opportunities

Performance Element: Acquire a foundational knowledge of selling to understand its nature and scope.

Performance Indicators:

• Explain the nature and scope of the selling function (SE:017) (CS)

• Explain the role of customer service as a component of selling relationships (SE:076) (CS)

• Explain company selling policies (SE:932) (CS)

  -Company selling policies guide the rules for training, compensation, legal and ethical issues, and sales quotas.
  
  -Company policies for training ensure that sales representatives know the product or service they are selling and present those in a way reflective of the business.
  
  -Compensation and sales quotas of a company are communicated through various policies to ensure clear expectations for the sales force.
  
  -Company sales policies also instruct sales representatives on how to conduct legal contracts and ethical sales practices.

• Explain key factors in building a clientele (SE:828) (SP)

  • When building a clientele, there are 3 main factors that must be considered.

  • The first factor is making the sale, which includes all activities that sales representatives perform when interacting with consumers during the selling process.

  • The second factor is after-sales activities, which includes order processing and payment, the customer's departure from the store, follow-up after the purchase, customer service and tracking, and evaluation of employee performance.

  • The third factor is customer relationship management, which involves seeking out customers and keeping them satisfied with the use of technology and customer loyalty techniques.

• Explain legal and ethical considerations in selling (SE:106) (SP)

• Describe the use of technology in the selling function (SE:107) (SP)

Performance Element: Acquire product knowledge to communicate product benefits and to ensure the appropriateness of product for the customer.

Performance Indicators:

• Acquire product information for use in selling (SE:062) (CS)

• Analyze product information to identify product features and benefits (SE:109) (SP)

Performance Element: Understand sales processes and techniques to enhance customer relationships and to increase the likelihood of making sales.

Performance Indicators:

• Explain the selling process (SE:048) (CS)

• Discuss motivational theories that impact buying behavior (SE:359) (SP)

  • Motivational theories play a significant role in influencing consumer buying behavior. One prominent theory is Maslow's Hierarchy of Needs, suggesting that people prioritize needs like physiological, safety, social, esteem, and self-actualization. Marketers often tailor messages to align with these needs.

    • Physiological Needs: These are basic necessities like food, water, and shelter.

    • Safety Needs: Security and stability are crucial. Products like insurance, alarm systems, and durable goods may cater to these needs.

    • Social Needs: Humans seek belongingness and social interactions. Brands often create marketing campaigns emphasizing social connections or promote products as a means of social acceptance.

    • Esteem Needs: Individuals desire recognition and respect. Luxury items, prestigious brands, or products associated with success often appeal to these needs.

    • Self-Actualization: The desire for self-fulfillment and personal growth. Products positioning themselves as tools for self-improvement or personal development may attract consumers at this level

  • Another theory is Herzberg's Two-Factor Theory, which distinguishes between hygiene factors (job dissatisfaction prevention) and motivators (job satisfaction enhancement). Translating this to consumer behavior, marketers aim to address both basic product attributes (hygiene factors) and unique selling points (motivators).

  • Additionally, the Expectancy-Value Theory highlights that consumers assess the likelihood of benefits and multiply them by the perceived value. Businesses strive to enhance positive expectations and emphasize the value proposition of their products or services. Marketers need to communicate and enhance the perceived benefits while ensuring that the price aligns with the perceived value.

Marketing Management Terms

• Explain the Nature of Marketing Plans

  • A marketing plan is a written document that details the business' marketing and advertising goals and action plan for the coming year. The marketing plan typically includes a

    • situational SWOT analysis

    • a discussion of target markets and the positioning strategy

    • marketing objectives

    • marketing mix (product price place promotion)

    • budget

• Explain the concept of marketing strategies

  • Marketing strategies encompass a range of activities aimed at promoting products or services, building brand awareness, attracting and retaining customers, and driving business growth.

    • Target Audience Identification: Define and understand the target audience's demographics, psychographics, behaviors, needs, and preferences to tailor marketing efforts effectively.

    • Market Analysis: Conduct thorough market research and analysis to identify market trends, competitors, opportunities, and threats. This involves assessing the competitive landscape, consumer demand, industry dynamics, and market segmentation.

