DECA Marketing Communications Vocab – Flashcards
Unlock all answers in this set
Unlock answersquestion
SWOT
answer
a structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in a business venture.
question
utility
answer
The added value in economic terms
question
market share
answer
percentage of the total sales volume generated by all companies that compete in a given market.
question
industrial market
answer
business-to-business (B-to-B) market includes all businesses that buy products for use in their operations.
question
target market
answer
The group that is identified for a specific marketing program
question
Marketing Mix (4 P's)
answer
Price, Place (distribution), Promotion, Product. These are parameters the marketer controls to best appeal to the target market.
question
Goods
answer
tangible items that have monetary value and satisfy your needs and wants
question
Services
answer
intangible items that have monetary value
question
Stakeholder
answer
an accountant, group, organization, member, or system that affects or can be affected by an organization's action
question
market place
answer
commercial environment in which trade happens
question
business law (marketing core function)
answer
Understand business's responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions
question
communications (marketing core functions)
answer
Understand the concepts, strategies, and systems used to obtain and convey ideas and information
question
customer relations (marketing core functions)
answer
Understand the various techniques and strategies used to foster positive, ongoing relationships with
question
economics (marketing core functions)
answer
Understand the economic principles and concepts fundamental to business operations
question
emotional intelligence (marketing core functions)
answer
Understand techniques, strategies, and systems used to foster self-understanding and enhance
question
entrepreneurship (marketing core functions)
answer
Understand theconcepts, processes, and skills associated with identifying new ideas, opportunities, and methods and with creating or starting a new project or venture
question
financial analysis (marketing core functions)
answer
Understand tools,strategies, and systems used to maintain, monitor, control, and plan the use of financial resources
question
human resouce managment (marketing core functions)
answer
Understand the tools techniques, and systems that businesses use to plan, staff, lead, and organize its human resources
question
Information Management (marketing core functions)
answer
Understand tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business`
question
marketing (marketing core functions)
answer
Understand the tools, techniques, and systems that businesses use to create exchanges and satisfy organizational objectives
question
operations
answer
Understand the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning
question
Unique Selling Proposition
answer
The factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition
question
professional development
answer
Understand concepts, tools, and strategies used to explore, obtain, and develop in a busi- ness career
question
strategic management
answer
Understand tools, techniques, and systems that affect a business's ability to plan, control, and organize an organization/department
question
channel management
answer
is the process of deciding how to get goods into customer's hands. Physically moving and storing goods is part of distribution planning.
question
market planning
answer
involves understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience.
question
marketing information management
answer
rely on good information about customers, trends, and competing products. Gathering this information, storing it, and analyzing it are all part of marketing information management.
question
pricing
answer
dictate how much to charge for goods and services in order to make a profit.
question
product/service management
answer
obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities.
question
promotion
answer
the effort to inform, persuade, or remind potential customers about a business's products or services.
question
selling
answer
provides customers with the goods and services they want. This includes selling in the retail market to you, the customer, and selling in the business-to-business market to wholesalers, retailers, or manufacturers.
question
marketing concept
answer
marketing concept the idea that a business should strive to satisfy customers' needs and wants while generating a profit for the firm. The focus is on the customer. For an organization to be successful, all seven marketing core functions need to support this idea.
question
customer relationship management
answer
an aspect of marketing that combines customer information (through database and computer technology) with customer service and marketing communications.
question
form utility
answer
involves changing raw materials or putting parts together to make them more useful.
question
place utility
answer
having a product where customers can buy it.
question
time utility
answer
having a product available at a certain time of year or a convenient time of day.
question
possession utility
answer
the exchange of a product for money
question
information utility
answer
involves communication with the consumer.
question
market
answer
A market is any place where buyers and sellers meet to trade products
question
customer profile
answer
a clear picture of their target market