    • Positioning and Branding: Establish a clear and compelling brand identity and positioning that differentiates your products or services from competitors. Develop branding elements such as logos, slogans, messaging, and visual aesthetics that resonate with the target audience.

    • Marketing Mix (4Ps):

      • Product: Define the product or service offerings, features, benefits, and value proposition that meet customer needs and expectations.

      • Price: Determine pricing strategies, discounts, promotions, and pricing models based on market dynamics, competition, cost structure, and perceived value.

      • Place: Select and optimize distribution channels, locations, and logistics to ensure products or services are readily available and accessible to customers.

      • Promotion: Develop promotional strategies and tactics such as advertising, public relations, sales promotions, content marketing, social media marketing, and influencer partnerships to raise awareness and generate demand.

• Explain the nature of marketing planning

• Explain the concept of market and market identification

• Identify communications channels used in sales promotionr

  •Digital Channels: Social media, email marketing, and websites.

  • •In-Store Promotions: Displays, coupons, samples, and events.

    •Mass Media: TV, radio, newspapers, and magazines.

    •Direct Marketing: Personalized mail, SMS, and loyalty programs.

• Describe factors used by marketers to position products/services.

  • Marketers position products/services or to differentiate their products/services from competitiors using factors such as:

    •Price: Competing on affordability or luxury.

    •Quality: Emphasizing superior materials or craftsmanship.

    •Unique Selling Proposition (USP): Highlighting differentiators like features, benefits, or values.

    •Customer Experience: Reputation for excellent service or convenience.

    •Brand Image

    • Market trends

• Explain key factors in building a clientele

  • Building a loyal clientele involves:

    1. Fulfilling brand promise: Building trust and delivering consistent value,

    2. Effective Communication: Regular follow-ups, interactions with consumers, receptive to client needs/feedback

    3. Customer Satisfaction: Ensuring high-quality service and handling issues efficiently,

    4. Incentives and Loyalty Programs: Rewards to encourage repeat business.

    5. Social Proof: Gaining referrals, testimonials, and positive reviews.

• Explain the role of situation analysis in the marketing planning process.

• Explain communications channels used in public-relations activities.

  • Common PR communication channels include:

    •Press Releases: Shared with journalists and media outlets.

    •Social Media: Engaging directly with the public and influencers.

    •Company Website: Hosting updates, reports, and FAQs.

    •Events and Sponsorships: Boosting visibility and building brand identity.

    •Traditional Media: Television, radio, newspapers, and magazines.

• Reinforce service orientation through communication.

  • Effective communication improves service orientation by:

    •Active Listening: Understanding and addressing customer needs.

    •Empathy: Showing care and acknowledging concerns.

    •Clear Messaging: Providing accurate information and setting realistic expectations.

    •Follow-Ups: Ensuring satisfaction post-interaction and resolving issues promptly.

• Recognize/Reward others for their efforts and contributions

• Explain the types of promotion

  • Advertising: Paid messages via TV, print, digital, or outdoor media.

    2. Sales Promotion: Short-term tactics like discounts, samples, or contests.

    4. Direct Marketing: Personalized communication via email, mail, or SMS.

    5. Personal Selling: One-on-one interactions to persuade customers.

• Explain the nature of product/service branding

  • Branding is the creation of a unique identity for a product/service through:

    •Logos and Symbols: Visual elements for recognition.

    •Brand Promise: Emotional or functional value offered to customers.

    •Brand Voice: Communication style reflecting company values appeal to target market

• Coordinate channel management with other marketing activities

  • Channel management involves working with distribution partners (retailers, wholesalers, etc.) and aligning efforts with marketing. Key steps include:

    •Product Availability: Ensuring inventory meets promotional demand. Ex during promotional time inform producers to make more

    •Collaboration: Communicating sales goals and branding to channel partners.

    •Consistent Messaging: Aligning in-store and online promotions.

• Explain factors affecting pricing decisions

  • Pricing decisions are influenced by:

    •Costs: Production, distribution, and operational costs.

    •Market Demand: Willingness of customers to pay.

    •Competitor Pricing: Benchmarking against similar products.

    •Economic Trends: Inflation, purchasing power, and currency value.

    •Perceived Value: How customers view the product’s worth.

    •Regulations: Compliance with pricing laws or industry standards.